Tag Archives: Foreign buy NYC condos

New York city Mandarin Speaking Real Estate Agent specialize in Parents Buy for children

New York city Mandarin Speaking Real Estate Agent specialize in Parents Buy for children

 
We are NYC Mandarin Chinese speaking Real Estate agent that work with many Mandarin Chinese Parents buy NYC condo for their son or daughter, we are a team that work with many international Chinese and local Chinese parents who seek a good condo for their son or daughter that is currently working or going to school in Manhattan New York. It is a common practice in our culture that parents will purchase young adult son or daughter their first home and also use it as future investment for them.
 
Many of our team members are Chinese American ourselves so we are accustom to many culture differences and nuances when it comes to finding the right condo for our buyers.
Many of our buyers seek to work with Mandarin Speaking Real Estate agent because they feel comfortable in working with our team who speak their native language. When our buyers approach us, we like to work in a very efficient matter so no one’s time is waste. We ask buyers the following question:
 
Do you have a time frame in purchase for son or daughter, is there a rental apartment in place? Or are you living at a hotel?Manhattan New York condo with all cash purchase can take 45-60 days
as standard, and if it is a new construction condo, depending on if it is completed, sometimes longer, so plan the time-frame ahead is very important.
2) How do you want to pay for this? is it all cash in bank or need financing? If all cash, are all the cash here in United States or elsewhere? Any restriction in funding the money?
If financing, who is financing the purchase? The financing purchase can take 4-6 months depending on various factor, please call us to discuss in details.
3) Pricing, many of our buyers suggest that pricing is flexible, if pricing is flexible, then what size of condo unit that will work for you? One bedroom or Two bedroom or larger? For most basic and standard resale condo, one bedroom is starting at $700,000 USD and two bedroom about $1,300,000USD at today’s market place. If the building is in very desirable location, or any other additional feature of the condo, the price will go up from those guides.
 
If you would like to work with our Mandarin Speaking Real Estate agent team that specialize in Parents buy for children, please contact us at http://chinesespeakingagent.com/contact/

Foreign Buyer Buy NYC Condos-FAQ

We as Manhattan Real Estate professionals, we work with many international foreigners wanting to invest in Manhattan Real Estate. In addition to educate foreign buyers about the maze of Manhattan Real Estate market, our specialty is facilitate the purchase to ensure the transaction is smooth and successful. Below are some frequent asked questions by our foreign buyers, the answers are formulated by our team of professionals (tax accountants and attorneys who also specialized in foreigners purchase in Manhattan New York.) These answers are general and not case specific.  To best address your specific needs,contact us directly by email or call (646)644-6929.

Can Foreign Nationals buy a NYC condo without having Social Security Number or US residency?
Yes, they can legally, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).THUMBNAIL

Can Foreign Nationals with work visa or student visa buy Manhattan Properties?
Yes, they can legally, but have to meet the condominium/coop board’s requirements for approval.  If they remain non-resident aliens at the time of the sale of the real property, they will be subject to the same taxes at the time of sale, as above.

If not, what kind of documents should a foreign nationals prepare to be able to buy?
In order for a Foreigner to buy NYC condo, they need to have  a valid passport and/or other official photo ID for identification purpose.

What are the Options for Foreign Nationals (non-residents aliens) to hold title for NYC condos: (these answers are information only, we are Real Estate professionals, therefore, before you make a specific decision, we recommend you to discuss with our team of attorneys and tax accountants for your specific case.)

  • Individual: Individual may be exposed to unlimited personal liability, and to estate issues, for instance, inheritance,  will probate and estate administration, when the individual owner dies.
  • LLC: Limited Liability Corporation provides insulation for members from personal liability, but will incur maintenance costs, such as  filing fees for its formation, annual franchise tax  and is subject to higher formation costs (higher than a corporation).
  • Trust: Trust is an unincorporated entity, cannot hold title by itself; title must be reqistered in the  individual trustee’s name.;  the individual trustee may be exposed to unlimited personal liability.
  • S Corporation: S Corporation is a legal entity, insulates shareholders for from personal liability, does not pay income tax itself, the income tax liability is attributed to the shareholders.  It is subject to filing fees for incorporation, annual franchise tax, etc.
  • C Corporation:  C Corporation is a full fledged legal entity.  It provides shareholders insulation from personal liabilities.  It is a taxable entity for corporate income tax.  Any distribution of after tax profit to shareholders in the form of dividends will be subject to income tax for the shareholder.  It incurs maintenance costs, such as filing fees for incorporation, annual franchise tax, etc.  Its filing fees are less than that for the LLC.
  • Limited Partnership: the limited partner’s liability is limited to his/her capital interest in the limited partnership, whereas the general partner will be subject to unlimited personal liability.  Limited partnership, like general partnership does not pay income tax.  The income tax liabilities are attributed to the individual partners. A limited partnership need to file the partnership agreement with the government.

*These answers are general and not case specific. To best address to your specific case, contact us directly at (CONTACT US) and we can set up a confidential consultation.

If both husband and wife have green cards, will they pay tax similarly as above options?
Resident individuals owning real property pay the same taxes, but not subject to the gross 10% federal withholding tax and the 8.97% New York State estimate income tax on the gains at the sale of the real property.

Can the Foreigners avoid United States taxes?
The taxes cannot be avoided.  The non-resident investor must pay the above taxes at the time of closing of the sale, without the tax payments, the deed will not be accepted for recording.  After having paid the taxes, the non-resident investor may, but need not, keep the proceeds in the U.S. without additional tax (except income tax on the interest payment on such proceeds).