Imobiliário

O investimento no mercado imobiliário dos Estados Unidos é popular entre investidores estrangeiros há décadas. Em 2010, foi observado um aumento significativo na procura por parte desses investidores, principalmente devido à desvalorização dos imóveis em diferentes estados, consequência da “bolha imobiliária” que ocorreu entre 2006 e 2008.
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Os Estados Unidos sempre foram um polo de investimento estrangeiro, mas, mais recentemente, houve um crescimento no número de investidores vindos de países emergentes. Isso se deve ao aumento da renda disponível para investimento nesses países e à relativa estabilidade da economia norte-americana, que proporciona retornos mais previsíveis.

O mercado imobiliário nos Estados Unidos apresenta diversas vantagens, comprovadas pelas taxas consistentes de retorno ao longo do tempo. Os investidores obtêm lucro não apenas com a valorização do imóvel, mas também por meio da renda gerada com aluguel, garantindo um retorno competitivo sobre o investimento. Além disso, há um número significativo de pessoas que compram casas ou apartamentos para uso residencial, seja como moradia principal ou casa de férias, buscando segurança e satisfação pessoal.

O período de queda generalizada nos valores dos imóveis, causado pela crise hipotecária de 2008, já ficou para trás. Os preços vêm se recuperando de forma consistente, demonstrando uma retomada significativa no valor dos ativos imobiliários.

Portanto, considerando a recuperação do mercado imobiliário mencionada acima e a oferta de propriedades disponível, investir fora do próprio país se torna uma opção relevante. No entanto, para que esse investimento seja feito de forma eficiente, é necessário cautela. Embora o processo de compra de imóveis nos Estados Unidos esteja entre os mais diretos e menos burocráticos do mundo, a complexidade das regras tributárias e das obrigações fiscais exige uma análise cuidadosa antes da aquisição.

Este guia foi elaborado com linguagem prática e didática e tem como objetivo auxiliar investidores, sejam pessoas físicas ou jurídicas, interessados em explorar o mercado imobiliário dos Estados Unidos. É importante destacar que o propósito deste material é esclarecer o leitor de forma geral, e que cada investimento imobiliário deve ser avaliado de acordo com a realidade específica de cada investidor. Vale ressaltar também que o apoio de um especialista é fundamental para evitar problemas relevantes no processo de aquisição ou investimento em imóveis nos EUA.

Para os fins deste material, os investidores são considerados não residentes fiscais nos Estados Unidos. É importante lembrar que a definição de residente fiscal nos EUA não depende do local de residência e não está necessariamente relacionada ao status imigratório. Isso significa que um cidadão estrangeiro pode ser considerado residente fiscal americano se atender aos seguintes critérios:
‍Teste do Green Card – Cidadãos estrangeiros que possuam residência legal permanente nos EUA por meio do Green Card, ainda que não residam fisicamente no país, serão tributados como cidadãos americanos.
‍Teste de Presença Substancial (Substantial Presence Test) – Estrangeiros que permaneçam nos Estados Unidos por mais de 31 dias no ano corrente e totalizem 183 dias nos últimos três anos, incluindo o ano atual.

O planejamento é fundamental na compra de um imóvel e deve ser feito de acordo com o objetivo final do investidor. A aquisição de um imóvel que será utilizado exclusivamente como residência exige um tipo de planejamento diferente daquele em que o investidor compra vários imóveis para revenda em curto prazo ou para geração de renda passiva.Entre as etapas do planejamento, o estudo do impacto tributário é extremamente importante. A seguir, estão alguns pontos que devem ser analisados:
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- Diferentemente do ganho de capital obtido com investimentos estrangeiros no mercado de ações dos Estados Unidos, os rendimentos e o ganho de capital provenientes de investimentos imobiliários realizados por compradores estrangeiros são tributados nos EUA.
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- Em 1980, os Estados Unidos instituíram o Foreign Investment in U.S. Real Property Tax Act (FIRPTA). O objetivo dessa lei é obrigar investidores estrangeiros a cumprirem as exigências do imposto de renda norte-americano. Por meio dela, o Internal Revenue Service (IRS) exige a retenção de imposto na fonte sobre investimentos imobiliários realizados por estrangeiros nos EUA, que pode ser de 10% ou 35% do valor total investido. Esse valor é definido como: (1) o montante pago em dinheiro ou a pagar (apenas o principal, sem incluir juros); (2) o valor de mercado de outro bem transferido ou a ser transferido como parte do pagamento; e (3) o valor de qualquer obrigação assumida ou a ser assumida antes ou depois da transferência do imóvel. De modo geral, trata-se do valor pago pelo ativo imobiliário no momento da venda, permuta, liquidação, doação ou transferência, entre outras definições estabelecidas pelo IRS.
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- Além do FIRPTA, o valor correspondente à distribuição de lucros para sócio estrangeiro em uma sociedade também está sujeito à retenção de imposto na fonte, de acordo com as regras da Seção 1446 do Internal Revenue Code (IRC). Esse imposto é retido trimestralmente, com base na alíquota máxima aplicável a cada sócio estrangeiro, e, ao final do ano, é feito o ajuste entre o valor efetivamente devido e o valor já retido. Vale destacar que existe uma regra que dispensa a retenção do FIRPTA quando o imposto da Seção 1446 já é recolhido na fonte. Essa exceção não se aplica a sociedades estrangeiras, que permanecem sujeitas tanto ao FIRPTA quanto ao imposto da Seção 1446.
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- Os rendimentos e ganhos obtidos por pessoas físicas com a venda de imóveis utilizados para geração de renda de aluguel, em regra, são tributados nas mesmas alíquotas aplicáveis aos cidadãos norte-americanos, sendo obrigatória a entrega da declaração de imposto de renda nos EUA. Já no caso de pessoas jurídicas, esse tipo de investimento costuma ser tratado como renda operacional (ordinary income), com alíquota federal que pode chegar a 35%.
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- Outro fator importante diz respeito à tributação sobre renda passiva (por exemplo, receita de aluguel). Nesse caso, apura-se o lucro ou prejuízo da operação para cálculo do imposto devido. Havendo prejuízo, ele pode ficar suspenso para compensação futura, quando houver lucro ou no momento da alienação do investimento.
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- Também é necessário considerar que investidores estrangeiros estão sujeitos ao imposto sobre herança nos Estados Unidos (estate tax), que incide sobre a transferência de bens aos herdeiros. Essa tributação pode chegar a até 40% sobre o valor de mercado dos ativos que excederem USD 60.000 e se aplica a bens e direitos localizados nos EUA (como imóveis e ações). Por isso, o planejamento sucessório é essencial para reduzir a exposição tributária em caso de falecimento do investidor.

One of the most important planning decisions is choosing the best structure for carrying out the purchase of the real estate. For example, foreign investors will have to decide whether to make the real estate investment in the U.S. as an individual owner, as a member of a limited liability company (LLC), or as a shareholder of a domestic or foreign company.

One of the options foreign investors can consider when interested in acquiring real estate for personal use only is direct acquisition, which is a less complex structure. Alternatively, foreign investors can acquire real estate through an LLC composed of only one member. Subject to applicable local law, the typical LLC provides limited liability protection corresponding to the capital contribution in the entity and also maintains direct ownership for tax purposes.When the property is sold, the tax structure is simple.There is only one level of levied taxes, and gains onthe sale of property may be qualified as capital gains,which can be considered short and long-term, as perthe definition ahead:

Short-term capital gain – Income earned from investments made less than a year ago, taxed as ordinary income5.
Long-term capital gain – Income earned from investments made over one year ago, taxed at 0%, 15% or 20%.

Investments made by corporations, as foreign owners, in real estate assets in the U.S., provide investors with liability protection, which means that any liabilities related to the acquired property is limited to the capital contributed in the company. The company must also file its own tax return, making it unnecessary for the individual to report income in the United States – except in the case of dividend distribution. However, in the mandatory tax returns, the corporation must disclose the name and full details of the person who owns 50% or more of the company’s shares.
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This structure has a disadvantage: the investment undergoes double taxation, using two levels of tax on earned income: the first level is income tax on the net income of the corporation, which can reach 35% (federal tax), plus state tax; the second is the tax on the distribution of these profits to the owner through dividends which, in the case of non-US tax resident partners, is 30%. At the time of sale of the property, a short or long-term capital gains tax is applied, according to the period in which the investment was made by the entity. It is worth noting that in the case of Brazilians, federal taxes paid in the U.S. can be compensated with taxes to be paid in Brazil, since Brazil has no treaty signed with the U.S. for this purpose.

It is also important to mention that the domestic corporation structure does not eliminate the foreign investor’s exposure to estate taxes in case of death, and the same also applies to shares in American companies.

In a partnership structure, the legal entity is disregarded for tax purposes (systematically also called pass-through). Under this structure, the legal entity does not pay income tax; only the partners, as individuals, are responsible topay income tax.
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The partners are taxed directly on the proportional value of the amount invested, regardless of whether a profit has been distributed. Each of the foreign partners must file an individual income tax return. The percentage is the same as applied to U.S. citizens.

It is vital that investors have a clear idea of what they want to achieve. Each person has different needs or interests, which determine the type of business that will be sought after.
Some people seek to acquire a second or third home, typically a “vacation home”, to meet the needs of families who want to be near a beach, marina or amusement park. For others, it is purely for investment purposes. In the latter case, there are two categories of investors:
- Those who desire a return through rental of either residential or commercial property; and
- Those who seek to make a profit on the sale of the property, through its appreciation over the years.At this stage, it is recommended to arrange a meeting between the parties – the buyer and the real estate agency – so that they understand each other and to ensure that the buying and selling process is absolutely clear to the buyer.

Every company and person accredited to conduct real estate activities in the United States enjoys exclusive access to a listing of all available residences. Information on purchase, sale and rental options are stored in a database called MLS (Multiple Listing Service).

The MLS is controlled by organizations linked to state governments and the federal government – DRE (Department of Real Estate) and DPBR (Department of Business and Professional Regulation).Opportunities for commercial properties, however, are not widely publicized, and require more thorough and extensive research.
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By knowing the needs, investment criteria and client expectations, the accredited real estate agent can access the MLS database and select the options that best fit the customer’s profile.
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The selected properties can be presented to the client by email, or during a second meeting, so that the real estate agent can answer any questions about the property.

There are certain services inherent to the whole process of purchasing real estate in the United States. It can be highlighted those related to the consultancy advising for obtaining mortgage loans, asset protection, estate, corporate and tax planning, and property inspection services prior to purchase.

Foreign buyers have the option of taking out a loan in the United States, referred to as Foreign National Loans. This option is offered by different U.S. banks. A minimum down payment of 30% is generally required for purchasing a house; 40% in the case of apartments, better known as condos; and 50% in the case of commercial real estate; with up to 30-year terms and interest rates ranging from 4.5% to 6.5% per year. It is recommended to inquire three or more banks, in order to compare different terms and conditions.

In the United States, purchase, sales and rental contracts are standardized, for the purpose of properly protecting both of the parties – buyer and seller. The main concerns of Brazilian investors when investing in real estate in the United States are related to repatriation of the funds used, the taxes involved and asset protection.

Therefore, it is worth reiterating that the assistance of a professional and/or specialized company is of paramount importance to avoid future problems and unanswered issues. The repatriation of funds for the purchase of real estate in the U.S., for example, must be done through agents authorized by the Banco Central do Brasil (Central Bank of Brazil) to operate in the foreign exchange market, which may be a bank, brokerage firm, exchange broker or securities company, among others.
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Before the actual purchase, buyers also have the right to hire the services of an accredited company to inspect the property under negotiation. At this time, the electrical installations, plumbing and structure are inspected and analyzed, in addition to checking for termites and mold, etc. Any damages in the property discovered during the inspection can lead to termination of the contract. Through this investigation, the buyer will have a full picture of the actual state of the property being negotiated.

In a real estate transaction, the title company also plays an important role. It is responsible for the legitimate transfer of ownership between seller and buyer, execution of notary services, determination of any possible alienations, or existence of lawsuits against the owners or property. This kind of company also performs the triangulation and financial interface through a trust account. It is important to note that there are law firms that can provide the same services carried out by title companies.

After selecting the property, the negotiation process for
the purchase and sale of the property begins.In the United States, all purchases are done through a real estate agent accredited to carry out this kind of operation. The agent, aware of the client’s needs and goals, will draw up a report called a Cost Market Analysis, which presents a comparison between the sales price of the unit versus the values of similar units sold recently.

Based on this report, the sale price will be stipulated upon approval by the interested parties. All this information, including the tool used to prepare the Cost Market Analysis, is available in the MLS (Multiple Listing Service) database, which all consultants and licensed companies have access to.
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In the case of commercial real estate, this process is a little more complex, mainly due to the financial modeling involved in real estate acquisitions of this type. In this modality, it is recommended to hire a company specialized in real estate appraisal (Appraisal company) and also a company that will be qualified to provide the Due Diligence service.

It is the responsibility of the real estate consultant to explain the Purchase and Sale Agreement and addendum to the buyer in detail.

‍It is worth remembering, again, that this contract and addendum are standardized, precisely to protect both interested parties.
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The contract itself is used as a means to make the price offer, among other specifications, such as: payment method, closing date, inspection deadline, title company name, etc.

It is important to highlight that some specific factors can motivate the breach of contract between the parties. Failure to comply with the following events, on the stipulated dates, will be grounds for breach of contract:
- Failure to sign the contract by one of the parties, making the contract unenforceable;Non-payment or delay of the first payment, or non-payment of the deposit in the trust account previously stipulated in the contract;
- Bad results of the inspection carried out on the property, by a duly certified company;Not accepted by the buyer, in relation to condominium regulations and procedures;
- Non-approval by the bank, in the case of a bank loan; and
- State of the property at the time of delivery of the keys different from the conditions observed when previously visited.

For more details, it is recommended to consult a lawyer specializing in real estate transactions.

Every property generates some fixed expenses. Next, there is a mention of some expenses related to real estate, which can even be paid automatically by debiting the account.
- Electricity;
- Water (already included, in the case of condominiums);
- Structural insurance against natural damage (already included, in the case of condominiums);
- Personal property insurance;
- Condominium;
- Cable TV and internet;
- Pool maintenance; and
- Garden maintenance.
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However, it is worth mentioning that there are companies specialized in the management of acquired properties, which can control the payment of these expenses.
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It is important to highlight especially for investors who want a return on rent that, when it comes to residential properties, unlike in Brazil, in the United States it is not common for the tenant to bear the costs of condominium and property taxes, therefore, the analysis of the costs of the owner, as well as the rent, must consider such expenses.

In the case of commercial real estate, there are five categories of contract that can provide for such issues, they are:Gross Lease Agreement: in this type of agreement, the lessee pays a defined amount for the rent and the owner is responsible for all other expenses related to the property;Single Net Contract: in this type of negotiation, the tenant usually pays the rent, utilities expenses (water, energy, gas, telephone, etc.) and insurance. The owner is responsible for paying maintenance, repairs and fees and insurance not covered by the tenant (which may include IPTU – PropertyTaxes);Double Net Agreement: In this case the tenant is responsible for paying rent, utilities, property taxes and property insurance. The owner is responsible for paying only for maintenance and repairs;Triple Net Agreement: In this case the lessee agrees to pay all real estate taxes, insurance, and maintenance on the property, in addition to all normal fees that are expected under the agreement (rent, utilities, etc.). The owner is responsible for structural repairs only; andAbsolute Net Contract: is a type of contract in which the lessee pays all expenses related to the operation of the property, including structural repairs.