Can I buy Florida investment property as a foreigner?
Fortunately for the global real estate investor eyeing up a piece of Florida real estate, there are no restrictions on foreigners purchasing and owning real estate in the U.S.
Do we have to be in the U.S. to buy real estate?
No. It’s advisable to view your property in person, but if you choose not to, your agent can act on your behalf for this part of the deal. And when it comes to closing, you don’t need to be present, you can either give ‘Power of Attorney’ to a representative who can close the deal for you, or nowadays more and more real estate sales are being closed by mail, with all the documents being signed abroad and mailed back to the U.S.
Will we have to pay tax if we own Florida property?
All Florida property owners pay tax based on the assessed value determined by the local municipality, which is directed by Florida statute. However, the benefits of Florida tax laws far outweigh the negatives in our opinion. There is no sales tax on property purchases, and if you earn money in the state of Florida (for example rental income on an investment property) there is no personal state income tax, which is a huge bonus and incentive for a lot of people choosing to live or buy property here.
What is the recommended investment amount?
The amount varies depending on the nature and type of investment and usually at a minimum of $60,000.
How do we know that the property is free from liens and foreclosures?
The purchase of a property in the United States is recommended to be made by a reputable and professional title company. The title company will carry out a preliminary inspection and make sure that the property is clean and that no mortgage is lying on it. At closing, make sure you get insurance called title insurance that will protect you from future claims.
How do I manage an investment property in the US?
The day-to-day management of the property is done by property management companies with whom we work collaboratively and take care of all property management aspects for the investor. The companies receive a power of attorney and operate any required service for the investor, including rent listings, tenant screening, leasing process, collection, evictions if necessary, repairs and renovations.
