Foreign Nationals can purchase Real Estate in California without a social security number or coming in person to the United States if they are paying cash.
We see many buyers from China, Japan, England Canada and Mexico buying in California. Many want to diversify their portfolio, perhaps retire here someday, provide housing for their kids who are attending Universities. All are hoping to take advantage of the rapid appreciation we have historically seen in California Real Estate values over the past 5 years.
California is open to investment if the state and invites Foreign investors to purchase Condominiums, Homes, Income Properties, Duplexes and larger investments projects without a lot of government requirements.
Yes it is easy to buy a property and you will not have to have a Tax ID or Social Security Number or even come in person to the title company 3 days before the ownership is transferred if you are paying cash.
If you are a cash buyer and not married or buying the property in a trust, LLC or other entity you may not have to have a public notary involved. A notary will require you to have proof of identification show up in person and likely ask for a finger print as well as your signature and if you are out of the USA can be found at the Consulate or US embassy where a waiting time of several weeks can be common. If you are married and your spouse (wife or husband) is not on the ownership the California Title company will ask the person not on the ownership to sign a document in front of a notary, Quick claiming all ownership claims to the person who is going to own the property and that document must be Notarized by a public notary.
I you plan to get a loan or buy into an Age restricted community, Low income project or mobile home park where age, income, credit and asset verification often are required the process will require much more documentation
All buyers will have to comply with local, state and county regulations just as anyone who buys or sells real estate in California with one big difference when they sell. California and the Federal Government does require you fill in a form asking citizenship and provide a social security number as well as occupancy questions. This form is called a FIRPTA (Foreign Investment in Real Property Tax Act) For more information on the rules please go to the federal web site.
Scott Harrison is a local Realtor helping buyers and sellers since 1978 in Alameda County and Contra Costa County
Mobile: (510) 388-4536
Jan 2017 update lender just sent me guidlines on their program. We have a foreign national product very aggressive underwriting guidelines. Some of the attractive guidelines we have are below. Let me know if you have any foreign borrowers that we may be able to help.
· Borrower is not required to have a Green Card, SS# or VISA.
· No FICO required.
· Borrowers may provide alternative credit qualifications with four credit references from country of origin. Must be on company letterhead and show a rating for minimum of 12 months.
· International credit reports are acceptable to prove credit worthiness, such as www.intlreporting.com.
· For purchases and no cash out refinances without an ITIN, we require a letter from the borrower stating they do not have an ITIN number, as they have no desire to file US taxes.
I do not endorce this lender his number is 480-992-6070 Robert In Arazona
Disclaimer: regarding information on this site provided by Scott Harrison. Scott Harrison is not an Attorney or tax professional and any information provided here should not be relied upon as tax advise or legal advice.