How to buy a home in the United States with a tourist visa

By JMK Property Management - Saturday, April 9, 2022
How to buy a home in the United States with a tourist visa Surely you will find it incredible how to buy a house in the United States with a tourist visa; and some will say, if it is complicated to obtain a visa, much less will we be able to buy a house; therefore, it is believed that for that you need to have a Green Card or be an American citizen; and that you must also have a good credit record. And the truth is that none of this is true; in fact, it is very easy to buy a home in the United States with a tourist visa. We have always thought that; are needed to get it, a lot of paperwork and requirements; especially from a legal and immigration point of view; but without being a resident or U.S. citizen if it is possible, for that reason, we will try to explain how. The first thing we will do now that we have called your attention, is to ask you to read our recommendations to be able to achieve it; first of all, you should know that the procedures are not complicated, even less if you have advice or contacts to help you.

Recommendations for buying a home in the United States on a tourist visa

 

- You must know what type of property you can buy

You can buy houses, buildings, ranches or farms and apartments within condominiums or even the entire condominium.

- A real estate consultant is indispensable

If you do not want unnecessary worries, let yourself be advised by a good real estate agent, they will help you save time and invest your money better; they know where to buy, what price to pay, close the negotiation, handle the documents and even help you get credit; that is why their role is so important, keep in mind that you are not in your country; where you could surely do it yourself. Another very attractive thing is the commission of the sale; this is always paid by the seller; therefore, it is not paid by the one who buys the property.

- You can also get financing

Yes, it is not a dream... As long as your down payment is adequate, banks may consider granting you a credit; that is why you must be sure that they will ask for guarantees:
  • The necessary insurance policies
  • Bank deposits to cover real estate expenses
  • Deposit to cover the mortgage, at least for one year

 - You could send money from your country to buy

Yes, as long as you comply with the parameters required by the United States to send money from your country; in addition to obtaining financing, you will be able to send it without any problem. You only have to prove the legality and origin of such money, and comply with the obligations required by law; both those of your country and international laws; this means that in addition to complying with the authorities, you must also comply with the tax burdens and costs derived from such transactions.

- Taxes must also be paid

Do not forget that, in the United States, you must pay taxes when buying a property; check if there are purchase and sale agreements between the countries, maybe there is some tax benefit for your case. Also keep in mind that there are tax exemptions, for example:
  • If with that sale the purchase of another property is financed.
  • If you have some other privilege; either by age, for having served in the army or being a veteran of the nation.
But in any case, if there is a profit for the seller, he/she will always have to pay taxes on the sale; that is why it is important to hire a tax specialist to handle your financial information and avoid problems with the authorities.

- Creating a corporation is the best decision

When buying a property, have your lawyer create a corporation to control it; you could create a limited liability company or LLC, being a shareholder together with a foreign corporation (Foreign Corporation); this way, when you pass away, your heirs will not pay the high cost in taxes that the inheritance tax means.

- Best of all, the times are very short

The time you will need to acquire a property from the moment you make your purchase decision is very short; it can be around 30 days, and it is not necessary for you to be in the United States during that time; all this can be done by forming the company under the legal figures we mentioned; you would only have to delegate someone you trust with a power of attorney; this way he/she can do all the paperwork for you.

- There are many who are doing it

Always keep in mind that you are not the only one who is doing this procedure; there are people from many countries who are investing millions of dollars; they do this particularly in states like Florida, where it is more favorable to invest; since as we saw in previous deliveries, the tax benefits are very favorable, and there are companies specialized in helping you.

- Beware, buying this way does not guarantee to obtain the residency

This is not the way to obtain the residency or Green Card; but there are many mechanisms to do it and this can be of great help; notice that within the programs there are visas such as the E-2 that are for investors or the EB-5; that is why we advise you to turn to experts who will give you the necessary advice; so you will know which path to take, if your desire is to be a resident of the United States; then, you must always comply with the immigration law.

So, it is possible to buy a house in the United States with a tourist visa.

As we showed you it is feasible and very simple, with professional advice and the resources to invest; you will be able to obtain a patrimony for your future; and to assure that of your family, and in a very solid and growing market. As always, if you have any doubts or want to learn more about this topic, contact us... Call us at (305) 930-1160 or visit us at 605 Lincoln Rd Suite 250, Miami Beach FL 33139.

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