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Buy Real Estate as a Foreigner in Miami 2021 by Claudia Pinto
This article summarizes the process of buying real estate in Miami and the state of Florida for all foreign residents.
At such a hot time for the Miami and South Florida real estate market, a constant question from our international clients is how to buy property as a foreigner in the United States.
We can inform you that our country, fortunately, promotes and facilitates the investment of citizens of other countries in our land in various ways.
Currently, you can acquire a property with the most basic visa, such as a tourist visa, although you can do it in your name or name of your family, we highly recommend doing it through the creation of a limited liability company, or a Florida LLC corporation. In this way, you are acquiring the property through an local independent legal entity, avoiding paperwork, taxes and other bureaucratic matters in which you incurred on behalf of a foreigner, at the same time maintaining 100% control over the assets and profits of said company.
The process is simple and fast with the office of our capital, Tallahassee, with fees that are around $ 400 and an annual maintenance of only $150 with the state of Florida.
Once the company is formed, you can open a bank account at a local bank and maintain and manage your earnings in dollars, being able to control, manage, view and move funds remotely from your country of origin with a couple of simple clicks with the bank online platform.
Once a year, you will only have to report to the IRS, all the movements of said company, paying federal taxes only on the net profit of the corporation.
If you opt for other immigration visas, such as an investment or residence visa, the procedure would be the same.
At the same time, we remind you that you can opt for a mortgage loan to acquire the property, which is usually around 60% of the value in existing properties, and 50% for the purchase of new construction, at the time of closing.
Thanks to the economic incentives of the US government in recent years, interest rates have also fallen in an excellent way not only for local citizens with excellent credit, but also for foreigners with no credit history or financial experience in the country.
In these cases, all you need to present for these bank loans is a letter from your local accountant, showing your assets, your income, and / or properties, and providing your US property as a collateral for the mortgage.
Miami Residential Group can guide you in all aspects in the search, choice, processing and acquisition of real estate and mortgages, we have more than 15 years of experience helping locals and foreigners to invest and grow their capital thanks to real estate in Miami.
Contact us for more information, and please give this video a like.
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