Investors want properties in the U.S.

[Sultan Maawali]

Hello everyone, I am wondering what's the process if an international investor (non- citizen) want to buy properties in the US? Can he buy a house to rent for example and have a property manager take care of work inside the states while his abroad? If yes what's the paperwork required and legal steps? 

[Lumi Ispas]

@Sultan Maawali, I have a lot of international investors that purchase in Chicago. The process is the same with a local buyer. There are no requirements for non-citizen or non-green card holders to buy property. The trick is when selling. At that time, the title company will hold a certain percent in escrow until the seller files taxes in USA and pays income tax on the profit, after which the title company releases the amount escrowed to the seller.

Also, every year the buyers hold property, if they make a profit, they will have to file income taxes and pay state and income tax.

Returning to the buying process, if the buyer is buying cash, he/she doesn't even have to be in the USA, they can send a POA and have someone else sign for them.

If the buyer is looking to buy with financing, there are few banks that finance most with around 50% downpayment and based on credit and income shown in the buyer's original country.

Hope that answer your questions!