Of course making a property purchase in a foreign country means that you have to familiarize yourself with the local tax and legal processes. Awesome Lifestyle Investments together with its realtor partners will guide you through purchase procedure but here is some basic information.

You can set up your mortgage in dollars or sterling. Sterling is better if buying for own use, but if for investment and rental, a dollar mortgage will allow you to match your income to your outgoings in a single currency. As a non-national, the maximum loan in Florida is 80%.

Total Buying Costs: Including legal, taxes, stamp duty, insurance etc should fall between 3 to 6% of the price of the property. Ongoing annual costs include an annual property tax of 1.5 – 2% of the appraised value of your home, which usually comes in at around 20 – 25% less than its market value.

Property transactions are often completed without a lawyer, but you may wish to appoint your own. Minimize your tax liabilities by taking expert advice and check the title deeds of the property and that there are no debts attached to it.

The deposit on pre-construction of a new build property can be between 10 -30%, with the balance paid on completion of the property, however different developers have different payment terms. You can, if checks on the property prove unsatisfactory, pull out of the contract without penalty, but check the small print.

Living in Florida as a non-resident you will have to pay local property taxes and any state income tax deriving from US activities, such as rental income.