Offshore condo purchase

[Robdidit]

I plan on purchasing a condo that is owned by an offshore company. The condo is the company’s only asset. I will actually be purchasing the company and therefore taking deed to the condo. This is a completely new venture for me and I am looking for any advice. Many thanks.

 

[Sols]

Depends on the laws of where you live, where the real estate is, where you incorporate, and how you structure the purchase. If you buy it and then give it to the company, it's different than if you inject money into the company and the company buys it directly from the seller.

First step would be to consult with a local attorney to make sure it's even possible and legal, and what possible implications are. If it is, chances are they can help guide you through the process or find someone who can.

 

[Robdidit]

Depends on the laws of where you live, where the real estate is, where you incorporate, and how you structure the purchase. If you buy it and then give it to the company, it's different than if you inject money into the company and the company buys it directly from the seller.

First step would be to consult with a local attorney to make sure it's even possible and legal, and what possible implications are. If it is, chances are they can help guide you through the process or find someone who can.

Thanks for the reply. I am in the US. The real estate is in Sint Maarten, Dutch side. I will become the director and owner of the existing offshore company which is registered in Anguilla and owns the condo. I will be buying that existing company that owns the condo for the price of the condo.

 

[Sols]

I'd speak with HBM Group about the Sint Maarten and Anguilla aspects of the transaction, and a local US attorney for legal/tax aspects locally to make sure you do and continue to do all the lawfully required filing and pay taxes/dues.

 

[Vor]

be aware of the heavy compliance on offshore companies for US citizens. It may be worthwhile to just own the property in your name rather than through an offshore corporation which will have reporting requirements for you as an American citizen sadly, just something to consider.

 

[LoveMyLife]

You will have to report your foreign offshore company to IRS every year. It can make a sense to push a panamian foundation between you and Anguillan company. This can create a non reportable structure.

 

[Davis123]

You will have to report your foreign offshore company to IRS every year. It can make a sense to push a panamian foundation between you and Anguillan company. This can create a non reportable structure.

Well interesting as I think everything a US citizen has hands in is reportable to IRS even the cookie jar in one's kitchen.