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Foreign nationals who purchase real estate properties in the United States must be aware that they will be subject to certain taxes.
It is important to know that foreign-owned real estate in Florida IS subject to FIRPTA and is also subject to estate probate tax. This means that on the occasion of death of a property owner, the property will still be subject to probate ADMINISTRATION. Contact an experienced real estate lawyer who will assist you with minimizing the burdens of the state probate tax, which could be up to 40% of the total property value.
Also, foreigners buying real estate In the United States should be aware that they might be subject to FIRPTA, which is equal to 15% of the total property sale value. FIRPTA may also apply TO rental income. With the appropriate legal assistance, foreign buyers can minimize the tax burdens of both estate probate tax and FIRPTA. There are also IMPORTANT exceptions to FIRPTA TO BE AWARE OF. Consult your lawyer to see if you qualify.