La Quinta, California (PRWEB) April 26, 2013
The combination of drastically reduced home prices in the Palm Springs area, a strong Canadian Dollar in relation to the US Dollar, and low interest rate financing options seems to have created the perfect storm. And this particular storm offers warm sunny days year-round. Dreams of sunny days by the pool or daily rounds of golf in dozens of popular Palm Springs area golf and country club communities during the cold Canadian winters are not hard to imagine for most Canadians!
Investing in a second home in the Palm Springs area is fairly simple for a Canadian citizen. Experienced Palm Springs area realtors can make the process simple and straightforward as they regularly assist Canadian buyers in finding their home in the desert sun.
Canadian buyers generally don’t need a U.S. Social Security number, just a valid Canadian passport. There are a few forms that your Realtor will help you complete, but the process overall is straightforward and fairly simple. An attorney is usually not needed, since agents and their escrow departments are trained to process all the escrow paperwork.
Canadian buyers have a choice of how they choose to title ownership to their property. Cross-border trusts have become popular to help minimize taxes, especially for higher net worth buyers. Some buyers put title in their personal names while others prefer to use existing corporations or LLP’s. In either case you’ll want to contact your chartered account or cross-border tax specialist to advise you prior to completing your purchase.
Canadians who plan to rent their Palm Springs area property, thereby producing income in the U.S., will need to obtain a U.S. Taxpayer Identification number from the United States IRS, which can easily be done online. The ITIN is used for reporting of income purposes only.
Additional information about Canadians interested in Palm Springs area real estate can be found on Sheri’s comprehensive Palm Springs area real estate site: http://www.YourResortHome.com
About Sheri Dettman & Associates
Sheri Dettman & Associates is associated with Luxury Homes by Keller Williams International, the largest residential realty company in North America. Sheri is the one of the top-producing agents in the desert market and has assisted dozens of Canadian clients in purchasing Palm Springs area real estate.