According to an article posted on October 7, 2011 on Crain’s New York Business.com, fifteen percent (15%) of all residential sales in New York City were made by overseas-based buyers (most were all-cash deals). The majority of the foreign investors were based in Russia, China, Brazil and Argentina. Buyers from overseas presently account for one-third of the condo buyers and 15% of the total buyers in New York City, according to figures released on October 7, 2011 by residential brokerage Stribling & Associates.
As real estate attorneys here in NYC, we structure, draft, and negotiate real estate transactions involving foreign purchasers, to help avoid U.S. estate and gift taxes and minimize income taxes. If you are a foreign national buyer or investor in real estate or looking to purchase a New York condo, coop, townhouse, or other real property, click here to read our Foreign Real Estate Investor’s Guide: Simple planning and corporate structuring can help a foreign investor avoid millions of dollars in U.S. estate and gift taxes and income taxes. We have helped many foreign investors, purchase commercial property, condos, coops and townhouses using off-shore strategies.