Rowena Patton, founder of Patton Property Group is herself a former ‘alien’ from the UK. She has been through the process of visiting the US for many years, and finally moving and ‘naturalizing’ – ie becoming a citizen, 15 years ago. Patton understands the challenges of purchasing real estate in another country, which are surprisingly not too onerous in the US if the right steps are followed.

Foreigners are investing in real estate in the United States in growing numbers. It is estimated that at least 20% of foreigners purchasing homes in the US come from Europe and the United Kingdom. The downtrend in the economy and the current lowered value of the dollar is driving the trend.

If you are a non-resident alien thinking of purchasing a home in the US think of getting advice from Realtors and your local tax and immigration office.

If you are fortunate enough to be paying cash and not seeking a loan, you are likely to encounter less challenges. Foreigners or non-resident aliens interested in purchasing homes, condominiums or town houses should prepare to put in a 30% to 50% down payment on the property. A substantial amount of collateral of proof of your capability to pay your loans and mortgages may be required as well in order for non-resident aliens and foreign nationals to get mortgages and loans.

Foreigners are subject to the same federal and state property taxes as with any other homeowner in the United States.  Remember to separate the issue of property ownership from gaining permanent residency status, acquiring a green card or with a bid to become a citizen of the United States. Owning a property in the US is an entirely different process from what the US immigration requires.

The first step is to check with US immigration how long you are permitted to stay in the US from your part of the world.

You will have to get a Tax Identification number and of course do a yearly tax return 1040NR (non-resident)

You will also need a Tax ID number in order to set up a bank account which you will need if you are going to buy utilizing a loan. Likewise, it is useful to have a local bank account even if paying cash so that it makes paying local taxes etc easier.

Useful links
Overview of visa requirements

Call us at 828 210 1648 for more information. Visit our website at PattonPropertyGroup.com

Please note that PPG or Keller Williams or any of its associates has no first hand knowledge of company links provided, and provides these links for information only. Any alien using services is advised to first seek the advice of the appropriate professional.

FreddieMac guidelines

Call us at 828 210 1648 for more information, or start searching for property at http://www.PattonPropertyGroup.com

For CPA (accountant) advice CLICK HERE