It is no secret that the South Florida real estate market has been a buying opportunity for wealthy foreigners in light of the decline in U.S. home prices and the lower value of the U.S. dollar against some foreign currencies. According to the National Association of Realtors, foreign buyers have purchased more than $68 billion worth of U.S. residential real estate over the 12 months ending March 2013, with approximately 23 percent of those sales (over $15 billion) taking place in Florida.
Buyers from all over the world have been acquiring U.S. real estate for their own personal use, as well as for investment purposes, and Latin Americans have become one of the largest purchasers of real estate in Florida. According to a study conducted by the Miami Association of Realtors, Brazilians are ranked second in terms of foreigners buying real estate in Florida, while Venezuelans are ranked third, Argentineans are fourth and Colombians are ranked sixth. When considering an investment in U.S. real property, proper tax planning is essential for foreign investors.
