New York City Real Estate, the New Swiss Bank Account
The United States has an estimated population of 325 million people spread over 3.5 million square miles. The gross domestic product in 2015 exceeded USD 17.9 trillion with a per capita gross domestic product of USD $51,486.
The United States real property market is enhanced by the states of New York, Florida, California, Texas and Illinois, which make up about 39% of the gross domestic product for the nation. These statistics, along with excellent infrastructure—such as the federal interstate highway system—make the United States a very attractive place for foreign investment.
New York (Manhattan) is the most expensive, most stable and most recognized real estate marketplace in the United States. The average Manhattan Condo apartment in Q2 2016 is USD $2.758m (+14.2% vs prior year), with price per square feet averaging USD $2,073 (+30.5%).
With the incentive of possible considerable economic gain through rental income and capital growth you decide to invest in New York City real estate. While the dynamics of a foreigner’s purchase of real property in New York are simple, there are reporting requirements and tax consequences that must be considered. It is important to work with a competent team of real estate brokerage, legal and accounting professionals who as a team understand the interplay of the relevant tax laws of the foreigner’s home country as those of the United States. The goal of the professional team is to assist the purchaser in facilitating the most efficient investment, accounting and tax structure in the purchase transaction.