Looking to purchase property on the Treasure Coast?
Are you a foreign investor looking to purchase or sell real estate on the Treasure Coast? Crary Buchanan is well-equipped to handle the legal implications of foreign real estate transactions. Every country has unique regulations when it comes to property and taxes, which is why it is essential to obtain the help of an attorney who understands United States property laws and what the law says about international real property issues. Regulations will differ depending on the type of property that is being bought/sold and the function of the property.
Real Estate & Domestic Foreign Trusts
Real estate can be purchased through domestic or foreign trusts. A foreign trust is one not governed by the U.S. but may be used for investments and asset protection for U.S. property. The asset protection benefits that an individual receives from this kind of trust will be governed by whatever country governs the trust. Foreign trusts are favorable for a number of reasons. The purchase or sale of property in Florida is a valuable investment for many foreigners. One of the main reasons for purchasing a property in the U.S. is so valuable is because the American dollar is weaker in comparison to certain foreign currency.
Helping British, French, German, Belgian, & Swiss Citizens
Our attorneys can assist British, French, German, Belgian, and Swiss citizens in their purchase or sale of real property on the Treasure Coast. Our Stuart real estate lawyers are familiar with local laws, can explain local closing procedures, and guide you through the purchase or sale process. Crary Buchanan has a long history of consistently providing high-quality legal services. If you want an attorney who will represent your best interests, we hope that you will consider speaking with an attorney from our firm for your legal needs.
Tax Implications & Real Estate
Those who wish to invest in this type of property must comply with all tax requirements of Florida and the United States. Property taxes may be greater for non-resident Florida home and property owners. Each country also has specific regulations regarding estate taxes. For example, Canadians may not be subject to U.S. estate taxes unless their total estate value exceeds $2 million USD (United States Dollars). Even foreign residents who are not obligated to pay estate taxes must still file an estate tax return for their U.S. property, as long as their property is worth more than $60,000.
Individuals who want to purchase vacation homes and rent them out have to abide by U.S. rental income taxes (which is 30 percent withholding). When non-U.S. citizens decide to sell their Florida property, they will incur capital gains tax. This is a 10 percent withholding tax. For those foreign investors who wish to purchase or sell U.S. property, they must file for a taxpayer ID. Our firm can help you make sure that you are abiding by all the necessary tax regulations in the U.S. while minimizing your withholding. We have assisted British, French, German, Belgian, and Swiss clients. You don’t have to handle the real estate transaction process alone. Contact our office today for the legal help that you need.