Buying property in the U.S. may be a little different than in your home country. In the U.S., most buyers contact a licensed real estate agent to help them through the process. All real estate agents and brokers are required to be licensed through the state in which they do business. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. Not all real estate agents are Realtors®. A real estate agent in the U.S. has access to ALL of the homes offered for sale by the real estate firms in the Multiple Listing Service for that geographic area. So, if you contact an agent from Company A, then that agent has access to all the listings of companies B, C, D and so forth. Once you have found an agent that you are comfortable with, there is no need to seek out another agent to see their listings.
There are no stringent rules that must be followed for the purchase of a property in the U.S. by a foreign national, but there are certain visa requirements and length of stay regulations depending on the type of Visa you obtain. If you are planning to stay in the U.S. for over 3 months, it is a good idea to contact an immigration attorney ahead of time to find out what the requirements are so you won’t be disappointed.
When thinking of purchasing a home in the U.S., a major consideration should be how to get your funds from your home country to the U.S. in the most efficient and cost effective manner possible. Banks all charge different rates which could increase the cost of your exchange and transfer by hundreds of Dollars, Pounds, Euros, Lire, Francs, etc. Working with a reliable foreign currency exchanger keeps more money in your pocket and reduces your costs of the transaction.
In some cases, taxes may be due to your home country or to the U.S. government. A trusted foreign tax advisor is another person to include on your team to determine if taxes will be due or if a portion of your sale must be withheld by the U.S. Internal Revenue Service. One of the most trusted tax advisors in the area for Foreign Nationals to consult is Roberge Poskus International located at One Beach Drive SE, Suite 220, St. Petersburg FL 33701 (727) 822-9393.
The My Florida Escape Team has experience working with foreign buyers and sellers and we have a very experienced network of immigration attorneys and foreign tax advisors to assist you with your international sale or purchase. Call us today and let’s get started.