Are foreign nationals allowed to invest (Buy/Sell)

[Thaqalain]

Kindly briefly advice me about if that`s possible. Most of my friends/customers are based in Middle East, I want to bring them up in Canadian Market for either buying/selling RE Properties in Canada.
If that`s possible, let me know the method in detail and what are those documents required to be signed by foreign nationals.

Thanks

 

[Thomas Beyer]

QUOTE (Thaqalain @ Nov 9 2010, 07:38 PM) Kindly briefly advice me about if that`s possible. Most of my friends/customers are based in Middle East, I want to bring them up in Canadian Market for either buying/selling RE Properties in Canada.
If that`s possible, let me know the method in detail and what are those documents required to be signed by foreign nationals.
There are no restrictions to buy Canadian residential real estate as a non-Canadian.

In commercial real estate you need a GST/HST # and a corporation, and that requires a Canadian resident as director (in case you don`t pay those taxes)

However it is much harder to get a mortgage. Some banks might lend up to 65% in big cities .. likely much less in smaller towns. To get a mortgage you need 2 pieces of government issued IDs to proof that you are who you say you are.

You also need to pay taxes of 25% of the GROSS RENT unless you file with the CRA (Canada`s Revenue Agency).

 

[Thaqalain]

QUOTE (ThomasBeyer @ Nov 11 2010, 09:55 PM) In commercial real estate you need a GST/HST # and a corporation, and that requires a Canadian resident as director (in case you don`t pay those taxes)
Is that possible if RECO registrant working with a broker for the first two years of his career? Is that broker can be part of non-organized boards so that new registrant can save TREB fee at start of his career?
How can I form a Corporation/ Sole Proprietorship? Is there a web link to register the name and how long it takes to get it? What are fee/expenses to get it registered. What will be preferable, a corp or sole prop?

 

[Thomas Beyer]

QUOTE (Thaqalain @ Nov 12 2010, 11:31 AM) Is that possible if RECO registrant working with a broker for the first two years of his career? Is that broker can be part of non-organized boards so that new registrant can save TREB fee at start of his career?
I am not a realtor .. so I do not know the answer here !

In commercial real estate usually a company buys it .. usually never a person ! A company has to be registered and MUST HAVE AT LEAST one Canadian resident as a director .. s they can grab him/her in case taxes are not paid.

This is different than residential !!