Pelican Isle Naples

Foreign Buyers

If you are a foreign buyer looking to make a real estate purchase in Naples, then you will have plenty of company. Nearly 20% of purchases in second home communities are by foreign buyers, of which Canadians are the majority share.

It makes no difference whether you are from the United Kingdom, New York or Naples FL, the process for purchasing a home is the same. There is no additional fees or expenses involved with the home purchase transaction. The steps described in Naples Buying Process, will provide you with an understanding of the home buying process.

Pickleball Courts - Home of USA Championships

Working with a real estate broker in Naples is sometimes different than in other countries. Real estate brokers cooperate through the local Multiple Listing Services (MLS). With the MLS they share all their listings with each other. Through this cooperation, the seller get the greatest amount of exposure, to the greatest number of potential buyers. A real estate broker in Naples will have access to all area listings.

Sellers pay the real estate commissions related to the sale, buyers pay no commissions.

Helpful Information

Once a property is purchased, it would be more convenient to open a US bank account to make bill paying easy.
Mortgage Financing – Foreign Buyers will either have difficulty getting a mortgage, or pay a high premium for one. The best course is to work with a bank in your own country with US subsidiaries.
Rental Income – If the property purchased is rented, then the rules are the same as for US citizens - taxes must be paid on profits. But it is unlikely a single resident property would meet the income threshold for filing.
Selling – FIRPTA (Foreign Investment in Real Property Tax Act of 1980) requires that 15% of the selling price of a foreign own property, be withheld to cover taxes on any potential gain (Selling price, less original purchase price). The foreign owner would then have to prepare a tax filing to get a refund. If the 15% is much greater than what will be owed, the foreign seller can apply for an exception.

Royal Arms Condo Community Naples