We have received several requests lately from overseas buyers about what the requirements are for foreign nationals who want to purchase property in Las Vegas. Actually the process is pretty simple - we have listed the guidelines below:
1.
Except for
Canadian citizens buying second homes in the States, most foreign nationals
will need to purchase with cash because the financing for foreign nationals has
really dried up. They will need to bring proof of funds, a current bank statement or a bank letter of credit, in order to submit an offer.
2.
They will
need to have a US bank account with cleared funds. So all money for the
purchase should be placed in a US bank with enough time for the funds to clear.
If they wire in the money, it will only take a couple of days for the funds to
clear.
3.
There are no
special taxes or fees for foreign homebuyers using the property as a primary or
secondary residence. Rental properties would be subject to US federal income
taxes annually.
4.
When they go to
sell the home, the escrow company will withhold a percentage of the sales price
for US federal taxes until the foreign buyer has filed and paid the US taxes in
total. I can’t give you a specific percentage, because it depends on the sales
price, if there has been a gain on the home, and what laws are in place at that
time. Right now most escrow companies are withholding 10%.
