Foreign Nationals (Foreigners, Non-U.S. Citizens, Potential U.S. Immigrants, International Investors, Overseas Investors, Global Investors, Aliens, and Foreign Vacationers) who are interested in Buying or Selling any kind of Real Estate in Florida, we will assist you to sale and/or buy your property.
INTERNATIONAL BUYERS DOMINATE MIAMI SALES
An estimated 60 percent of home sales in South Florida these days involve a foreign buyer, according to the Miami Association of Realtors. That's an astounding number, no matter how you analyze the real estate market.With the pound and euro soaring, Europeans were offered a nice discount based on the exchange rate alone. As prices started plummeting, Europeans were often the only buyers with cash and a clear reason to buy.
WE SPECIALIZE IN HELPING MIAMI INTERNATIONAL BUYERS PURCHASE REAL ESTATE IN MIAMI.
Our team is dedicated for each kind of languages spoken.
Professional title attorneys, bank loan officers, insurance companies and many other professional affiliates are available to facilitate your successful closing.
FOREIGN BUYERS AT GLANCE:
- Foreign nationals make up a large percentage of purchases in Miami. Many take advantage of good pricing and favorable money exchange rates.
- Financing for foreign nationals is available for most residential real estate properties.
- Miami is truly a city of nations: buyers from Europe, Brazil, Venezuela, Colombia, Mexico, Argentina, Canada, France and Russia and many other nations.
- Popular neighborhoods include Aventura, Sunny Isles Beach , Golden Beach , South Beach ,Brickell, Downtown, Midtown, Miami Beach, , Bal Harbour ..
- Miami’s on-going infrastructure projects to bring Miami to THE STATUS OF A GATEWAY CITY OF THE FUTURE.
WE OFFER YOU OUR REAL ESTATE KNOWLEDGE AND OUR EXPERTISE:
- We Help you to Understand the market differences between distressed properties and non-distressed properties.
While distressed properties can sometimes be priced below market value, it’s important to be aware that these deals are much more complicated and take longer to close.
- REO’s - are Real Estate Owned by the bank. We will negotiate your property and you will purchase directly from the bank.
- Foreclosures - properties up for auction to the public a thorough understanding of this type of buying is necessary, as they can have non-disclosed title defects (caveat emptor= “let the buyer beware”). These transactions are usually all cash deals.
- Short sales - you are purchasing a property from a seller that owes more to the bank or note holder than what the property is worth. When you make an offer on a short sale and the property owner accepts, the bank or note holder must approve the offer before proceeding to close. The buyer signs a short sale contract which states this contract is contingent on third party approval.
These are the majority of properties on the market and usually close with fewer issues. The seller does not need the bank to approve the offer.
Major Infrastructure Project Started
Aggressive updating and maintenance will ensure that Miami’s infrastructure remain world-class. Planned future projects for our next generation gateway city:
- PORT OF MIAMI TUNNEL - Miami’s seaport expansion project is scheduled to be completed by 2014, to coincide with the inauguration of the Panama Canal expansion. This is a three-phase project, which includes a new tunnel underneath government cut into the seaport. This will allow ship containers to exit the port more quickly.
- FEC RAILWAY PROJECT - will link the Port of Miami to a rail yard near Miami International Airport.
- MIAMI INTERMODAL CENTER (MIC) - is a $1.7 billion transportation hub being built across from Miami International Airport (MIA) it will provide easy connectivity between all forms of transportation to Miami destinations.
NEW DEVELOPMENTS PLANNED
- BRICKELL CITICENTRE -Swire Properties, of Hong Kong, Is estimated to invest $700 million in a mixed-use project which will include offices, retail, restaurants, nightclubs, business hotel, rental apartments, and residential condominiums.
- RESORTS WORLD MIAMI - The Genting Group spent a record- breaking $236 million to buy 14 acres fronting Biscayne Bay in the Omni corridor. A planned investment of $3 Billion for a mixed-use project will include condo units, hotels, retail, restaurants, and casino gambling (pending state approval).
- METROPOLITAN MIAIM - will build luxury residences, featuring 24-hour fitness, Whole Foods Market and Met Square urban center with a 13 screen movie theatre, restaurants, and retail.
- SONESTA MIKADO HOTEL - Under a deal approved by the Miami Community Redevelopment Agency, a 250-room Sonesta Mikado Hotel will be built in the Omni Corridor, with an investment of $62 million.
- ONE BAYFRONT PLAZA - One Bayfront Plaza will be the tallest building in Miami once it replaces the 1950s-era office complex on the site. The new $1.8 billion twisting tower will contain class-A office space, a hotel, and retail.
- MIDTOWN MIAMI ENTERTAINMENT COMPLEX – an estimated $60 million entertainment complex in the Midtown district, which will include restaurants, retail, offices and condos.
- DESIGN DISTRICT- Dacra CEO Craig Robins, the largest land owner in the design district, is investing $40 million in the area.
- NEW BASEBALL STADIUM – The Florida Marlins’ new home will be a 37,000 seat stadium with a retractable roof and air conditioning.
REAL ESTATE LAW FOR INTERNATIONAL BUYERS AND FOREIGN MIAMI REAL ESTATE INVESTORS
Foreign Nationals (Foreigners, Non-U.S. Citizens, Potential U.S. Immigrants, International Investors, Overseas Investors, Global Investors, Aliens, And Foreign Vacationers)
U.S. Reporting Regulations for Foreign Owners
There are very few restrictions on ownership of U.S. property by foreign persons:
U.S. Tax Requirements
1. Capital Gains Tax on Sales
Non-resident aliens and foreign corporations are taxed on income resulting from the sale of U.S. real property. A buyer who is aware of that at the time of purchase can plan accordingly, and may even consider an exchange. The time to divest can become the time to reinvest.
2. FIRPTA (Foreign Investment in Real Property Tax Act)
Under FIRPTA, a buyer must withhold 10% of purchase price if the seller is a foreign person. No withholding is required if the seller is a U.S. citizen; green cardholder (lawful resident); or resident alien (meets either the physical presence test—present in the U.S. for at least 183 days in the current calendar year; or the substantial presence test—present in the U.S. for a weighted average of 183 days over three years).
3. Income Tax (on income producing property)
Generally, non-resident aliens are taxed at a flat 30% federal tax rate on gross rental income, unless they make a certain income election on their returns. This election, which allows for deductions for regular expenses before income tax is calculated is commonly know as the “net election.” If you are interested in income properties, you should should ask any potential tax advisor (lawyer or accountant) if the advisor knows about, and how to exercise, the “net election.” Further, anyone who collects income for a non-resident alien and then pays that income to a client is generally required to withhold 30% of gross U.S. source income (such as rent). No withholding is required if the foreign person has a green card, meets the physical or substantial presence test, or if there is a treaty addressing this issue between the U.S. and that person’s home country.
4. Property Taxes
Property tax payments are required as an additional cost of real property ownership. These payments can be added to a loan or paid directly to the taxing agency.
5. Title decisions
The way as foreign buyer take title (individual, foreign corporation, U.S. corporation, or trust, for example) is a serious decision that could affect their ability to transfer the property and the financial and tax implications both during the property’s ownership, and upon sale..
6. Immigration and National Security Law
It is important to know the difference and effect of residency status on property ownership. If you are are in the U.S., or intend to visit before or at the close of escrow of a property, you should know whether they have a visa (and the type—for example, work or student), a green card, or neither; and if they have or intend to get a U.S. taxpayer identification number. Also, the U.S. government places restrictions on the ability to do business with certain individuals..
7. Contracts and Conducting Negotiations
In states where it applies, It requires that a contract to sell real estate must be in writing and signed by the party to be charged if it is to be enforceable. Verbal agreements to sell are not binding nor are agreements that are signed by the principal’s real estate agent instead of the principal (unless the agent has a written power of attorney from the principal)..
8. Escrow and the Closing Process
In the U.S., the escrow process is formalized with different parties serving different roles. The escrow holder serves as a neutral depository for documents and money with equal duties to buyers and sellers plus responsibilities to existing and future lenders. The escrow holder performs these services for a fee. If the transaction does not go forward and the escrow holder holds the buyer’s deposit money, generally the funds will not be released without mutual signed instructions from both buyer and seller. While some buyers may not be comfortable with this procedure, the alternative of releasing deposit money direct to the seller may be even less appealing. As with other contract terms, the choice of escrow holder is negotiable but if the escrow holder and title company are one and the same in your area, the Real Estate Settlement Procedure Act (RESPA) may restrict the seller's ability to require the buyer to use a particular entity if the buyer will be paying for all or some portion of the title insurance.
It is quite possible that some foreign clients will be unfamiliar with the concept of seller disclosure because their home country operates on the basis commonly referred to as “buyer beware.” A buyer who is aware of seller disclosure laws in your state may confuse seller disclosure with seller warranty or seller guarantee. It is important to be educated about what disclosure requirements are imposed via the contract, common law, or legislation, and about the effect these requirements have on the buyer’s duty to use due diligence.