Foreign Investors
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What is FIRPTA?
FIRPTA is a withholding, not a tax. Withholding is an amount held back used to pay potential taxes. If FIRPTA applies, the title company will collect the amount and send it to the IRS. The foreign seller can file a tax return at a later date to try to recoup some of that withholding.
Who is considered a “foreign person”?
What if I don’t feel FIRPTA applies to me?
At Castle Title, we rely on the chart below and the advice of our underwriters in making this determination. You should discuss with your Certified Public Accountant (CPA) if you have additional questions. If your CPA is able to provide proof that FIRPTA does not apply to you, please forward that to us and we will provide it to our underwriter to review.
What if I am a foreign buyer?
If you will be wiring funds from a bank not domiciled within the United States, please alert your escrow processor so we can provide you with the appropriate wiring instructions. We also recommend you familiarize yourself with the FIRPTA requirements listed above so that you can be prepared if you choose to sell your property in the future.
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