Florida

If you exclude the traditional European outpost of Spain, the next most popular target for investment abroad is the USA, and in particular Florida. If you want to soak up the sun, with the stars, look no further. When your tan is complete, the range and quality of attractions that Florida can provide is absolutely world class. The developers in Florida have stopped the relentless demand, and despite the temporary slow down in the US economy, properties are still being built. The only difference from an investor’s point of view is that you now get a lot more your money.

Where in Florida

Realistically there investment potential can be split into three main regions: - the tourist Mecca of Central Florida, the Atlantic coast taking in Miami, and the wealthy playground of the Gulf Coast.

Central Florida

These regions of Orlando and Tampa do not need a lot of explanation. All you need to know is that the climate is warm throughout the year, and local attractions include: - Disneyland, Universal Studios, Sea World, and Busch Gardens. The weather plus attractions equals a huge demand for rental properties, particularly villa’s with pools.
The Atlantic Coast

The coast line runs from St Augustine, going through Daytona Beach, Fort Lauderdale, and the sun trap of Miami, finishing in Key West. Unfortunately when you are talking about areas like Miami, potentially you will need to have ‘deep pockets’, as the prices match the exclusivity and the high demand, and can easily run into millions of dollars. Miami should however not be written off a non-starter because of price. Provided you are prepared to do your research, there are more affordable apartments, which will therefore still give you access to all that the vibrant city of Miami can deliver.

The Gulf Coast

The Gulf Coast may not have been on the radar, like Central Florida or the Atlantic Coast, but it is definitely worth consideration. The climate is a little wetter than say Orlando, to all year round letting coverage may be more difficult, but this is more compensated for. The amazing white beaches, beautiful Azure seas, and first rate restaurants, make this a relaxed environment for the rich. This calmer version of Miami has the same property price issues, but with a bit of patience and application, bargains are still available. .

Buying in Florida

Florida has a very different system to that in the UK, and to an extent to other parts of the USA. You must get professional guidance regarding the purchase to avoid some of the complicated elements of the system. For example in certain areas, restrictions have been set on how long a property can let each year, so even have stopped letting altogether.

In Florida, most properties on the market are listed on a central database, which is available to accessible for all realtors or estate agents as we know them. To cover the various fees involved in the purchase, e.g. property taxes, title insurer, notary fees, you should allow approximately 5% of the purchase price.
In essence, you agree a price, pay a small goodwill payment, and then make a formal offer using a purchase contract. Once this is signed, that is it. If you or the seller pulls out after this stage it is only allowed with consequences if it complies with a contingency clause in the contract.

You then pay a 10% deposit into an escrow account, and the title insurance company then complete their checks in the public records and insures the property against any claims form any third parties. All you do then is transfer the balance of the purchase price into the escrow account and the property is yours.

Living in trhe USA

There are many types of visas, and regulations can and does change at any time without notice, so expert advice should always be sought. For up-to-date information it is always worth visiting the US Embassy web site (www.usembassy.org.uk/cons web/visa/moreinfo.htm).
A visa, issued a US Embassy or Consulate outside the USA, entitles the holder to apply for admission on arrival in the USA. It is usually attached to the holder's passport in much the same way as the holder's details were originally added by the UK Passport Office - a laminated page setting out the necessary details in visible and machine-readable forms.
Should you wish to stay in Florida for up to 90 days a year, you do not need a Visa. If you believe you will want to stay more 90 days but less than 6 months, you will need a B2 Visa. To be successful in applying for the B2 Visa, you must be able to prove you have sufficient funds available to cover your expenses incurred during your stay.
Florida takes the issue of residency very seriously. Those applying for a Florida Green Card will make close scrutiny from the Immigration services, and you must be able to prove you will bring money into the economy and not a burden in any way.