Foreign Nationals (Foreigners, Non-U.S. Citizens, Potential U.S. Immigrants, International Investors, Overseas Investors, Global Investors, Aliens, and Foreign Vacationers) who are interested in Buying or Selling any kind of Real Estate in Florida, we will assist you to sale and/or buy your property.
- INTERNATIONAL BUYERS AND MIAMI REAL ESTATE SALES
It is estimated that 70% of all home sales in Miami Dade and southern parts of Broward County. Most buyers are South Americans and Europeans who have bought Real Estate in Miami due to strong economies or political instability in their respective countries. As prices started plummeting, Europeans and South Americans are often the buyers with cash and a flight to safety in Miami.
- WE SPECIALIZE IN HELPING MIAMI INTERNATIONAL BUYERS PURCHASE REAL ESTATE IN MIAMI.
Our team is dedicated for each kind of languages spoken. Professional title attorneys, bank loan officers, insurance companies and many other professional affiliates are available to facilitate your successful closing.
- FOREIGN BUYERS OF REAL ESTATE IN MIAMI AT GLANCE:
Foreign nationals make up a large percentage of purchases in Miami. Many take advantage of good pricing and favorable money exchange rates.
Financing for foreign nationals is available for most residential real estate properties.
Miami is truly a city of nations: buyers from Europe, Brazil, Venezuela, Colombia, Mexico, Argentina, Canada, France, Italy, Romania and Russia to name a few.
Popular neighborhoods include Aventura, Sunny Isles Beach , Golden Beach , South Beach ,Brickell, Downtown, Midtown, Miami Beach, , Bal Harbour.
Miami’s on-going infrastructure projects to bring Miami to THE STATUS OF A GATEWAY CITY OF THE FUTURE.
- WE OFFER YOU OUR REAL ESTATE KNOWLEDGE AND OUR EXPERTISE:
We Help you to understand the differences between distressed properties and non-distressed properties.
While distressed properties can sometimes be priced below market value, it’s important to be aware that these deals are much more complicated and take longer to close. Sometimes 2 to 10 MONTHS.
REO’s - are Real Estate Owned by the bank. We will negotiate your property for you and you will it purchase directly from the bank. Typicaly the bankls will clear most title defects prior to your closing.
Foreclosures - properties up for auction to the public a thorough understanding of this type of buying is necessary, as they can have non-disclosed title defects (caveat emptor= “let the buyer beware”). This means contracts are not signed and buyers must investigate the title conditions in advance of the auction. These transactions mostly all cash deals.
Short Sales - you are purchasing a property from a seller that owes more to the bank or note holder than what the property is worth. When you make an offer on a short sale and the property owner accepts, the bank or note holder must approve the offer before proceeding to close. The buyer signs a short sale contract which states this contract is contingent on third party approval.
MIAMI GROWTH IN ALL SECTORS
The population in Miami is project to increase at a rate of 1.2% annually for the next 5 to 10 years which means approx. 120,000 people per year. The demand for real estate properties in Miami has grown and will continue to do so due to a number of factors:
- Aggressive updating and maintenance will ensure that Miami’s infrastructure remain world-class. Planned future projects for our next generation gateway city
- PORT OF MIAMI TUNNEL - Miami’s seaport expansion project is scheduled to be completed by 2014, to coincide with the inauguration of the Panama Canal expansion. This is a three-phase project, which includes a new tunnel underneath government cut into the seaport. This will allow ship containers to exit the port more quickly.
- FEC RAILWAY PROJECT - will link the Port of Miami to a rail yard near Miami International Airport.
- MIAMI INTERMODAL CENTER (MIC) - is a $1.7 billion transportation hub being built across from Miami International Airport (MIA) it will provide easy connectivity between all forms of transportation to Miami destinations.
- Miami Dade and Broward counties have large scale highway expansion programs underway to help with the population growth. Some highways like I 95 have been expanded with 6 lanes of traffic in each direction.
- Both the Miami and Ft. Lauderdale international airports have added or expanded the runways to plan for additional flights to accommodate the increase of traffic and incoming cargo. There is ongoing discussion to build a second Miami international airport.
- The demand grows due to a great Brazilian economy and political instability in Venezuela and Argentina. Furthermore the uncertain future of certain Euro Union countries have brought additional investment capital in Miami, not to mention the most recent banking problems in Cyprus.
- Statistical data for the last three years show a growing trend in hotel occupancy rates to 75 - 80% annually and along with a 30% increase in average rental room rates. Furthermore, the number of high end restaurants has also increased by 40% in the same time period.
- Since the real estate market crash of 2009, the inventory of available properties has been reduced by more than 50% while the number of buyers has increased more than 400%.
- Miami has one, or if not the highest percentage of luxury property owners in the world. Evidence of the same was the sale of a $27 million dollar penthouse at Setai in 2012 and $22 Million penthouse in 2012 at other high end luxury building.
- Donald Trump has been in talks with the city of Miami to possibly build set of movie studios in South Miami.
- The new Brickell citicenter project is currently underway and will be completed in 3 years http://brickellcitycentreconnect.com/
- RESORTS WORLD MIAMI - The Genting Group spent a record- breaking $236 million to buy 14 acres fronting Biscayne Bay in the Omni corridor. A planned investment of $3 Billion for a mixed-use project will include condo units, hotels, retail, restaurants, and casino gambling (pending final state approval).
- The number of private boat and yacht owners have climbed to by 43% in the last 3 years. The number of luxury automobile owner of $100,000 or more has doubled.
- Commercial Shipping Traffic is up more than 34%.
- METROPOLITAN MIAMI - will build luxury residences, featuring 24-hour fitness, Whole Foods Market and Met Square urban center with a 13 screen movie theatre, restaurants, and retail.
- SONESTA MIKADO HOTEL - Under a deal approved by the Miami Community Redevelopment Agency, a 250-room Sonesta Mikado Hotel will be built in the Omni Corridor, with an investment of $62 million.
- ONE BAYFRONT PLAZA - One Bayfront Plaza will be the tallest building in Miami once it replaces the 1950s-era office complex on the site. The new $1.8 billion twisting tower will contain class-A office space, a hotel, and retail.
- MIDTOWN MIAMI ENTERTAINMENT COMPLEX – an estimated $60 million entertainment complex in the Midtown district, which will include restaurants, retail, offices and condos.
- DESIGN DISTRICT- Dacra CEO Craig Robins, the largest land owner in the design district, is investing $40 million in the area.
- NEW BASEBALL STADIUM – The Florida Marlins’ new home has a 37,000 seat stadium with a retractable roof and air conditioning.
- The condos and commercial building developers are projecting to build 15,000 new apt. In the next 2 to 3 year which means 25 to 30 new high rise buildings not including homes and town homes.
REAL ESTATE LAWS FOR FOREIGN MIAMI REAL ESTATE OWNERS and U.S. Reporting Regulations for Foreign Owners and U.S. Tax Requirements
- Capital Gains Tax on Sales
Non-resident aliens and foreign corporations are taxed on income resulting from the sale of U.S. real property. A buyer who is aware of that at the time of purchase can plan accordingly, and may even consider an exchange. The time to divest can become the time to reinvest.
- FIRPTA (Foreign Investment in Real Property Tax Act)
Under FIRPTA, a buyer must withhold 10% of purchase price if the seller is a foreign person. No withholding is required if the seller is a U.S. citizen; green cardholder (lawful resident); or resident alien (meets either the physical presence test—present in the U.S. for at least 183 days in the current calendar year; or the substantial presence test—present in the U.S. for a weighted average of 183 days over three years).
- Income Tax (on income producing property)
Generally, non-resident aliens are taxed at a flat 30% federal tax rate on gross rental income, unless they make a certain income election on their returns. This election, which allows for deductions for regular expenses before income tax is calculated is commonly known as the “net election.” If you are interested in income properties, you should ask any potential tax advisor (lawyer or accountant) if the advisor knows about, and how to exercise, the “net election.” Further, anyone who collects income for a non-resident alien and then pays that income to a client is generally required to withhold 30% of gross U.S. source income (such as rent). No withholding is required if the foreign person has a green card, meets the physical or substantial presence test, or if there is a treaty addressing this issue between the U.S. and that person’s home country.
Property tax payments are required as an additional cost of real property ownership. These payments can be added to a loan or paid directly to the taxing agency.
- Immigration and National Security Law
It is important to know the difference and effect of residency status on property ownership. If you are are in the U.S., or intend to visit before or at the close of escrow of a property, you should know whether they have a visa (and the type—for example, work or student), a green card, or neither; and if they have or intend to get a U.S. taxpayer identification number. Also, the U.S. government places restrictions on the ability to do business with certain individuals.
- Contracts and Conducting Negotiations
In states where it applies, It requires that a contract to sell real estate must be in writing and signed by the party to be charged if it is to be enforceable. Verbal agreements to sell are not binding nor are agreements that are signed by the principal’s real estate agent instead of the principal (unless the agent has a written power of attorney from the principal).
- Escrow and the Closing Process
In the U.S., the escrow process is formalized with different parties serving different roles. The escrow holder serves as a neutral depository for documents and money with equal duties to buyers and sellers plus responsibilities to existing and future lenders. The escrow holder performs these services for a fee. If the transaction does not go forward and the escrow holder holds the buyer’s deposit money, generally the funds will not be released without mutual signed instructions from both buyer and seller. While some buyers may not be comfortable with this procedure, the alternative of releasing deposit money direct to the seller may be even less appealing. As with other contract terms, the choice of escrow holder is negotiable but if the escrow holder and title company are one and the same in your area, the Real Estate Settlement Procedure Act (RESPA) may restrict the seller's ability to require the buyer to use a particular entity if the buyer will be paying for all or some portion of the title insurance.
It is quite possible that some foreign clients will be unfamiliar with the concept of seller disclosure because their home country operates on the basis commonly referred to as “buyer beware”. A buyer who is aware of seller disclosure laws in your state may confuse seller disclosure with seller warranty or seller guarantee. It is important to be educated about what disclosure requirements are imposed via the contract, common law, or legislation, and about the effect these requirements have on the buyer’s duty to use due diligence.
Purchasing a property in a Corporate Structure in such a way to avoid potential Liability Issues, possible Estate Taxes and other taxes which may reduce the future return on investment is important and should be addressed prior to purchase of any Miami Real Estate.
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We can assist you with numerous services. Contact us by email or by phone:
US +1(954) 232-9762
Brasil +55 (21) 4042 1368
Argentina +54 (11) 5258 2199
Romania +40 (21) 539 8233