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NewJeffCT

(56,829 posts) Mon Mar 12, 2012, 01:15 PM Mar 2012

Any realtors or people in the real estate field out there? I have a question

My wife's family are citizens and residents of China. If they wanted to buy a residential property in the US for investment purposes, do they have any special obstacles they need to overcome? (Assuming money is not an issue)

I tried doing some googling, but couldn't get anything that seemed to answer my question. Just a lot of info on how more foreigners are buying property in the US.

Thanks

8 replies

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Any realtors or people in the real estate field out there? I have a question (Original Post) NewJeffCT Mar 2012 OP

I don't think it's a problem. OffWithTheirHeads Mar 2012 #1

Thanks NewJeffCT Mar 2012 #2

kick to see if I can get more answers NewJeffCT Mar 2012 #3

There are RE agents in most major cities that specialize in international Moondog Mar 2012 #4

Couldn't be too muc of a problem, kiva Mar 2012 #5

google "chinese parachute kids" kwassa Mar 2012 #6

Thanks NewJeffCT Mar 2012 #8

When I was a corporate paralegal HeiressofBickworth Mar 2012 #7

OffWithTheirHeads

(10,337 posts)

1. I don't think it's a problem.

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 01:20 PM

Mar 2012

I remember when the Sha fell. Iranians were coming here in droves with suitcases full of money and buying up Marin County real estate like there was no tomorrow.

NewJeffCT

(56,829 posts)

2. Thanks

Reply to OffWithTheirHeads (Reply #1)

Mon Mar 12, 2012, 01:31 PM

Mar 2012

They were having seminars in China where people were buying real estate for Chinese, but it was sight unseen.

NewJeffCT

(56,829 posts)

3. kick to see if I can get more answers

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 05:00 PM

Mar 2012

thanks

Moondog

(4,833 posts)

4. There are RE agents in most major cities that specialize in international

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 05:10 PM

Mar 2012

sales. This is the sort of question that I'm sure they'd be happy to answer, at no charge, along with any other questions you might have. I suggest you find one where you are located, or nearby.

There are more likely to be banking and currency issues than ownership issues, but that is just a semi-educated guess. Make sure. Use the net to find someone who deals with this, and then call them.

kiva

(4,373 posts)

5. Couldn't be too muc of a problem,

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 08:32 PM

Mar 2012

in Las Vegas they are courting Chinese investors, there are real estate tours specifically for Chinese buyers.

kwassa

(23,340 posts)

6. google "chinese parachute kids"

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 09:11 PM

Mar 2012

Wealthy Chinese buy up American real estate, like very expensive places in San Marino, and dump their children there to benefit from American educations.

http://asianweek.com/070899/news_parachute.html

The first wave of parachute kids came in the early 1980s, as tens of thousands of ethnic Chinese streamed into Southern California after U.S. immigration requirements loosened. They began settling in and around the San Gabriel Valley, a cultural hub for Asians that has grown into a bustling jumble of strip malls, condominiums and restaurants.

Many were teenagers who left behind merciless academic competition in Taiwan, where performance on entrance exams determines placement in the best high schools and universities. Some also came to avoid military service, which is required for males 20 to 22 years old. California authorities have no estimates of their numbers.

The scene is similar in Canada, where thousands of youths have been sent from Taiwan, Japan, Hong Kong and other Asian areas to Vancouver, British Columbia, to finish their education. An estimated 5,000 “visa students” now live in the Vancouver area, said Vancouver police Staff Sgt. Andy Nimmo. As a member of British Columbia’s Coordinated Law Enforcement Unit, he has investigated Asian organized crime for the past 11 years.

The excesses are familiar to Howell: spacious homes, gardeners, servants, bottomless bank accounts, credit cards.

“In the crimes we’ve been investigating, they’re upper-middle class,” Howell said. “It’s not uncommon to see them in a BMW or Mercedes, with more money in their pocket than any of us ever have.”

NewJeffCT

(56,829 posts)

8. Thanks

Reply to kwassa (Reply #6)

Mon Mar 12, 2012, 09:31 PM

Mar 2012

My in-laws don't have that much money, though my sister-in-law did very well in the Chinese real estate market.

HeiressofBickworth

(2,682 posts)

7. When I was a corporate paralegal

Reply to NewJeffCT (Original post)

Mon Mar 12, 2012, 09:11 PM

Mar 2012

back in the 80's, I occasionally had to deal with the Foreign Investment Survey Act of 1976 (I assume it's been amended since then). Investment by foreigners is not regulated but it is monitored. There is a reporting form, but there is also a dollar threshold over which foreigners are required to report. I don't remember what it is and I don't know what the limit is now, but it was always high enough to exempt all but the largest transactions I worked on. Reporting was done to the Bureau of Economic Analysis. The cases I worked on had two different sections, one for business investments and the other for land, particularly agricultural land. I assume the Bureau was then able to take the facts and figures and come out with statistics on how much foreign investment was being made in this country.

Since 9/11 so many things have changed that there may now be restrictions that did not exist back then. You could always consult with a real estate attorney to determine what, if anything, needs to be done relating to a purchase.

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