If you’ve made the great decision of buying a home in the United States, but you only have a tourist visa, you must know that it’s possible and that it’s a fairly easy process.
Some Q & A about this matter:
1.- What type of property can be purchased in the U.S. with a tourist visa?
There are several options for example, houses, country estates and condos. Co-ops aren’t an option.
2.-Do I need to pay all in cash or to ensure the financing in my country?
Banks in the U.S. can always finance your purchase, as long as you provide a significant down payment amount in advance. This will vary depending on the bank and the state.
3.-What is the best way to find a home to buy?
The best thing to do is to hire a real estate agent who can conduct all the negotiation. In these cases, the salesman deals with the commission.
If you need financing, the broker can make the link with the bank with which they usually work.
4.- How long can the processing of the purchase last?
At least, 30 days. You don’t have to be present in the United States throughout the process, you can give a representative power of attorney.
5.- Do I have to pay taxes on the property that I buy in the United States?
If you sell it for more than the original price, you have to pay the tax. As for the percentage, it will depend on the type of tax agreement that your country has signed with the U.S., if any.
6.- Why do we have to consider the idea of creating a company to be owner of the property?
To avoid paying inheritance tax on the death of the homeowner. This tax can be very high. However, if the owner is an LLC and you are a shareholder along with a Foreign Corporation, then after your death, the heirs won’t have to pay anything to receive that property.
7.-Can I get a Green Card if I buy a property in the United States?
No, buying a property, although very expensive, is not presently contemplated as one of the ways to obtain permanent residency.
Note:
In just a year tourists spent $ 82.5 billion in properties in the United States, mainly in Florida, California, New York, Texas and Arizona.
Canadians represented the highest number of investors. They prefer Arizona and Texas. The Chinese were second. The Russians are making the most expensive purchases.
Argentines, Colombians, Venezuelans and Brazilians also rank among the big spenders. Florida is their favorite state to invest.