Hello brilliant BP crew. I'm just starting to invest from New Zealand and enjoying the podcasts that brought me here and reading all your informative posts :) I believe from some research before I start sourcing any properties I'll need these: • ITIN (https://www.irs.gov/individuals/international-taxp...) • LLC (https://www.irs.gov/businesses/small-businesses-se...) • EIN (https://www.irs.gov/businesses/small-businesses-se...) I'm wondering if there is a best practice in which order I should attain them. Are they generic enough that I'm best just to do it myself via the above .gov sites?Or has anyone had success via an agent? So far I have accumulated: • USA bank account (Wells Fargo chq/sav) • USA 'address' (USA2me.com mail forwarding service) Thanks for reading, looking forward to hearing how you've all gotten these sorted..

G'day Dave, First, congrats on getting started with investing! :) I'm a half kiwi/ half American, living in Dubai and buying properties in FL. We operate our business using LLCs to hold our personal portfolio and legalize our partnerships (with non-US citizens) for joint investing ventures. You certainly need to make sure that you are sorted for taxes and accounting so that you can remain compliant and take full advantage of the legal loopholes that are afforded to property owners in the US. You should also be sure to understand the requirements of federal taxes and state taxes (which will vary depending on where you want to open your LLC). I would highly recommend finding a good CPA and attorney who specialize in working with foreign real estate investors. (Especially as you are getting started.) I have a good one in FL that I can refer you to. A good CPA and attorney will consider your specific situation, investment strategy, and goals - and then advise you on the best course of actions for you. A good attorney can also help you understand the legal aspects of the LLC and how they can protect you from litigation. (Americans are much more litigious than kiwis!) Have you also considered connecting with lenders who work with foreign investors? If you would like to chat further, I'd be very happy to connect. Just send me a PM and we can arrange a skype call. Cheers, Sam

Welcome to BP @Dave Sandford, Samantha is right with suggesting that you seek some professional advise on this. I also hold duel citizenship US and NZ, The ideal situation is to get have you qualify for conventional loans.... Sound like you have good starting point by already having bank account with Wells Fargo in the US. if you don't already have a credit card, i suggest you issue one asap so you can start build your credit record and credit score. you may be able to get a secured credit card against a cash deposit. then you need to set up a monthly automatic payment for something, at minimal cost like $15 per month. (but better be not more then 30% of the credit) that would help to build credit. Following to that you need to file Tax returns in the US, (you will have to have at list 2 for conventional loans). Seek CPA advise for ITIN, EIN and LLC probably a lawyer can do that too. A professional could probably do all of that for just under $1000USD. Feel free to PM me if you have any questions. @Samantha Miles where about in Florida do you invest?

Never own in your own name. It makes you personally liable, not something you want in the USA. Use a single member LLC, Arizona is the best state to set that up in. (Single member LLC's are disregarded int he USA for tax so give you the most flexibility whilst still providing asset protection.) You will need some structuring on the New Zealand end to tidy it up but it's pretty simple.

dave some of the info here is not quite right. We have set up hundreds of kiwis and other foreigners it is pretty simple. ITIN takes 6 weeks on average. EIN and LLC takes a day. You build credit with ITIN exactly the same as SSN. My credit score is 840. The key is get a bank account open, get a secured credit card. NEVER draw more than 20% of the available limit and always pay it every month. I use my BP subscription to do this. Then get a loan on a property that reports to the credit agencies.

Hello again everyone :)In the past few months I have received and started using my new Wells Fargo Secured Credit Card.Spending a very small percentage each month (paying the full balance off each month automatically) in order to build my credit score. (I ended up buying a second investment property in Australia too as I found a great looking deal.) Question: Is my Secured Credit Card a waste of time if it's not yet connected to an ITIN?Should I just apply for my ITIN myself (via https://www.irs.gov/individuals/international-taxp...) or is it smarter to go through some sort of agent / lawyer?It's probably quite simple right haha!?! Or are there best / better practices with this?

The short answer is, it seems to me that it depends on the territoriality of the tax basis of you country. Some countries like US, France tax their fiscal resident (resp US person) on their worldwide income, so it seems preferable for french to set up the LLC as corp, and pay dividend to owner (not sure what happens if it is a partnership). Some countries like Hong Kong tax their fiscal residents on their territorial income only. Then you can declare US and state tax where the property is located and keep LLC disregarded for tax purpose. see http://www.investor-realestate-accounts.com/blog/2... Also, there is an important set of new requirements on disregarded LLC since 2017 for non US persons: http://www.investor-realestate-accounts.com/blog/1...

Foreigners Buying in the USA

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How did you register yours? * ITIN * LLC * EIN *

Dave Sandford

Rental Property Investor · Auckland, New Zealand · Member since 2017 · 15 posts · 3 votes

Hello brilliant BP crew.

I'm just starting to invest from New Zealand and enjoying the podcasts that brought me here and reading all your informative posts :)

I believe from some research before I start sourcing any properties I'll need these:

I'm wondering if there is a best practice in which order I should attain them.

Are they generic enough that I'm best just to do it myself via the above .gov sites?
Or has anyone had success via an agent?

So far I have accumulated:

USA bank account (Wells Fargo chq/sav)
USA 'address' (USA2me.com mail forwarding service)

Thanks for reading, looking forward to hearing how you've all gotten these sorted..

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How did you register yours? * ITIN * LLC * EIN *

How did you register yours? * ITIN * LLC * EIN *

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How did you register yours? * ITIN * ​LLC * ​​EIN *

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How did you register yours? * ITIN * LLC * EIN *