Fort Lauderdale | Non US Citizens Buying Real Estate
Buying Real Estate in the Fort Lauderdale area is really about the same for non US citizens as it is for US citizens. There are a few differences.
- Financing – Non US Citizens have to put down 35% of the purchase price.
- Financing – Two ORIGINAL Bank reference letters. The borrower must be mentioned by name and the letter can be a joint letter referencing more than one borrower. If used to document liquid assets, it must have current balance and an average balance for the past two months. It must be on the bank’s letterhead containing date issued, address and phone number for bank and original signature of signing officer.
- Financing – 2 Credit Reference Letters
- Financing – Two months bank statements and three months of reserves (True for US and Non US citizens).
- Financing – Credit Report if borrower has a social security number in the US (True for US and Non US citizens).
- Financing – Professional Resume
- Financing – Employment Letter stating income for the past 2 years, time on the job (As long as the company appears on the web).
- Financing – If self-employed, letter from CPA showing income for the past 2 years. (Must be an original signature – True for US and Non US citizens).
- Translation to English of any documents provided . All translations must be certified and signed by translator.
- Copy of Passport or Visa
- Taxed when Selling Property – Non US Citizens – When you sell the home in the future, there is a 10% tax (of selling price) that has to be paid, minus deductions for updates (kitchens, etc..), Consult your tax person.
- Taxes – Property taxes are the same for US and non US citizens with the exception of Homestead deductions. Properties assessed values are all calculated the same way.
- Property taxes will be anywhere from 2% to 2.3% of the purchase price depending on the area. (True for US and Non-US Citizens)
- Property taxes get reassessed once the property changes ownership in November when our tax bill comes out (True for US and Non-US Citizens)
- Non US citizens cannot take advantage of Homestead deductions since you have to be a resident of Florida. (Only Florida residents can take advantage of this).