FAQs – Foriegn Ownership of Vacation Property

We were reminded to post this link after we recently received an inquiry from a family in Scotland. They are wanting to know if there were any restrictions to owning vacation property in Naples, due to the fact that they are not US nationals. They intend to vacation here once or twice a year.

Answer: Ownership is pretty much the same as for US citizens.

The only gotcha happens when the foreign owner sells the property, at which time the US government might want to collect 10% income tax from the seller.

Here is a link to the FIRPTA tax code (Foreign Investment in Real Property Tax Act).

Of course, always consult your accountant and/or attorney!