Before you get started, it is critical to be aware of the regulations and restrictions applicable to real estate investment by non-U.S. resident aliens. The Foreign Investment in Real Property Tax Act (FIRPTA) states that foreign owners must pay taxes on gains generated from the sale of property in the United States.
Prerequisites
Visa: Obtain a valid visa to travel to the United States and have a permanent residence in Peru.
Identification: Present identity and residence documents in Peru, such as passport and identity card.
Legal representation: Hire a real estate attorney or agent in the United States to advise and represent your interests.
Procedure
Choice of property: Search for properties in the United States that suit your investment goals, considering factors such as location, type of property (residential, commercial, vacation), price and market status.
Contract: Sign a purchase contract with the seller, which should include clear conditions about the property, price, and payment terms.
Loans: Research and obtain mortgage loans in the United States with competitive interest rates (between 3% and 5%) and terms of up to 30 years.
Taxes: Make sure you understand and comply with tax requirements in the United States, including FIRPTA and income and property taxes.
Registration: Register the property with the U.S. Public Registry and obtain a Property Identification Number.
Additional considerations
Language and Culture: Make sure you understand the language and customs of the U.S. housing market.
Distances and communication: Consider distances and effective communication with your legal representative and others involved in the process.
Risks and Challenges: Be aware of the risks and challenges inherent in investing in real estate in the United States from Peru, such as remote management and potential market fluctuation.
Conclusion
Investing in real estate in the United States from Peru requires specialized planning and advice. Make sure you comply with legal, tax requirements, and consider the market conditions and risks involved. With the help of a specialized lawyer or real estate agent, you can take advantage of real estate investment opportunities in the United States.
Marcfields-Capital Management
P. (305) 741-5630 | rmazzini@marcfieldsllc.com | www.marcfieldsllc.com
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