500,000 Canadians own Florida Homes.
Canadians are one of the largest group of Foreign Buyers and Investors in Florida real estate.
95% of Canadian Buyers are “ALL-CASH” buyers, with only a small percentage requiring traditional mortgage financing.
Canadians love Florida, and Florida loves us back. Most Canadian Snowbirds develop lifelong friendships with their American neighbors in Florida, and it is true testament to the unique and special bond of friendship between our two countries.
Demographics = Growth = $$$
An aging US population is moving south to escape the harsh northern winters.
Florida in now the 3rd most populous State in the US.
“A highly respected Sarasota luxury home builder said it best, to paraphrase, “the last wave of the baby boomers born between 1944 and 1964 are now all coming into retirement, 10,000 people retire every day in the US, and the Florida housing markets are going to have to accommodate hundreds of thousands of new residents every year for the next 10 to 15 years, and these demographic numbers are so compelling, so overwhelming, that we doubt even the government could mess this up. Most housing experts estimate, 1,000 people move to the State of Florida, every day, which translates into over 300,000 new residents annually.” – Prominent Luxury Home Builder, Sarasota, Florida.
What we are witnessing currently in Florida housing markets bears no resemblance to real estate market booms of the past.
- Florida property markets are trying to accommodate years of pent up demand that was held back from slow recovering housing markets like the Northeast and Midwest. The Baby Boomers have been waiting patiently for their local housing markets to recover, to allow them to sell their homes, move to Florida, purchase their dream retirement home, and pocket a big chunk of CASH.
- The vast majority of Boomers pay cash for their Florida homes. CASH BUYERS will never walk way from their properties in the event of a market correction, as will highly leveraged home owners, whose equity gets wiped out, and who then choose to leave the keys on the kitchen table for the bank. CASH BUYERS insulate the market going forward, from the probability of another meltdown caused by over leveraged homeowners, who get in too deep, and then bail out.
- We have never witnessed underlying market fundamentals, this powerful, in the history of Florida real estate, and it because most new home buyers are paying cash. They are investing for the long term, and for many, this will be their final home purchase.
Key IRS Tax Forms & Publications
IRS Form W-7, IRS Individual Taxpayer Identification Number
IRS Publication 515, Withholding of Tax on Non-Resident Aliens andForeign Entities
IRS Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests
IRS Form 8288-B, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests
IRS Form 8288-A, Instructions
IRS Publication 527, Residential Rental Property
IRS Form 1040NR, U.S. Non-Resident Alien Income Tax Return
IRS Form 1040NR, Instructions
IRS 1042S, Foreign Persons US Source Income Subject To Withholding
IRS Form 1099-S, Proceeds From Real Estate Transactions
IRS Form 1099-S, Instructions
IRS Form 8840, Closer Connection Exception Statement for Resident Aliens
IRS Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for US Tax Withholding and Reporting
IRS Form W-8ECI, Certificate of Foreign Persons Claim That Income is Effectively Connected With the Conduct of a Trade or Business in the US
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For information please contact:
Cross Border Realty LLC | CQ1046895
Brent Leathwood, MBA
Licensed Real Estate Broker | BK3300751