Hi Mark, so heres my question. If I as a foreigner wanted to buy a property or appartment or house in the US , what kind of Legal status / VISA status would i need? What kind of rights would i have ? Would it be enuff to get a permanent residency ( not a green card ) ? Im thinking about buying my second property outside my home country.
Here is the answer to your question... Yes you can definitely buy, but the issues typically arise when you sell. You will want to get a Tax ID number if you're not a US Citizen, you can put together an LLC as an entity to purchase the property. You will need a Tax ID number (if u don’t have a Social) due to tax withholdings when u sell. Escrow will usually hold 33.3% of the proceeds for US taxes when a property is sold by a foreign entity or individual. You could purchase in an LLC, but the LLC always needs to stay current (taxes and fees paid) in order to transfer out of the LLC when u sell. It’s usually not a problem, but sometimes people forget to keep their LLC current and get hit with more taxes or penalties. Good luck and let me know if you're considering buying in San Diego. Feel free to email me direct.. I'd be happy to help! markmagstadt@yahoo.com.. Best, Mark
