Koontz & Associates, PL has helped many families and businesses success fulfill their dream of moving to Florida from a different country. It really is everything you ever dreamed of, but without proper representation and help, your biggest fears can become realities.
We'll show you the difference between buying property here in Florida versus buying property at home. I can assure you it's a different process you may not be familiar with.
Florida real estate: it’s always been in high demand. Today, it’s especially attractive to foreign buyers. The beautiful weather in Florida, combined with affordable housing prices make investing in Florida real estate a smart idea for many international buyers.
According to the National Association of Realtors, Florida has the most significant number of foreign real estate investors in the U.S., with 41% purchasing vacation homes, 25% making a dual-use purchase (vacation home/rental property) and 23% investing in rental property.
If you’re a foreign national interested in purchasing real estate in Florida, where do you begin? While you’re entitled to buy real estate in the U.S. for personal and residential use, selling property in the U.S. requires you to adhere to rules set forth by the Foreign Investment in Real Property Act, or FIRPTA, which we’ll cover on another page.
According to the International Investment and Trade in Services Survey Act, foreign nationals purchasing real estate in the U.S. must report that purchase to the U.S. Department of Commerce. They must report the following information:
If you’re purchasing a property in Florida as an investment, let our team of skilled international law attorneys help you move through the process. We’ll provide the accurate legal guidance you need to make the best possible decision and to protect your rights.
If you’re interested in purchasing a Florida property to lease it, you’ll be subject to paying taxes on that rental income. You do, however, have a choice in how you want to be taxed:
Buying property in Florida is an excellent investment, whether you intend to rent the property or to live in it yourself. No matter what you need, our team is here to help. Knowledgeable in international law and international real estate sales, our attorneys will help you do everything from draft and review contracts to settle on sales terms.
Contact us today to learn more about our international law services and how we can help you.