How to Navigate NYC Real Estate as an International Buyer

Buying Property in the Big Apple from Abroad

New York City remains a top destination for international buyers looking to invest in real estate. However, purchasing property in NYC as a non-U.S. resident comes with unique challenges. Here’s how to navigate the process smoothly.

1. Understand the Property Options

• Condos: The best choice for international buyers, as they have fewer restrictions.
• Co-ops: Typically more challenging, as boards often require U.S.-based financial history.
• New Developments: Offer modern amenities and often welcome international investors.

2. Secure Financing as a Foreign Buyer

• Some U.S. banks offer mortgages to foreign buyers, but they may require a higher down payment (often 30-50%).
• Be prepared to provide international credit reports and proof of funds.

3. Know the Tax Implications

• Foreign Investment in Real Property Tax Act (FIRPTA): Can impact foreign sellers but is worth understanding in advance.
• Property Taxes: Vary by borough and type of property.
• Estate Taxes: Foreign buyers may face higher estate taxes compared to U.S. citizens.

4. Work with Local Experts

• Real Estate Agent: Find an agent experienced in working with international clients.
• Real Estate Attorney: Needed to handle legal paperwork and contracts.
• Tax Consultant: Helps navigate tax laws and investment strategies.

5. Consider Property Management Services

If you won’t be living in the property full-time, a property manager can handle maintenance, rent collection, and tenant screening.

6. Open a U.S. Bank Account

While not required, it makes transactions easier for mortgage payments, utilities, and property taxes.

Insider Tip:

Some new developments offer special incentives for international buyers, such as extended closing timelines or waived fees—ask your agent for details.

Stay tuned tomorrow for The Impact of NYC’s Zoning Laws on Real Estate.

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All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.