What British Investors Need to Know About Buying property in the USA
By: Sabrina Orlov •
British investors have long topped the list of international buyers of US real estate. It certainly helps that there are no language or cultural issues but there are differences between buying property in the US compared to in the UK.
Whether a property will be used for vacation, investment, business or as a residence, there are things that will come in handy to remember. It is important to note that buying property in the U.S. does not, in and of itself, provide any investor with a greencard or resident status. If this is a goal, it is advisable to speak to an immigration attorney before making any decisions.
That said, you do not need residency, a green card, citizenship in order to purchase property. You will need to obtain an ITIN or Individual Taxpayer Identification Number which is used to process taxes with the IRS, International Revenue Service (equivalent of Inland Revenue)
This is a relatively simple process and the best place to begin is to choose a Realtor that you are comfortable working with and they will usually have a team of experts, including an accountant that is familiar with the requirements of international buyers. It is also advisable to check with an accountant on the best way to take title to a property, whether in a personal name or if it makes better sense to create a company to own property in.
Sending money to the U.S. for a real estate purchase is another area that it makes sense to shop providers as rates may vary from one to another.
To learn how to send money to the US for investments purposes, please click on the link.
invest in the US, live in the US, real estate, investments