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For a variety of reasons, including the current weak dollar, US real property looks very attractive to foreign investors. Non-US citizens or residents may acquire real property in the US with relative ease, with the caveat that financial institutions are often reluctant to provide mortgage financing for real property to foreign investors. There is a potential risk of tax not being collected when the foreign investor sells or disposes of US real property and returns home. To avoid this, Congress enacted the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). The purpose of FIRPTA is to impose an income tax on the gains made by foreign persons upon disposition of real property situated in the US. This article discusses basics that need to be considered when advising foreign clie...
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YOU may recall from that high school history class we all mostly slept through that the Colonies that became the United States were first established for purposes of trade. The initial charters used the word "company" for a reason -- they wanted to make money, most of which was to be sent back to England. Some, like the Massachusetts Bay Company, changed the focus to religion. But trade was always part of the equation. Then, a bunch of cantankerous colonists decided they would rather be free and, not coincidentally, keep the profits of a developing economy on this side of the Atlantic. You know the rest of the story. During the 19th and 20th centuries the United States emerged as a world power with a strong economy and an enviable, often emulated, lifestyle. Recent news reports highligh...
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The Department of Commerce, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
