Can a non-resident, non-citizen buy in Boston?
Recently, we had an inquiry from a European citizen interested in buying property in Massachusetts. But, he said, he doesn’t live or work in the United States. His question was: could he still buy property in Boston?
We researched the question and thought we would share what we found with everyone else:
Yes, you can. There are no regulations that would prevent a non-resident, non-citizen from holding property. However, those interested in buying a second home should remember that VISA restrictions will still apply, limiting the amount of time you could stay in the U.S. in any one period. Also, the ease of your transaction will be influenced heavily by HOW you buy. If you are a cash buyer who doesn’t need a mortgage from an American bank, it will all likely be much easier than obtaining financing in the States — especially in the current climate with lender’s tightening standards. There are also tax requirements and reporting laws involved with buying and owning property in the United States.
Several other websites that can give you more information on this topic
include:
http://www.lawoverseas.com/buying-a-property-in-united-states-c603.html
http://www.globalpropertyguide.com/North-America/United-States
For legal advice regarding your potential purchase, you should find a lawyer well-versed in real estate law. He or she can give you a detailed account of anything you should know regarding buying property in the U.S.
Image: freedigitalphoto.net
August 30th, 2008 at 2:50 am
I was searching for information about \’Boston Interiors\’, and this your page (\’Can a non-resident, non-citizen buy in Boston?\’) was in search results. Not sure why it appeared, but your site is still interesting to read