Taxes for LLC co. from UAE

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Taxes for LLC co. from UAE

Grace Antoniou
Property Manager · Sharjah, Sharjah · Member since 2020 · 5 posts · 0 votes

I have a LLC investment company based in the UAE, I just want to know how the taxes are in NY as I am planning to buy a land somewhere in Albany and build a small shop complex for me to rent it as we don't have taxes here except for the VAT in which is 5%. ? Anyone please advise?

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  • Michael McLeskey
    Accountant · Tempe, AZ · Member since 2020 · 9 posts · 8 votes
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    There a lot of things to consider.  You and a CPA will have to get specific to make sure all of the bases are covered and you can plan appropriately.  The first question I would want to know is if you will be residing in NY once you make this purchase?  From an IRS or NY tax perspective there is a big difference between being taxed as a resident vs a non resident.  That's the first thing to consider from a tax perspective. 

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  • Ryan Miller
    Rental Property Investor · Albany, NY · Member since 2019 · 47 posts · 16 votes
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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    5y
    Originally posted by @Grace Antoniou:

    I have a LLC investment company based in the UAE, I just want to know how the taxes are in NY as I am planning to buy a land somewhere in Albany and build a small shop complex for me to rent it as we don't have taxes here except for the VAT in which is 5%. ? Anyone please advise?

    This is not something that can be answered here. There are at least 20 other basic questions before giving you general instructions. You need to engage a CPA.  

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  • Grace Antoniou
    OP
    Property Manager · Sharjah, Sharjah · Member since 2020 · 5 posts · 0 votes
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    @Michael McLeskey I’m not actually sure yet what I have to do. I just believe that I have to start investing in NY. I just didn’t want want to start with the wrong foot. Thank you! I will find a CPA

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  • Grace Antoniou
    OP
    Property Manager · Sharjah, Sharjah · Member since 2020 · 5 posts · 0 votes
    5y

    @Ashish Acharya I will! Thank you very much. As I want to start something in NY and have another place to find a great opportunity.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Grace Antoniou

    There are many steps that you need to take before you invest in the USA.
    1) Obtain an ITIN
    2) read the US - UAE tax treaty
    3) etc

    once you are invested, you will need to file annual tax returns with the US federal government and New York.

    Good luck to you and your investing career

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  • Sebastien Hitier
    Rental Property Investor · Hong Kong, Hong Kong Island · Member since 2014 · 188 posts · 114 votes
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    @Grace Antoniou, I am an out of state investor from Hong Kong. Indeed, the information you give is insufficient. I understand that you plan to rent a shop in NY? Are you a US person? Why do you want to rent to yourself a shop in Albany NY from a UAE LLC? Is this pure real estate activity for that LLC or part of some other business?

    People seldom do this because a foreign company in non-tax-treaty country gets 30% withheld on gross income and onerous US declaration requirements. Happy to discuss creatively here or on PM, but yes, you will eventually need to check with a US CPA.

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  • Grace Antoniou
    OP
    Property Manager · Sharjah, Sharjah · Member since 2020 · 5 posts · 0 votes
    5y

    @Basit Siddiqi thank you

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  • Grace Antoniou
    OP
    Property Manager · Sharjah, Sharjah · Member since 2020 · 5 posts · 0 votes
    5y

    @Sebastien Hitier thank you.

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