02/06/2023
Can Foreigners Buy Property in the U.S.?
It’s legal, and it may be easier than you might expect
Perhaps you’ve fallen in love with warm, sunny Arizona and want to buy a vacation home there. Or maybe you’re thinking about buying a condo in California as an investment property. But if you’re not an American citizen and you live in another country, is it legal to buy a home in the U.S.? What if you live and work in the U.S. with a green card?
Yes, it’s legal in both scenarios—and you may even qualify for a mortgage to purchase your new home. However, before you start scrolling through real estate listings, it’s essential to understand what goes into making a U.S. property purchase as a foreigner.
Key Takeaways
• Non-citizens buy U.S. property for many reasons, including investment, a place to live or vacation, or asset diversification.
• Many non-citizens buy property in America with cash, although mortgages may be available to qualifying non-citizens.
• A successful transaction depends on getting advice from legal experts in real estate, taxation, and possibly immigration.
Can Non-Citizens Buy Property in the U.S.?
"How difficult is it to buy in the U.S.?" is the most common question fielded by Alicia Cervera Lamadrid, managing partner for Cervera Real Estate/Luxury Portfolio International in Miami, Florida.
People are often surprised by the answer, she said. "It's legally very easy for foreigners to buy in the U.S., and the U.S. is very generous in many ways," said Lamadrid, who works with buyers from all over the world, particularly those located in Mexico, South America, Europe, and the Middle East.
Residential purchases by foreign buyers added up to $59 billion between April 2021 and March 2022, according to a 2022 report released by the National Association of Realtors. Buyers are often from Canada, Mexico, China, India, Brazil, and Colombia. Florida is a leading destination, along with California, Texas, Arizona, and New York.
Why Do Non-Citizens Buy Property in the U.S.?
In the New York City metro area, real estate agent Fiona Dogan has worked with buyers from France, India, Mexico, Australia, South Africa, and Argentina during nearly 20 years with Julia B. Fee Sotheby’s International Realty.
Top reasons to buy property in the U.S. often include the following, Dogan said in an email to The Balance:
• While living and working in the U.S., a family is looking for a primary or secondary home in a comfortable area with good schools and a welcoming community.
• A wealthy foreign investor is able to take advantage of timing and pricing to buy in areas of the U.S. they feel would be a good investment.
• A global company wants to invest in real estate for employees’ living needs.
• A foreign buyer wants to keep some of their assets in the U.S. to diversify their portfolio.
To read more about FIRPTA, please click on the button below "Learn More."
Equity Title has several FIRPTA Educational Flyers and Guide Books we can co-brand for you to provide to your clients. Also, our wonderful AVP Senior Escrow Officer Melinda Peru is well versed in FIRPTA…. DO NOT open an escrow with an escrow officer that doesn’t have FIRPTA experience.
Want more information please call or text me at 602-989-8990.
Paulette Davis
Realty ONE Group
Team AZ Real Estate
