The presentation outlines major issues in real estate transactions involving non- U.S. citizens; FIRPTA, the Foreign Investment in Real Property Tax Act.
“FIRPTA applies to anyone who is not a U.S. citizen and that’s a very large number of owners in our area,” said Stefan Bolsen, manager and broker at Coldwell Banker’s Marco branch, where he started CBIG last summer, in an effort to educate the foreign buyers and sellers.
“It is a federal law to withhold a percentage of the purchase price, at closing, to ensure proper tax liability to the IRS,” he said. “It’s an important issue for foreigner owners and many are unaware and unprepared to meet this mandatory liability.”
Enacted in 1980, FIRPTA authorized the U.S. to tax foreign nationals on the sale of property they own in this country. Bolsen said the tax begins at 15% of the sale price, and is recalculated as necessary, once the seller submits their tax return.
The office’s first International Day will include presentations by:
Dianna Dohm, executive director of the Marco Island Chamber of Com merce, who will deliver opening re marks at the seminar.
Attorney Stephanie Padly-Julien, of the
Naples law firm Padly & Associates, who will discuss legal-related issues.
Kate Rypina, a CPA with Clifton Larson
Allen in Naples, who will discuss taxrelated issues.
Sunbelt Title Agency in Naples.
Guaranteed Rate Affinity, a Chicagobased lending company specializing in foreign national transactions.
MoneyCorp – a UK-based company offering foreign currency exchange and international payment services.
In addition, there will be time allocated for questions and answers.
Several of the presenters are multilingual, as are the International Group’s members, all of whom hail from or have lived outside the U.S., whether it be England, Italy, France, Korea, Germany, Canada and countries where Spanish is the dominant language.
Future plans are for the seminars to be held quarterly and to concentrate on a specific nationality/language, examining the unique tax issues in their home countries as they relate to buying and selling property in the United States.
“We have a group of agents that specialize in dealing with the international client,” said Bolsen. “One of our specialties is the German-speaking community. We are working closely with them for foreign investment opportunities here in the United States.”
The free seminar will be held on Tuesday, February 27, 2018 from 10 AM to 12:30 PM, at the Marco Island Area Association of Realtors located at 140 Waterway Drive (off Bald Eagle), Marco Island, Florida.
The seminar is open to the public.
Please RSVP to Patty Angileri at firstname.lastname@example.org or 239-394-8121.