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Miami Beach Investments 

Part of our Foreign Investor Services is an individualized comparative market analysis and presentation. Sunset Realty Group also cooperates with a number of different specialized and experienced Miami and Miami Beach interior designers, architects, contractors, law firms and tax, title, mortgage and closing professionals, who can serve our most sophisticated clients with any of their individual needs.

Sunset Realty Group also represents buyers who are looking to find a great deal on their new luxury home, and local and international investors who are interested in REO, bank-owned foreclosure, and/or short sale investment properties.

Through our international real estate network, we regularly find great investment opportunities for foreign investors from:

  • Canada
  • Europe (Germany, Switzerland, Austria, Belgium, Netherlands, U.K., Ireland, France, Italy, Spain, Portugal, Russia, Ukraine, Latvia, Lithuania, Croatia, Serbia, Bulgaria, Hungary, Turkey, Greece)
  • Latin and South America (Brazil, Venezuela, Colombia, Peru, Argentina, Mexico, Costa Rica, Panama, Nicaragua, Trinidad, Bolivia, Ecuador, Paraguay)
  • Caribbean (Jamaica, Santo Domingo, Puerto Rico, Bahamas, Bermuda, Haiti)
  • Asia (Japan, China)
  • Australia
  • Africa (Morocco, Algeria, Egypt, Tunisia, South Africa)
  • Middle East (Saudi Arabia, Dubai, Jordan, Yemen, Iran, Iraq, Qatar).


DOCUMENTATION A FOREIGN NATIONAL WILL NEED TO BUY REAL ESTATE IN THE U.S.:

If a foreign national is paying cash, he/she will need documentation proving who he/she is (e.g. passport, ID,Personalausweis, RG, etc.). When paying pay cash, a foreign national can buy real estate in the U.S. even remotely (from anywhere outside the country ). It is just a matter of signing and faxing the documents. The foreign national’s name can be on title. Foreign nationals routinely make their initial deposit with a credit card or wire transfer. Of course, when submitting an offer to purchase real property, a foreign buyer will also have to include "proof of funds" (e.g. bank statement).

Foreign national needs a loan:If a foreign national wants to apply for a loan/mortgage in the U.S., he/she will need proof of funds/income or financial capabilities. Generally, he/she will also need at least a tourist visa B1/B2.
In addition to proving their identity, a foreign national will need to prove income and credit, just like any US citizen. The problem is that U.S. banks usually have difficulty accepting foreign credit bureaus, proving income, taxes, time on the job, etc.

When applying for a mortgage in the U.S., foreign nationals, will need to provide a minimum down payment 30% regardless of Single Family Home or Condominium.

Condominiums:The association must be turned over to the unit owners or 50% down payment will be required and a condo form to be completed.

Minimum Loan amount:$100,000 - $1mil.

SELLING REAL ESTATE IN THE U.S.:

However, most importantly, when foreign property owners decide to sell their US property, certain tax restrictions may apply. FIRPTA, the Foreign Investment in Real Property Tax Act, was enacted in 1980 and provides that if the Seller of real property is a foreign person, the Buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies. A foreign person is a nonresident alien individual; a foreign corporation not treated as a domestic corporation; or a foreign partnership, trust or estate. A resident alien is not considered a foreign person under FIRPTA.

There are many exemptions to this rule for example a transaction involving the transfer of a property acquired for use as the buyer's residence and the amount realized (purchase price) does not exceed $300,000. Find more information about FIRPTA on the IRS website.

The tax situation is something foreign buyers/sellers may want to discuss with a tax professional.

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Updated: Wednesday, December 13, 2017

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