Via bank transfer and depending on the laws of each country. Please ask in your country of origin the most advisable modality for money transfer.
My real estate company has an «Escrow» account, that is, an account regulated by the State of Florida where funds are only deposited from clients, who are waiting to buy or rent properties.
You have to come to the USA to open an account. There are many very good local banks for you to choose from and they will give you excellent service upon arrival. You will need your passport and your driver’s license for identification! You can open it in your personal name or in the name of a Company.
? It is highly advisable to consult a lawyer to analyze your particular case, since you are a foreign investor; But generally, investors open an LLC with more than 2 members and they rarely buy in their personal name. Another structure is to form a Corporation. Depending on each investor and their investment intentions is the type of company to be formed.
If a foreign investor can buy a personal name.
Not necessarily, if you know what you want to buy and you don’t mind visiting the property to decide on a purchase, you can always buy without traveling. We can visit the properties using facetime or sending you detailed photos and with the assistance of google earth, you can choose without your presence. Then all documents can be signed electronically. And continuous emails are sent to you when we advance in the purchase process.
Rentals in Miami are not repeated as in some Latin countries. But if we can require all those interested in renting, proof of work, copy of their bank accounts, request authorization to study their credit, and ask for one or two months of deposit for the property, which is kept by the owner, all the duration of the rental.
If you can, you just have to choose well the condo where you buy. The laws of the condominiums, define how many minimum months can be rented. As long as the condominium rules are followed, the time that is not rented can be used by the owners for personal use.
The deed costs vary depending on whether you pay cash or say you pay with a mortgage. I will always prepare a statement of informative expenses from the moment of the offer
After the purchase, you have to pay the expenses, real estate taxes and commissions to the real estate agents who work in the rents and you can also create a reserve fund where you save money in the event that in the future the property requires repairs
Every year in the month of November the property taxes come out, they are paid once a year between the months of November to March; if you pay from November to February you will have a discount percentage
Income tax must be paid, provided that the rents are greater than the sum of the expenses including the depreciation of the property; I rarely observe that a client has to pay income tax. I’m also going to refer you to a couple of accountants that will help you with your tax planning and you can choose who you like best.
How do they affect foreign investors? Foreigners only have a $ 60,000 exception to inheritance taxes. I also advise that each individual family plan their inheritance with the help of their lawyer.
depending on where the apartment is located, I could refer you to a good manager to help you rent and maintain the property
If there are mortgages for private foreigners or from a bank, please ask in each case
You can always sell the property and in most cases that have spent many years recovering the money you should only remember that the sellers must pay 6% of real estate commissions which can usually affect the net or the sale price
Property Tax «Property Taxes» are paid once a year and is approximately 2% of the property value determined by the city.
If the property is within a condominium, the monthly expenses or expenses stipulated by the association are paid.
If the purchase is on credit, the insurance determined by the bank is paid.
These represent approximately 1% to 2% of the total price if the buyer pays in cash. If you opt for bank financing, the cost can be from 3% to 6%
Through an LLC corporation you will have multiple advantages and legal and tax protections among them:
You can depreciate assets, capitalize expenses, and accumulate losses.
Advantages in the inheritance tax in case of death when there are two or more partners.
In the public records of the property their names do not appear giving them more privacy.
The LLC Corporation is a limited liability company, the shareholders are not liable beyond their shareholding.
Savings of up to 40% in the event of death.
A foreigner has to pay income tax if any and a FIRTPA withholding will be made at closing when it is sold.
-Copy of your passport.
-Have the Fund available in US Dollars.
-In the case of Bank Financing: Letter from your accountant: where you indicate the annual gross income for the last 3 years, you must have sufficient funds to cover the initial fee, closing costs and reserves, bank reference letter: that indicates the current balance and the average balance for the last three months and a copy of your bank statements corresponding to the last three months.
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Phone: +1 (305) 529 36 49
Address: : Located in the heart of Downtown