Non-Resident buying property in NY

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UAEguyNew Member
Topic author
Posts: 2
Joined: 13 Aug 2009

Non-Resident buying property in NY

Post Fri Aug 14, 2009 2:20 am

Hi All,

I am a non-resident living in the UAE and am seriously considering buying some investment property in Rochester, NY. Hope someone can help me out with a few questions:

1. Can I get a mortgage without US credit history? (I don't want to even consider a mortgage with any CDN bank for fear it may affect my non-resident tax status)

2. other than standard property taxes, is there anything else I would have to pay as a foreigner (e.g. capital gains tax maybe?)

3) any other tax or legal issues I should be aware of?
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StevenCanuckAbroad VIP
Posts: 3635
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Re: Non-Resident buying property in NY

Post Fri Aug 14, 2009 8:17 am

Read this: Canadian resident- How to buy a home in USA?

If you're resident in the UAE then that will have a bearing on the tax situation, depending on how the UAE applies capital gains tax if they have one. Also how rental income is taxed if they have an income tax and whether they have a foreign tax credit.
Steve.
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