Can a Foreigner Buy a House in the US?
Q: I live in China and want to purchase a house in Florida, but I don't have U.S green card. I know a cash purchase would be the best way for me to go and the IRS requires to withhold 10% of the purchase price. Are there any other restrictions I need to be aware of?
A: As far as I know, the Federal Government regulation for foreign nationals applies only for sales, not purchases. To prevent foreign sellers from avoiding the payment of taxes due on the sale of real estate property, the IRS requires that buyers withhold 10 percent of the gross sale price. The buyer then has to report the purchase and pay the IRS the amount withheld. You should consult the IRS or a tax specialist to learn the details, especially because tax laws change on a regular basis.
So as a buyer coming from China, I would recommend that you contact an attorney to know what's the best way to make that purchase. Some of our clients create Florida corporations, other purchase properties in their own name, every case will be different.
Good luck with your purchase!
A: There are some foreigner taxes to pay but your best bet would be to call an accountant in Florida and to speak to a Florida Attorney to assist you with the tax questions and what you need to do to purchase a home here. Also, there are international real estate agents that can assist you with your purchase and are able to answer your questions. I hope this helps. Thank you!
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