Archive for the ‘I am from the UK and I wish to purchase in Florida’ Category

I’m in Town from Canada, Can I Buy Property Here in Florida?

Monday, January 24th, 2011

by Sean Hess (Sean@StAugTeam.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com).   Join us on Facebook.

St. Augustine Team Realty's International Buyers Page

St. Augustine Team Realty's International Buyers Page

Yes you can. 

That begs the question, “How much will I actually get to use the property?” 

Here’s the answer, lifted directly from the International Buyers page at the St. Augustine Team Realty website.

Immigration law allows a foreign nationals in the U.S. to stay between 90 to 180 days at a time, and if you don’t require a visa for the first 90 days you will need a visa if you plan to stay longer. If you want to stay longer than 180 days you will have to apply for an extended stay visa.

There are many different types of extended stat visas. Some visas allow you to stay in the U.S. for many years, some for just short periods. Some visas cover your spouse and children, some do not. Some visas require a long wait, some can be had in a few months. Some visas are employment based, some are family based. We can put you in touch with qaulified U.S. Immigration attorneys to help you find your best option if you wish .

A type of visa called the EB-5 (Regional Center) “Green Card” may be attractive to you if you wish for you, your spouse and your children age 21 and under to reside in the U.S. year-round. It requires a $500,000 USD investment in a specific “regional center,” plus as much as another $75,000 USD – $100,000 in set up costs. The benefit versus the traditional EB-5 visa is that you can live anywhere in the U.S. and you don’t have to work in the business…in fact you don’t have to work at all.

The next item is taxes.

If you stay in the United States for more than 182 days in three years, you may be subject to federal income tax. If this is the case you will have to apply to the Internal Revenue Service (IRS) (the tax division of the U.S. government) for an Individual Taxpayer Identification Number (ITIN) for tax witholding. Notice we say “witholding”…you may not have any tax due at all, but the government wants you to put some money aside just in case. 

You will also need an ITIN if you plan on renting your property.

Let’s say you plan to rent your property as soon as you buy it…in that case you will need an ITIN right away.

You do not need an ITIN to BUY property, just to SELL or RENT the property you own.

You will also pay yearly property taxes.

The tax formula is not especially complex, and changes in taxes year to year are typically predictable. Commercial (business) properties are typically taxed at a higher rate than homes are, and second homes or vacation homes are typically taxed a little higher than homes used for permanent (homestead) residents. 

To find out more visit our International Buyers page at: http://www.staugustineteamrealty.com/InternationalBuyers.html