Global

Information For Global Buyers & Foreign Investors Purchasing U.S Real Estate in Saint Augustine, Florida

 If you are considering purchasing Real Estate in Saint Augustine, or Northeast Florida now is a great time to buy! There are advantageous exchange rates between the U.S. dollar and other currencies. Interest rates are low, prices are down, and inventory is plentiful. Foreign Nationals can buy real estate for their own personal use as a residence in their own name,or through corporation or other entities without having to report to any government agencies. Upon the sale of U.S. Property by a foreign seller, the closing agent or attorney is required to withhold 10% of the gross sales price and remit it directly to the IRS on behalf of the foreign seller within 20 days. This is called the FIRTPA tax. This is not a final tax, but a withholding of tax on account. In most cases the 10% FIRPTA tax due on the gross selling price is much more than actual taxes due, and usually results in a tax refund to the foreign seller. An experienced Tax Attorney can explain all the details. Historic St. Augustine, Fl has many real estate options available from dream homes to beach properties, and beautiful oceanfront condo communities in St. Augusitne Beach that allow weekly, and monthly rentals throughout the year. Property management companies can be hired to book rentals and have the property cleaned after each visitor. There is a fee for their services. Some condos can only be purchased with cash. If you purchase using cash there can be issues concerning the amount of the transfer into the United States, and how it was obtained. Real estate agents, Brokers, Attorneys & the Closing Agent must report all cash transactions over $10,000 no matter the type of property. It is highly recommended that you get pre-approved for your loan if you are financing before you make an offer on a property. It gives the Seller the confidence that you will be able to close on the property. There are different loan options to fit individual needs. Lenders require proof of income from your employer for the current year and tax returns for the last 2 to 3 years. Many banks will require that the money you use for your down payment and closing costs be deposited in a U.S. bank for 2-3 months prior to the closing. The lender may also require an escrow account for property taxes and insurance if your escrow deposit is not 30% or higher. I would advise consulting with a Florida Immigration and Tax Attorney about your specific needs before making an offer to purchase. As a St. Augustine, Florida REALTOR I can provide you with a list of local Immigration Tax Attorney's, and Mortgage Companies that loan to international buyers.

Helpful links forU.S. Government information about visiting, immigration, visas, transferring money, and taxation can be found at:  http://usimmigrationsupport.org     http://www.dhs.gov/files/immigration.html    http://www.irs.com  

http://www.irs.gov/business/smallinternational/article/0,,id=105000,00.html   FIRTPA Withholding Tax When Selling Real Estate

http://www.irs.gov/businesses/small/international/index.html   International Tax Payers Questions Answered

http://irs.govbusinesses/small/international/article/0,,id=96696.00.html     Tax Payer Identification (TIN#)

http://www.irs.gov/businesses/small/international/article/0,,id=96392.00.html  Determining Alien Tax Status

http://www.xe.com Currency and Foreign Exchange

 http://www.dhs.gov/xtrvlsee/crossingborders/