The world we are in today has no barriers. Properties are purchased in the United States by those from many other countries, Germany, China, Brazil, etc. Likewise, Americans are purchasing properties abroad as 2nd homes, retirement homes, etc. In other words we stand on the cusp of a new world order.
Many critical points are in all real estate transactions. However, international transactions introduce several you must be aware of, such as, 30% tax on rents, requirements for Homestead exemption, use of foreign holding companies, gift tax on Quit Claim Deeds, immigration landscape (entered without inspection, out-of-status, legal status (non-immigrant), etc.), residency for estate taxes and residency for income taxes.
Become familiar with the “FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT(FIRPTA)”
Taxes: Recommend all International transactions the Buyer and/or Seller consult specialist in the following areas: International Tax Attorney, an International Certified Public Accountant(CPA) and an Immigration Attorney.
As a Certified International Property Specialist, I will guide you, with the assistance of the specialist listed above to a successful closing of your Purchase or Sale.
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