By Peter J. Yanowitch
Most lawyers would advise you not to buy a US property in your own name. There are two reasons for this. The first is that if you put the property in your own name it will subject it US estate taxes which could go as high as 55% next year. The second reason not to put the property in your own name is to avoid the US withholding statute known as FIRPTA, which requires that 10% of the sales price of a non-US owned property be withheld pending clearance of any tax issues.
* Peter J. Yanowitch is the co-founder of Passport Miami and the “Maestro” advisory service. He has been helping Brazilian families with their legal needs in the US for many years. The purpose of this column is to provide answers to legal questions frequently asked by Brazilians who are interested in investing in the US.