Advantages and Limitations of Foreign Buyers in the United States

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October 14, 2014

With the influx of foreign buyers interested in property acquisitions in the United States, Miami’s real estate scene is blooming and changing at a dynamic rate.

You should evaluate all administrative and legal procedures related to a US-based property acquisition early and in advance to avoid any drawbacks. Make sure that you hire an experienced attorney who will guide you through the buying processes. Also, a qualified real estate/immigration attorney will assist you in avoiding any frauds targeted to foreign buyers. Numerous people mistakenly believe that a property acquisition can grant them an immigration status. Regardless of its value, a property purchase on its own cannot provide you with lawful US residence. However, you can receive a legal resident status through an investment in a commercial property or venture, which will result in the creation of jobs for the local community. If you decide to go that route, you should contact an experienced attorney to determine if the property/venture/business you would like to acquire will qualify you for an EB-5 (Investor Visa). You can even have the option of obtaining a Green Card in the long run under the right circumstances and with the proper legal help.

There are numerous businesses for sales on the market and you can easily identify the one that will satisfy your requirements for EB-5. Your attorney should be able to help you determine the most appropriate solution.
The conditions are different if you only want to purchase a property without pursuing U.S. immigration status. Before you purchase a property in the United States as a foreign investor, you should make sure that you possess the appropriate supporting documentation. You do not have to be a Green Card holder or a US resident to purchase a U.S.-based property. If you are on a tourist visa and need additional time to complete all administrative procedures, you can request a tourist extension. You can do all this with the help of a qualified immigration attorney.

Of course, the best way to purchase a real estate property is through a cash transaction. Cash transactions are fast and easy, and promise an immediate outcome. Alternatively, if you can’t afford to pay cash, you can apply for a mortgage at a mainstream US bank featuring flexible options for foreign national buyers. You may need to provide documentation which demonstrates your credit history and references from your home country.
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