New Rules for Non-Citizen Real Estate Purchases in the US
This act introduces new rules for real estate purchases in the United States by non-citizens. Its main goal is to impose a tax on property acquisitions by individuals from countries that restrict US citizens from buying property there, and to increase transparency in such transactions. Citizens should be aware that these changes may affect the real estate market and the availability of certain properties.
Key points
A 50% tax will be imposed on real estate purchases in the US by individuals from countries that prohibit US citizens from acquiring property there.
All real estate purchase transactions by non-citizens must be reported to the Internal Revenue Service.
The State Department will annually publish a list of countries that restrict US citizens from purchasing real estate.
Status:
Introduced
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