Hello i am very new to REI i am from Canada and interested in purchasing a property in the US, I wonder if anyone new of any legal implications or any special steps that have to be taken to own property in a different country. For example if I would have to set a up international corporation etc…
Canadians can own property without any special business entity requirements. Taxation, on the other hand, can get very complex and you should discuss any investment with a guy who knows both CA and US tax law.
For what it’s worth, I have some Canadian clients (because they own businesses in US). And even though they work with large Canadian tax practitioners (law firms, etc), commonly they also recruit me to get involved in cross border issues so they can consider both US and Canadian tax law when planning.
I guess my point here is that you may find it difficult to locate someone (a single person) who knows both systems. You may need to find two people or work with two people inside a large international firm (that’ll be expensive).
I am from Canada aswell. Here’s what I know so far…contact the state in which you would like to purchase property to find out what all is involved with the filings of the new entity. I do know we can not set up an S corp cause we are non US citizens.