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Buying a Property in Florida

Passports, visas and residency

Passports and visas

British citizens may visit the US for business or pleasure without a visa for up to 90 days per year. A passport is required. The traditional Visa Waiver programme in operation for most European nationals allowing them to stay in the US for up to 90 days is set to change in January 2009. From this point, all travelers wishing to use the Visa Waiver will be required to register themselves online before departure for the US.

This should preferably be done at least 72 hours in advance, and is intended to afford an extra layer of security for the US authorities. The online registration will be valid for up to two years; will be named the Electronic System for Travel Authorization; and will be similar to Australia’s Electronic Travel Authority in operation. The ESTA is also valid for multiple entries into the US, so for property owners it is possible to fill out the online registration once and then travel for two years under the normal Visa Waiver Programme.

Those wishing to stay between 90 days and six months must hold a B2 visa. To be successful, applicants must prove they have sufficient funds to support themselves during their stay.

Residency

Florida’s immigration laws are strictly enforced. Those seeking a Florida Green Card, which entitles them to live and work in the state, face close scrutiny by the Immigration and Naturalization Service, particularly if they wish to start a business.

Those not planning to work, including retirees, must be able to demonstrate substantial means. This can be an obstacle to many people’s dream of retiring to Florida.

Healthcare

Hospitals in the US provide some of the most advanced healthcare in the world. Most are private.

The US spends around 13 per cent of its gross domestic product on healthcare, much of it through insurance schemes provided by employers and the two federal schemes, Medicare and Medicaid. There is no national health service as such. Approximately 14 per cent of the population is estimated to be without any form of health insurance.

For visitors, private medical insurance or travel insurance is essential. If you are seriously injured, the emergency services will treat you and charge you later. If the injury is not serious and you need to consult a doctor, a basic consultation will cost approximately $100 (around £50). There are a variety of policies available for overseas travelers and those intending to live overseas, and they do not have to cost huge sums.

Florida Property: Investment potential

The recent economic slowdown in the US has caused many people to be nervous about investing in property in America, but for long-term investors there are still great opportunities and potential to be found. Developers are having trouble selling projects right across the country, so they are keen to offer deals on projects that are nearing completion so that they can release more funds and begin to move on to new projects.

In some cases there have been stories of developers offering discounts of up to 40 per cent and anecdotally, it is said that new apartments in Miami can be found for as little as $200,000 (£127,500). This means that there are developments available where you can buy with as little as £10,000 down and developers are offering extensive guaranteed rentals and generous terms. The trick here is to remain detached enough not to get overawed by the prices on offer, and plan carefully for your needs and wants. Spending less on a property is ideal if you are able to, and it is worth shopping around for the best deal on the type of property you are looking for, but there is little value in buying somewhere just because it is cheap.

The issue for US buyers, and for anyone from the UK seeking finance in the UK, has been the sub-prime lending fiasco. This is making it very hard for buyers to get finance in the US as lenders are nervous about granting approvals, so cash buyers or those with finance already arranged are being welcomed with open arms.

Should you prefer to try to raise finance locally in the US, there is the advantage of the current low interest rates that the US Federal Reserve has introduced to stimulate the markets.

And finally...

Despite the fact that the US in enduring an economic slowdown, buyers who want to get their own property in Florida should not be discouraged. The reasons for buying in the Sunshine State remain the same, whether it is for the weather, the theme parks or the rental potential. The US economy is having a tough time, but this will not stop people going there for holidays – in fact, the favourable exchange rates at the moment may encourage more visitors to the region.

Buying property abroad is a major decision and one that should not be taken lightly. It is vital to ensure you have researched all aspects thoroughly and are in possession of all the relevant facts.

Individual circumstances will vary widely, so it is essential to obtain professional advice and guidance tailored to your particular situation, especially in areas such as property purchase, potential rental returns, taxation and mortgages.

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More pages

Page 1: Why Buy Property in Florida?
Page 2: The Atlantic Coast
Page 3: Passports, visas and residency

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