Opening a bank account – Every investor is NOT required to have an account with an American banking institution. However, through the account the investor can transfer and receive foreign currency from Brazil. You will have electronic access to payments, money transfers within the United States. You can also get debit, credit card and checks. A valid passport and visa and a fixed address in the United States are required to open an account.
Declaration of Income – The declaration of income in the United States will only be mandatory if the property is generating capital gain.
Securities Company – In 99% of properties traded in the United States, securities companies are used. They are responsible for the legal and juridical survey of the property and the owner. Transfer of ownership from the seller to the buyer and delivery of the keys.
Estate Tax – This is the inheritance transfer tax, which today corresponds to 50% of the property value. This tax is applied when the property is acquired in the name of an individual.
Bank financing in the United States for foreigners – Currently, some banks offer financing plans in up to 30 years, with input from 25% and rate of 5.5% a.a. in average.
Documents required for bank financing
- Investor registration (provided by the bank).
- Valid passport and visa copies.
- Letter of reference from the bank (s) the investor works in (preferably in English)
- Letter of reference from the employer with all investor data. (preferably in English)
- If you are a professional or entrepreneur, letter from the accountant mentioning the nature of the company, data, annual billing and annual withdrawal.
- Copy of the last 3 bank statements.
- Copy of proof of residence.
- List of assets (made by the investor himself)
Short Sale – It is when the property has a mortgage with a bank and this mortgage is greater than the market value of this property. The bank authorizes the owner to try to sell the property on the market before taking it.
Floreclousure – It is when the property is already active in the bank and it is up to him to decide on the offers made. Buyers are responsible for all expenses that exist on the property.
Contact Double M Group for more information.