Our firm has significant experience in developing and implementing tax efficient holding structures for foreign investments in the U.S. real estate that minimize the U.S. tax burden arising from participation in real estate projects.
We represented clients from Switzerland, Kuwait, Italy, Russia, Sweden, United Arab Emirates, China, Kazakhstan and Latin America.
Purchasing U.S. real estate as a non-resident is different in some very important ways from buying property as a citizen or permanent resident.
The rules that apply to such transactions and the processes that must be followed are often more complicated and time consuming. Even basic things like opening a bank account for non-residents require multiple steps and additional documents.
As such, careful planning is crucial at every stage of the real estate transaction to ensure successful execution and compliance with the state and federal laws.
Our real estate law firm guides foreign clients through every aspect of a real estate transaction, including:
- Forming tax-efficient real estate holding entities for foreign clients;
- Compliance with FIRPTA (Foreign Investment in Real Property Tax Act);
- Advising clients as to their U.S. and New York State/New York City tax and reporting obligations in connection with purchase and sale of real estate;
- Ensuring compliance with federal, state and municipal tax laws;
- Obtaining U.S. tax identification numbers for purchasing real estate;
- Assisting clients in opening of the U.S. bank accounts;
- Drafting, negotiating and reviewing purchase offers, contracts of purchase and sale, closing documents and deeds; and
- Conducting title search and examination, and resolving title problems.