Tuesday, March 10, 2015

Investment money transfer for Foreign Buyers

The investment in real estate properties is always a good idea. Especially when you buy your property in a moderate prices market and in a favorable location. To do so you have to have enough money to pay for it. This requirement apply for domestic buyers as well as foreign national buyers. However, there is a difference to consider between the two buyer segments and this is important to know.

When a domestic buyer buys a property it is much easier to verify his/her financial resources based on the paystubs, background checks and tax returns, that have been filed with the tax authorities. But when it comes to foreign buyers there is not such an option. Foreign national not always work in the US and earn no income that has to be filed as income. When they have an account in a US-bank and use a US credit card they may have a credit history but the background checks are hardly possible.

To get to best possible information about a potential foreign buyer it is common in the real estate business that the foreign buyers have to wire their purchase funds to an American bank account timely enough before the transaction closing and every amount above $10,000 will be reported to government authorities. These requirements are a precaution against possible money laundry activities and they are standards in many countries worldwide not only in United States.

Therefore foreign buyers should remember that the times with a briefcase full of cash are over and no serious professional and no serious business will accept such a payment method.

For assistance to get your purchase money from your home country to the United States you can reach us at info@florida-informations.com