US Real Estate Legislation and Foreign Investment
US Real Estate Legislation has been considerably loose and quite open to foreign investors
. The US government has not much of the bureaucratic red tape you would normally experience when purchasing properties in other countries.Foreign investment in US real estate is actually encouraged since it plays a significant role in the US economy. It contributes to the creation of new jobs and more importantly, provides a substantial amount of capital to support a healthy real estate industry in the US. This is the reason US Real Legislation on foreign investment was made to be greatly similar to that of a US citizen.There was one concern that the US government had to address though with regards to foreign investment in real estate which had led to the creation of the Foreign Investment in Real Property Tax Act or FIRTPA. This was drafted and passed in order to ensure tax compliance for a foreigner that was selling property in the US by imposing an income tax on the property sold. To further ensure collection, the buyer is required by the act to withhold 10% from the sale price which was to be sent directly to the Internal Revenue Service, which is the bureau that handles taxes in the US. Before the existence of this act, many foreigners had gotten away with non-compliance with taxes in the properties they sold in the US.This FIRTPA is the only most bothersome thing in US Real Estate Legislation that foreign investors have to deal with and keep aware of. If you would like to learn more about this and how to find a way around it, I suggest you read this article.With the recent economic downturn experienced in the US, it would be greatly unwise for the US government to make changes to US Real Estate Legislation unless these were changes that were to further encourage foreign investment in US real estate. Now, more than ever, is the time they would be needing more cash coming in and the real estate market is definitely one of the best investments they could offer to foreigners.To invest US real estate right now would be a most wise course of action given the low barrier set by the US Real Estate Legislation and the greatly higher chances of finding properties at bargain prices. The recent economic downturn in the US has led to a number of foreclosures and pre-foreclosure properties which would mean properties being sold at about 30-50% below market their market value. The financial crisis has led to many foreclosures and your purchasing these properties would somewhat lessen the burden of debt for the foreclosed properties' owners and for you, the benefit of a bargain buy.To invest in the US is ideal, especially if you choose to invest in real estate which is a relatively safe investment when compared to stocks which are quite volatile. Plus, you will find US Real Estate Legislation to be fairly easy to deal with.
US Real Estate Legislation and Foreign Investment
By: Veronica Hay
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