May 5, 2022
Why does a foreigner buy real estate in Florida?
Florida is one of the most desirable states in the U.S., where real estate is actively purchased for permanent residence, not only by residents of the country, but also by foreigners.
What attracts foreigners in the most "sunny state" of the United States?
- A comfortable climate (from subtropical to tropical) has become the most valuable resource of the state. There is essentially no winter here. Florida is one of the warmest places in North America. The Gulf Stream brings warm ocean waters to Florida's endless white beaches for surfing and water sports. Many tourists, retirees, businessmen and various visitors come to the evergreen paradise for overwintering every year.
- Growing real estate market. The increasing immigration and tourist inflow make Florida one of the most active real estate markets in the United States. Florida is interesting to investors who want to buy real estate at affordable prices, or are looking for a variety of properties to invest in. This diversity offers a wide range of properties, from coastal homes to commercial buildings in urban areas. In addition, real estate prices are quite reasonable.
- Favorable economic situation due to tax benefits. Florida is one of the few states that has some relief on corporate income. This makes it an attractive place to do business. The headquarters of a dozen global companies are located here. In addition, citizens are exempt from paying payroll taxes.
- Quality of life. Florida has a well-developed infrastructure, making it attractive to residents and tourists, as well as to a variety of companies that need quick and efficient access to transportation and other resources. Low cost of living compared to other U.S. states. Unemployment in Florida is below the national average. There are no large industries that pollute the air. Education and health care are well developed. Anticoidal restrictions have been minor because there is no need for them. Today the state has one of the highest national rankings in terms of population, which has been growing dynamically especially in the last two years. The number of residents who are foreigners is 21.2%
What does a foreign national who wants to buy property in South Florida need to know?
- When buying property in Florida by a foreigner, it is necessary to contact licensed professionals in this field, because ignorance of local laws and regulations can lead to misconduct and loss of money. Professionals know the local market and will help you choose the most suitable property, conducting a detailed legal clearance check of the object and drawing up all necessary documents. In addition, experts can advise on managing the property or selling it in the future. Vera Realty real estate brokerage company (Florida, USA) with more than 100 professional staff has been successfully working on the market since 2012, including foreign buyers, and has all necessary licenses for providing high quality services to its clients.
- When buying property for foreigners there are no restrictions on the type of property to be purchased, whether it is a condominium in a high-rise building or apartments in a small complex with various facilities, or a townhouse for two families, or a villa on the ocean, or a waterfront house on the canal with a private beach and a berth for the boat, or a single-family house in a golf club, etc. You should pay attention to the fact that the property itself may have requirements (restrictions) to its owner. For example, some complexes have rules prohibiting pets or restrictions on the number of tenants. In some cases, you will not be able to rent out purchased apartments, or get permission to rent them only once or twice a year, or there is a ban on inviting visitors and guests, or the selected apartments will be suitable only for the category 55 + and so on. In other words, the consulting agent should tell you all the details of the property you like and guide you in choosing the type of property based on your personal needs and budget. To help clients, reviews provided by real estate companies post the information on working with foreign clients, current trends in sales and rentals, the ability of agencies in the examination of real estate, etc.
- If you are a foreign resident you do not need to be physically present when purchasing real estate. An arrival will be required only in the case of registration of the purchase of real estate financing, because personal participation is important for the signing of the official documents. Naturally, foreigners will need a visa to visit the United States. However, if you are buying real estate for cash without any loans, then there is no need for personal contact - everything can be done through the electronic systems available to real estate professionals. For example, in Florida, real estate agents and brokers actively use Dotloop, an online platform for creating and managing real estate transactions, including electronic signatures and document management. This resource saves significant time on paperwork and shortens the transaction process.
- Foreign buyers need to be aware of whether their country has the ability to transfer funds to the U.S. In 99% of cases there are customer questions about the various restrictions associated with national bank transactions when purchasing real estate in the United States. Vera Realty has extensive experience in assisting foreign nationals from CIS countries, Europe, Asia, North America and other countries with online transactions. We have performed more than 2,000 such transactions with foreign nationals, so our experts really know what questions to ask a client to avoid problems. While communicating with a client they will determine exactly which property suits a foreign buyer best. For example, our criteria for buying property for a foreign national are as follows: no restrictions on the number and timing of rentals, on age, on guest visits, on the mandatory membership of the club community, if you buy a house, for example, on the territory of a golf club. We can explain to the client why houses next to each other can have different prices.
For example, our criteria for buying property for a foreign national are as follows: no restrictions on the number and timing of rentals, on age, on guest visits, on the mandatory membership of the club community, if you buy a house, for example, on the territory of a golf club. We can explain to the client why houses next to each other can have different prices.
Vera Realty agents receive weekly training that allows them to keep abreast of real estate market developments in Florida and instantly navigate through current issues.
Ask our experts, and they will become your indispensable helpers when buying real estate in the USA!