Transferring real estate property can be especially difficult if living abroad or having only a limited stay in the U.S. Thus, foreign investors need a reliable and experienced consultant who can move a transaction smoothly toward closing, while minimizing risks.
In order to acquire real property in Florida, state permission is not required. However, all non-Florida entities intending to engage in a trade or business in Florida must obtain a Certificate of Authority. Trade or business engagement includes real estate activities such as managing, leasing, or developing real property.
There is no restriction imposed by Florida statutes on foreign investors purchasing real property or interests in entities that own real property.
There are no taxes imposed by Florida unique to foreign owners. However, after the transfer of US real property interests by a foreign owner, federal law imposes withholding, income tax reporting, and payment obligations.
Foreign investors and entities are subject to the same taxes as residents who buy, sell, and own property.
A foreign investor does not need a green card or to be a citizen in order to acquire a real property in Florida, however, will need an either Individual Tax Identification Number (ITIN), or an Employer Identification Number (EIN).
If you’re a foreign investor in Florida, give us a call @ 305-728-5331 to set up your consultation with our team.