Trying to buy land in America, hopefully Arizona.
 

Hi all, just joined this forum and I'm after any useful tips or advice.
I'm planning to buy some land in America with a view to building a house on it (eventually) and, with any luck, retiring there. I appreciate that there is a lot of red tape and I need various documents etc to be able to do that. I have done a fair amount of online research and have looked into getting an ITIN which I apparently need. With that in mind I recently emailed a firm that are meant to help with that but they responded that I don't need one to buy land? Can anyone advise if that is correct or not?
I am also trying to open a bank account in America so I can transfer money to it so there is a record of an income which will hopefully help if I can't afford to buy the land outright and need a mortgage. However, I can't find much help online telling me how to do this. Everything seems to say I need to go to a branch in person. That's not really an option yet as I'm based in the UK and haven't got a trip planned to America for quite a few months. I spoke to my bank as they have branches in America but they won't do it unless I have $10,000 to open it with. I don't have that kind of money so is the best bet to hold out until I can afford that or is there another an option?
Then there are the obvious questions of actually buying the land and all that entails!
I'm new on here so not familiar with what I can post so I hope these are questions I'm allowed to ask. I appreciate that I'm not going to get any advice specific to me but hopefully someone whose been through the same thing can give me some pointers and ideas of where to look. Any advice given will obviously be taken as just that, advice. I will do my own due diligence based on my own circumstances.

Thank you in advance and hopefully these are questions I can ask!

Re: Trying to buy land in America, hopefully Arizona.
 

There is not much you can do, apart from equity release in the UK (if you own a home) I haven't bought in the US but from experience buying land in Spain, foreign banks will only give mortgages to people who own land outright and won't give mortgages for land. If you get a loan for the land, you will only be allowed to build or get a mortgage once the land is owned outright. Is it HSBC?

1 International borrowers must have qualifying documentation to be eligible for an HSBC Preferred Mortgage, HSBC Deluxe Mortgage and HSBC Elite Mortgage. Monthly mortgage payments must be made in U.S. funds.

2 Rates, discounts and loan amounts depend on specific program and may require certain personal deposit and investment‡ balances, reserves, equity and automatic payment from an HSBC U.S. checking account.


3 Interest rate may increase per the terms stated in your adjustable rate note. ARMs not available in Rhode Island.

4 Loan amount cannot exceed $1,500,000 and borrowers must have traditional credit in the U.S. to be eligible for mortgages above 80% loan-to-value. The minimum down payment assumes a FICO score of 720 and above, a one unit single family dwelling purchase and no cash out refinance transactions.

5 Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%.

6 HSBC Preferred Mortgage requires combined personal deposit and investment‡ balances of at least $10,000 U.S. Dollars or equivalent at any member of the HSBC Group (in the U.S. or home country). The minimum balance requirement must be fully funded before the closing of the mortgage loan. To learn more about the Preferred Mortgage requirements contact an HSBC branch or call toll free at 844.HSBC.MTG (844.472.2684).

Re: Trying to buy land in America, hopefully Arizona.
 

Re: Trying to buy land in America, hopefully Arizona.
 

So, you are an American Citizen?. you have a visa that will allow you to live there, unless you can anser yes to either question you are building a holiday home in effect. Whyy not just buy a property already built, save you all the hassle.

Re: Trying to buy land in America, hopefully Arizona.
 

Hi Arizona bound, Welcome to BE.

The main question is, how do you intend to retire in the USA? There is no retirement visa that allows you to live full time in the USA. The best you could hope for is, once you reach retirement age, to get a visitors visa to be able to visit up to 6 months a year (any more than that and you'll be considered resident for tax purposes).

Owning property in a country that you can't live in does not really make sense. It will cost a lot to maintain the property when you're not around.

Rene

Re: Trying to buy land in America, hopefully Arizona.
 

This seems like a non-start for many reasons, not least the fact that you appear to not have a right to actually live in the house you intend to build.

We need more information to give a decent response.

Re: Trying to buy land in America, hopefully Arizona.
 

Thank you all for your replies. At the moment, it's a pipe dream. When I retire I'm in line for a very nice pension so I was looking to get something started now that will be ready to go for when I do retire, which isn't going to be any time soon!
I want to own my own land and there are certainly a lot of opportunities to get a lot of land for your money in America. The missus has always had her heart set on a ranch, so late acreage will keep her happy. The pension I will get should comfortably support us but only if everything is in place beforehand. I am only at the being of trying to sort anything out but I think I'll be travelling over a fair few times before I can really sort anything out.
With the finances now, I'm unlikely to be able to get anything moving but that will change in a year or two so from what I can gather, I should probably put it on the back burner until I'm actually in a position to be a cash buyer. Then the 6month a year visa will definitely do the job. Once I get everything in place I MAY be able to apply for a working visa if we can prove we can get a ranch working or even a small holding and selling what we grow. That could help us get a permanent residence but who knows!
Like I said, I'm just trying to get an idea of the complications I will face in doing anything to get that started, and there seem to be a lot of those!
But, nothing worth doing is ever easy so I'll do my best to make it become a reality! I've got a number of years before I retire so time isn't a factor at the moment. Money and not having the slightestt idea where to start are the issue as it stands!
Thank you all again for your replies!

Re: Trying to buy land in America, hopefully Arizona.
 

You won't. Visas are not available for this. Unless you want to plunge several hundred thousand $$ into it, anyway.

Re: Trying to buy land in America, hopefully Arizona.
 

An employment based visa will need more than that. You can read all about the various visa routes available here - https://britishexpats.com/wiki/Pulas...rk_in_the_USA_

I agree with all of the above advice, you need to look at visas first before anything else, no point in spending ages researching everything else if you can't move anyway. Another thing that's not been mentioned I don't think is the cost of healthcare, it will be very pricey so another thing to factor in.

Best of luck.

Re: Trying to buy land in America, hopefully Arizona.
 

Obviously I've been a little naive. But then again, this is why I asked on here. These are all things I wasn't aware of. So, despite none of it being good news, it's all appreciated and all going on the every increasing list of things i need to investigate and bottom out for it to ever become a reality!

Maybe I should buy land just south of the border with Canada and then buy some land just north of the border in Canada and get a 6 month visa for each. Then hop between the two! 😁

Re: Trying to buy land in America, hopefully Arizona.
 

It's good to have dreams but you need to be realistic. You won't get a VISA that way anyway and do you have experience running a farm or ranch? Most people I know think of downsizing when they reach retirement.

Re: Trying to buy land in America, hopefully Arizona.
 

Canada would be easier, it actually has visa options to encourage those wishing to farm, unlike the US. Plus of course no huge healthcare costs either. But not quite Arizona's climate I'm afraid! :lol:

Best of luck to you.

Re: Trying to buy land in America, hopefully Arizona.
 

Re: Trying to buy land in America, hopefully Arizona.
 

If the OP is looking for a semi-arid climate I'm sure some of the members in the Spain forum will be able to help. Especially areas around Almeria will offer this type of living. Apart from all the other things to consider, at least no VISA is required and you qualify for health care.

Re: Trying to buy land in America, hopefully Arizona.
 

Definitely not the same climate in Canada!
Maybe just buy some land in arizona as it's not that expensive, and get an RV and park it on there for 6 months!
My retirement age will be, luckily, quite young in the grand scheme of things, so downsizing won't be consideration.

I initially was looking at Spain for the exact same thing so might be worth taking another look at that.

The heart wants what the heart wants though. So I think land in Arizona will happen, it just may need slightly adjusting from living there permanently to visiting for extended periods. I should be able to get the visa that let's me stay there for six months. So that may be the way forward. And then a place in spain for the other six months.

It's nice to have dreams, however far removed from reality they may be!