can a foreigner buy a house in usa? am from india?
Asked by Dr.abhilash, New York, NY • Fri Aug 21, 2009
hi.i live in india..and plan to come to usa soon for doing a residency in medicine..anyways am planning to sell my ancestral property here and buy a house in usa and give it for rent. is this possible and is this a good idea. and i don't plan to take a loan..and want to make a full cash payment. is it possible. cause everywhere i see there is this 20% down payment and rest monthly payment structure in usa..and thanks in advance :)
Help the community by answering this question:
I am working with international clients and would be pleased to assist you in obtaining your real estate goals contact me nunzio.zappola@elliman.com or call 1(631) 422- 7510 extension 8224 I lokk forward to hearing from you.
My buyers from India have to take care of money transfer out of India first, and then, once their money is in the US, they are ready to search for properties to buy and to make offers. (I thought I should bring this up just in case you might not be aware of these issues).
Phone (212) 991-8072, Email: kr@nyhome.com
NEW YORK HOME REAL ESTATE SERVICES, INC.
295 Madison Avenue, 12fl, New York, NY 10017
Here is a quick guide for foreign investors but geared towards New York. Good luck!
Income resulting from the sale of US Real Property is taxable. The Capital Gains tax is calculated by using the Sale Price today minus the Original Sale Price, plus Capital Costs, minus Depreciation. Since this tax is approximately 20% of the gain, Sellers may consider an exchange. The time to divest can become the time to reinvest. Foreign Investors are taxed at a flat 30% federal tax rate on gross rental income, unless they take the "net election" on their income tax returns allowing them to take deductions for regular expenses before income tax is calculated. Furthermore anyone who collects income for a Foreign Investor is generally required to withhold 30% of the Gross Income such as rents.
As to paying all cash - you can certainly do so. There are no laws limiting how you pay for the transaction. Majority of people leverage their money by getting mortgage loans from the banks. It is the banks in most cases that require a minimum investment of 20% of your own funds in order to protect themselves.
Halstead Property LLC
Tel: (212) 317-7844
National Featured Realtor
". Specializing in Residential, Commercial Properties and Loans. "
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07’ & 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
Your question has triggered lot of interesting responses. Let me chime in here. I am a real estate broker in Orlando, Florida. Just to get to know how this place is, go to Wikipedia and search for Orlando, Florida. This is a very popular place for international buyers of home properties. As for investment opportunities, this is the place to park your money in real estate for steady returns. There are professional and reliable property management companies who take care of rental properties and remit money to the owners. As to how to set about to get started, it will more than worth your money to pay fees to a Certified Professional Accountant who specializes in tax matters for foreign investors and take professional advice as to setup structure: i) to legal title and, ii) tax matters. Browse over residential properties on my website: http://www.SellBuyHomesOrlando.com . Drop me an email if you need more help to go about. Jay Sethi
Similar Questions
Real Estate in New York
Popular Categories in New York
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!
No comments:
Post a Comment