Are you a Foreign Buyer?  Perhaps you have never been to Southwest Florida before.  Fortunately I was just like you.  In 1999 I was sitting in front of my computer screen in British Columbia, Canada when I discovered and ultimately purchased my first piece of paradise in Cape Coral, FL.   It was a gulf access lot which I later built my first Florida home on.  I have firsthand experience and very well versed on purchasing property as a foreign owner. I welcome the opportunity to share my knowledge with you making your home buying experience an easy and simple process.

Listed below are some common questions that Foreign Buyers will ask of me.

• Are there any restrictions on Foreign ownership of property?

        Purchasing property is essentially the same process for non US citizens.  There are no special    restrictions as a Foreign owner. 

• Do Foreign owners pay higher property taxes?

        No, you will be taxed the same as a US citizen.  The exception is the Homestead Exemptions that qualifying Florida residents get for their primary residence ONLY. 

• Do Foreign owners pay higher property insurance?

        No, however when a home is left vacant for extended periods of time, most insurance policies will require you to let them know.

• How do I convert my money into US funds?

       Converting your currency into US funds can be done at most banking institutions here or abroad.  A local company with an excellent reputation is Canadian Wholesale Currency Exchange located in Fort Myers.  They convert most currencies and their exchange rate is typically better then the banks. 

• Can I get financing in the USA?

        Yes,  however in most recent times US banks have tighten their lending practices in virtually all loan categories.  It is still possible to qualify.  To take full advantage of the current market conditions those that are considered to be cash buyers are King.  Many of my clients have chosen to raise the capital for their US investments from their country of origin.

• What happens when I want to sell my property?  

        Selling your property again is the same procedure as a US citizen.  The only exception is foreign owners without a US social security number are subject to a 10% IRS (Internal Revenue Service) withholding from the sale.  This encourages the filing of an income tax return and paying any applicable income tax on the gain.  The IRS refunds any difference.  Simply put if you made money on your investment you will pay tax.  The US has tax treaties with many countries to avoid double taxation.   For further information I recommend contacting a competent accountant or tax attorney to discuss your specific situation.