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Pookie129
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# Posted: 9 Dec 2014 06:23am
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How does it work for non US residents with regard to purchasing land - as long as you have the financing, and you pay your appropriate taxes, everything is good to go? Strictly for vacation, hunting or getaway purposes, or possibly to rent when not in use for personal vacations or getaways, not for permanent residing.
Can it be rented out as a non-resident owner, or would that even matter?
It is hard if not impossible to get loans for owning US property if you are a Canadian, both either US or CDN from my understanding - unless someone has other input or feedback on that matter.
Any other feedback or information would be appreciated and interesting to hear.
I am aware that it also may depend state to state, but I am interested in hearing any personal experiences or comments.
Thanks
Shayna
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Steve_S
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# Posted: 9 Dec 2014 06:59am
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Good Question. There will inevitably be some US Federal something or other but likely also some State rules & reg's as well.
In Canada there IS Tax Implications for properties owned by non-Canadians especially if rented/leased out. Things like a 25% of sale price hold back by Revenue Canada till sale is cleared by the Government Pick Pockets... (Legal Muggers) Then there is the new FINTRAC schtick if you purchase land over $10,000.00 with cash or without financing (self financed). I believe that the USA has something very similar now
This link is related to buying land in Ontario, Canada by non-residents Homelegalcost (Law firm website)
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tiny_acres
Member
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# Posted: 9 Dec 2014 07:57am
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Very straightforward really no difference from a citizen buying property.Here is an article about it.
http://manhattanmiami.com/resources/foreign-buyers-guide/
Hope this helps
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Pookie129
Member
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# Posted: 9 Dec 2014 10:03am
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Thank you very much, very helpful.
Thanks
Shayna
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Tyler Danann
Member
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# Posted: 28 Dec 2014 08:33am
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Quoting: Steve_S This link is related to buying land in Ontario, Canada by non-residents Homelegalcost (Law firm website)
The only issue with that link is they seem to imply foreigners cannot buy land, which is incorrect. Foreigners can buy land. 
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