I work with many Anna Maria Island foreign buyers and investors that need advice and ask my advice on how to purchase real estate here in the United States.
As an Anna Maria Island foreign buyers and investors (Foreign national) you may take title to real estate in your own name, in the name of a domestic corporation, a foreign corporation, a limited liability company (LLC), a joint venture, a real estate investment trust (REIT) or a foreign pension plan. Most clients that have bought property here in the Bradenton, Anna Maria Island and Longboat Key area have formed an LLC (Limited liability Corporation).
The main reasons for forming an LLC are lawsuit protection, credibility, tax savings, deductible employee benefits, asset protection, anonymity, the ease of raising capital, creating a separate legal entity for personal protection and a broad range of powers beyond that of Sole Proprietorship, small claims court benefits, separate liability for corporate debts and perpetual duration.
After LLC formation you create a separate legal person. You are a shareholder. You can control the corporation. When your business is sued you can be protected from being sued personally after forming an LLC. Please contact one of the firms below to see how an LLC can benefit you as a purchaser of Real Estate in the United States.
In the US there are few restrictions on International real estate investors, buyers and sellers. The only exceptions concern national security, hostile countries, the purchase or control over federal lands and purchasing a business in a sensitive category.
There are 3 issues foreign investors must comply with when owning property in the United States:
1. Visas –
B-1 Business visitor, L-1 Intra company transferee, E-1 Treaty trader, E-2 Treaty trader, EB-5 Temp. Professional worker, O and P extraordinary and Non-Immigrants Temporary residents.
2. Federal taxation –
Non residents and non immigrants must pay taxes on income they make from their investments in the United States. ITIN guidance for foreign property buyers and sellers : Go to our Government website: www.irs.gov
3. Reporting and compliance –
If you have income from any source in the United States including Real Estate, you are required to file a Federal income tax return for the year which your income was received. Real estate agents, Brokers, Attorneys & escrow (closing) agents must report all cash transactions over $10,000 no matter the type of property or reason for the transaction. If you pay cash for property, expect you might be questioned about its source.
There are laws that may pertain to your situation so it is always important to consult with an appropriate professional and government agency officials before entering into a contract to buy or sell Real Estate in the United States.
You can go to www.irs.gov
Or for more information or email/call these local Bradenton/Sarasota resources:
Porges, Hamlin, Knowles & Prouty P.A. Attorneys – Curtis Hamlin 941-748-3770
1205 Manatee Ave. West, Bradenton, Fl 34209
Riddell Law Group- Jeff Riddell 941-366-1300
3400 S. Tamiami Trail Sarasota, Fl 34239