Can I buy a property in the United States with a tourist visa?
The answer is yes! You can invest in the United States buying a house, an apartment, land or any style of property you want.
¿How to buy a property?
Did you know that the big buyers of properties in Florida are people from Argentinean, Colombian, Venezuelan and Brazilian nationality?
If you want to buy a property, the best way to do it is to hire a real estate agent (Realtor). This agent can access the entire real estate system throughout the State and send you different options so that you can see them online or physically by actually visiting those properties.
Don’t worry about paying the real estate agent! The seller of the property is the one who pays for the expenses of the real estate agents, not the buyer.
Once you have scouted some properties and selected which one is the best for you, the offer is presented. Then you have to wait for a response from the property owner and close the deal. Approximately 30 to 45 days are calculated for said closing.
As I told you before, if you want to do everything online, it is possible. You can take virtual tours or the real estate agent himself can go in person and film the property for you to see. Also, if you wish, you can process the power of attorney to a representative to sign the necessary documentation for you.
Virtual Tour Online
If you are thinking of invest in the United States, here are some links to search for houses on the following websites:
- Zillow: One of the best! Zillow was a pioneer in online home value estimates and tells users estimated home values.
- Realtor: the official search portal for the National Association of Realtors. One benefit of using its site is the close relationship realtors have with the Multiple Listing System (MLS) that provides data feeds used by most sites on this list.
- Redfin: The app is excellent, offering estimated home values that are sometimes more accurate than Zillow’s algorithm
If you are Owner…
Now, let’s say you already have a property in the United States and want to sell it. If the property is in your personal name, in the purchase-sale transaction, you will surely have to pay taxes on that sale. The percentage of taxes will depend on the treaty that your country of origin has with the United States.
This is why many people prefer to buy a property by using a Limited Liability Company (LLC). When you want to sell it or if that property is inherited, there are no taxes to pay. If you want to open an LLC, here at Vargas Law Group we take care of that process so that you do not worry about anything. You must contact us prior to the purchase of the property, since the process, depending on which one is selected, may take a few days.
In case you didn’t know, you have the option to request the financing of a property with most banks in the United States and you are only required to make an initial payment (Down payment). The bank may ask you for a minimum initial payment to be able to finance you the property and also stipulate the interest for that specific purchase. Here, in the United States, interest rates are usually very low, between 3% to 5% depending on each situation. Whereas, in other Latin American countries, these interests tend to be higher.
They will also require some documents to guarantee the loan and to know what type of person they are giving it to. There are people who are not eligible for bank loans. So they decide to approach a private financier (Mortgage Broker) and apply for a loan with them. Interest rates may vary according to each mortgage broker.
Many people think that buying a property in the United States entitles them to a Green Card. But that’s not the case. Even if the property is worth a lot of money, it is not a path that leads to permanent residence.
To obtain a Green Card through the purchase of properties, there are other ways and visas that can take you there, but for that, we recommend contacting an immigration lawyer in the United States who can explain in detail the visas available to emigrate to the United States.
I hope you liked this information to invest in the United States and that it was valuable to you!