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Buying Property on E3 Visa

Buying Property on E3 Visa

Old Aug 24th 2006, 5:20 am
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Default Buying Property on E3 Visa

Hi all

Just wanted to know is there any restriction on buying a house while on an E3 visa?

KS
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Old Aug 24th 2006, 5:42 am
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Default Re: Buying Property on E3 Visa

Originally Posted by shorrock
Hi all
Just wanted to know is there any restriction on buying a house while on an E3 visa?KS
No .. even tourists can buy houses ...
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Old Aug 24th 2006, 6:58 am
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Default Re: Buying Property on E3 Visa

If you need a loan, there might be. But this is not specific to E3s but common with those without a credit history or a green card.
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Old Aug 24th 2006, 7:02 am
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Default Re: Buying Property on E3 Visa

Thanks Ray and Fatbrit.

No worries about the loan. The company I'm going to work for have an arrangement with a few banks to give ppl from overseas loans and cc if needed.

KS
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Old Aug 24th 2006, 7:06 am
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Default Re: Buying Property on E3 Visa

Originally Posted by shorrock
Thanks Ray and Fatbrit.

No worries about the loan. The company I'm going to work for have an arrangement with a few banks to give ppl from overseas loans and cc if needed.

KS
Take the credit card if offered -- it'll help build your credit score.

Also, you should check tax implications when you sell. There's a nasty sting from the IRS I believe if you're on a temporary visa.
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Old Aug 24th 2006, 11:33 am
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Default Re: Buying Property on E3 Visa

Originally Posted by fatbrit
Take the credit card if offered -- it'll help build your credit score.

Also, you should check tax implications when you sell. There's a nasty sting from the IRS I believe if you're on a temporary visa.
Thanks for the advice. Will check about the tax implications. When we buy a place we don't sell it. We rent them out and re-loan the place to take out the capital.
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Old Aug 25th 2006, 4:32 pm
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Default Re: Buying Property on E3 Visa

Originally Posted by fatbrit
Take the credit card if offered -- it'll help build your credit score.

Also, you should check tax implications when you sell. There's a nasty sting from the IRS I believe if you're on a temporary visa.
.

We sold our Florida villa last year and the IRS took 10% of the sale and withheld it for almost 16 months before we got a refund.Saying that they still kept $5000 for the pleasure of owning a property in the US.Never again will I travel to the US or anywhere near it .I wanted to live there that is why we initially bought the villa as a holiday home.I would urge anyone to look very deep into buying and selling.There are so many hidden costs.To sell a home in the US costs 5 times as much in fees etc than one in the uk.At least Dick Turpin wore a mask.
I am off to live in NZ soon and will not be ripped off ever again like in the US of A
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Old Aug 25th 2006, 5:05 pm
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Default Re: Buying Property on E3 Visa

Originally Posted by cherry
.

We sold our Florida villa last year and the IRS took 10% of the sale and withheld it for almost 16 months before we got a refund.Saying that they still kept $5000 for the pleasure of owning a property in the US.Never again will I travel to the US or anywhere near it .I wanted to live there that is why we initially bought the villa as a holiday home.I would urge anyone to look very deep into buying and selling.There are so many hidden costs.To sell a home in the US costs 5 times as much in fees etc than one in the uk.At least Dick Turpin wore a mask.
I am off to live in NZ soon and will not be ripped off ever again like in the US of A
Agree!
Caveat emptor is the first thing the old hands shout at the newbies whenever doing business in the US.

However, with plenty of due diligence, you can also get the best bargains here, too!
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Old Aug 25th 2006, 10:36 pm
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Default Re: Buying Property on E3 Visa

Originally Posted by fatbrit
Agree!
Caveat emptor is the first thing the old hands shout at the newbies whenever doing business in the US.
We are on an E3, our plans are stay at least 2 years. During the first few months find a place to buy. If/when we leave we then plan to rent it out.

From the bit of research I've done you get tax on the difference between buy(+improvements) and sell price over a certin value.

KS
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Old Aug 26th 2006, 2:02 am
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Default Re: Buying Property on E3 Visa

Originally Posted by shorrock
Hi all

Just wanted to know is there any restriction on buying a house while on an E3 visa?

KS
Nope.......... If you can convince a bank to loan you the money, you can buy what you want, I bought a house while on a H1-B visa.
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