Welcome To Iconocast

How to add a URL link from your web site to the Iconocast web sites

Virtual tour of Southern California

Recent News and Articles on the Keywords: buy + foreigners + homes  Related to the article below (Last Update: 8/4/2008)

US releases some detainees in Iraq back to home countries USA Today - Not all foreign detainees will return home. Some foreigners have already been convicted by Iraq's judicial system and are being held in US detention systems ... From the Los Angeles Times Chicago Tribune, United States - Better yet, buy drugs at hospitals or clinics that serve foreigners, she advised, or ask your hotel concierge, insurer or tour guide for referrals. ... Govt: No need for court action News24, South Africa - Johannesburg - There was no need for court action to force the Gauteng provincial government to keep open temporary safe sites for displaced foreigners ... Foreign investors second-guess India Minneapolis Star Tribune, MN - Having won a vote of confidence at home, India's government now faces another -- from overseas investors. By THE ECONOMIST Until the start of this fiscal ... Rich foreigners buy fewer London homes This is London, UK - Jul 31, 2008 The proportion of foreign buyers in these price brackets dropped from almost half to 16 per cent. Homes priced at up to ?2 million are favoured by overseas ... ?08 Olympics: How Nigerians Can Stay Out of Trouble in China This Day, Nigeria - You must know that theoretically all foreigners are required to carry passports at all times. A legal source advises that you must not wear orange to a ... CBS Olympic Games a time of pride and tension for China Kansas City Star Police killed in western China ahead of Games elEconomista.es Sunday Herald - Christian Science Monitor all 4,599 news articles » Murderous welcome for refugees Mail & Guardian Online, South Africa - The paper quoted a Sanco official as saying that Somalian refugees who wanted to reopen businesses should contribute to the upkeep of old-age homes, buy ... ABC News Lawyers for Jose Medellin say execution violates treaty Dallas Morning News, TX - AP HOUSTON ? Testimony at his murder trial showed Jose Medellin made the first move, grabbing one of two teenage Houston girls as they walked home at night ... Texas defies World Court, Bush on execution The Associated Press Lawyers for Mexican say execution violates treaty KLTV Lawyers for Mexican say execution violates treaty International Herald Tribune all 296 news articles » Slump hits vacation homes in Costa Rica Calgary Herald,  Canada - Last year, foreigners invested $664 million in Costa Rican real estate, according to the country's construction industry association. Return to the homeland: A journey across China CNN International - Aug 3, 2008 Even though Chenghai is my hometown, I felt like a foreigner when I first visited. The traditional Chinese home didn't have a refrigerator, and a pig lived ...

Foreigners can buy homes easily in the U.S.

Dear Real Estate Adviser,
If I do not live in or have legal status in the U.S., but have a very good job in Europe, can I still buy a house in the U.S. as an investment or as a vacation home?
-- Maria

Article continues below and (thank you)

Dear Maria,
You certainly can. While there are still some erroneous perceptions, recent law changes grant nonpermanent resident aliens, such as you, most of the same purchase and home-financing opportunities that American citizens have. If you are worried about your good employment and credit records becoming lost in translation, many major U.S. lenders now use credit-reporting agencies that have reciprocal agreements with European countries and can use a simple currency conversion table to track your current income and assets.

However, you will likely need to come up with a down payment of 20 percent to 25 percent of the purchase price, depending on the rules of the lender, which is a little higher than what most Yanks pay. But relatively speaking, the home-buying process in the U.S. is relatively simple and less bureaucratic for a foreigner than it would be in most countries. And as you probably realize, there are hundreds of Web sites where you can view American properties online from the comfort of your European home to facilitate your search.

But you'll need to find quality representation. As a foreigner, it is very important that you find a U.S. real estate agent who is experienced in such sales and can thoroughly brief you on the buying process and best coordinate your property visits with the rest of the prepurchase and purchase details. These agents are easier to find in highly populated areas, although most regional and national realty firms have qualified people who can serve you.

I would also recommend the services of a U.S. real estate attorney to guide you past the pitfalls, tax nuances and other legalities. For example, even as a nonresident, you will still have to pay U.S. real estate taxes. And if you do not have an individual taxpayer identification number or U.S. Social Security number when you sell the place, you may be subject to 10 percent withholding tax. For more details, visit the Web site of the U.S. Internal Revenue Service for rules for foreign owners of American real estate.

There are also a few European Web sites that presently specialize in the U.S. property-purchase process, including a couple new ones, www.immoamerica.com and www.buyahouseinamerica.com, set to debut in 2007.

Meanwhile, good luck on your journey across the pond and your U.S. real estate venture.