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USA Even with the current economic uncertainty in the US economy, the number of British buyers has not decreased. In a strange way the strength of the pound against the dollar, has made it a great time to buy. The USA still has a huge pull for the British investor, with all the diverse attractions, with the cosmopolitan cities of the east coast, to the relaxed beach lifestyle of the west coast. |
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| Where in the USA
This is probably on of the hardest questions to answer, because the choice is so vast. Cosmopolitan AmericaIf you are after the city life you must give consideration to New York, Washington State, and New Jersey. Properties here are more likely to appeal to the longer term tenancies, as the areas contain a huge workforce, looking for a drastically reducing pool of property that is available. In some ways it is similar to the rental situations in the larger UK cities. Traditional AmericanHowever if it the wide open spaces that appeal, probably an area like Arizona, may press your buttons. Contained within the region of Arizona, you have a real mix of what makes the country what it is today. For visitors looking to find the real America, Arizona has the climate and spectacular scenery that would match any investor’s requirements. The climate is typically hot and dry in the summer, but the winters are normally mild. If the pine-covered forests and hills in the north, and the forests, parks, and Native American reservations which engulf the rest of state are not enough, it also contains the Grand Canyon, which is one of the most breath taking natural attractions in the world. Should you require an element of city life, the state capital of Phoenix, can meet all your requirements, as it is one of the fastest growing cities in the USA. Buying in the USAWhen buying in the USA, you will find the majority of lending is based on affordability. As in the UK, you initially make an offer on a resale property. This is normally done in writing under seal. The offer is then presented to the seller by the estate agent and a written reply is given. Normally everything has to be done in writing to ensure it is legally binding. When the seller accepts an offer in writing, they cannot accept any more offers. You will receive an agreement of sale which will need to be reviewed. You can make amendments to this by form of negotiation with the vendor. The types of things you may wish to amend include date of handover of keys, inclusion of certain fixtures, etc. Unlike a resale property, there is normally no estate agent involved in ‘Off Plan’ i.e. new build, properties. The process can be much simpler when buying an off plan property, because the contract that is offered is standard and is the same offered to all buyers at the same development. You will need a solicitor to assist through the purchase process whether you are buying a resale or off-plan property. This is legal requirement only once you have reserved a property. This makes the process much easier as you can liaise with your lawyer by email from Europe. Living in the USAThere 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. 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. There are two main types of Visa, either the Non-immigrant, and Immigrant Visa’s. A non-immigrant visa is needed by anyone seeking temporary admission into the USA. Non immigrant visas cover visits for tourism, business, work or study. Non-immigrant visas are essentially for those intending to return home at some time, rather than to stay and settle down. Immigrant visas are for those wishing to live in the USA. Upon entry into the United States, an immigrant visa holder is processed for what is commonly called a 'Green Card' but which officially is called a `Permanent Resident Card' (PRC). The holder of a PRC may live and work in the USA. This is a required stage to become a US citizen but there is no legal requirement that the holder of a PRC must apply to become a naturalised US citizen. The holder of the PRC still keeps their overseas citizenship and passport until naturalization takes place. In reality, there are many intermediate statuses, some of what can be changed once awarded, and some of which cannot. It's essential that you know what status you want to achieve, and what the limits and potentials are of the status with which you enter the USA. Although there are several hoops to jump through, it a pretty simple process. The USA is the original "can-do" country and has reaped the rewards of steady economic growth, low unemployment and inflation, and rapid advances in technology. The American way of life is just as expansive and is based on an approach to life that believes in realising opportunities and rewarding talent and hard work.Back to guide |
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