Non-U.S. Investors Take Note of New York State’s Revised Mansion Tax and Transfer Tax

By October 23, 2020 No Comments

Read the Spanish translation here.

Now, buying real estate in New York City has become more expensive. In light of the new tax rates and the slump in luxury real estate prices, it is possible prices will further adjust downward. It is more important than ever for all investors, including non-U.S. investors, to weigh their pros & cons and prepare by tax planning before investing in New York real estate. Please call us for further information.

A few key elements to pay attention to as well as the timing of when this takes effect are as follows:

  • Applies to the five (5) boroughs of the City of New York – not the rest of the State of New York – because only affects cities in New York with a population of 1,000,000 or more.
  • Exemptions: Written contracts signed and dated before April 1, 2019 and Conveyances before July 1, 2019.

About the Author 

Alicea Castellanos is the CEO and Founder of Global Taxes LLC. Alicea provides personalized U.S. tax advisory and compliance services to high net worth families and their advisors. Alicea has more than 17 years of experience. Prior to forming Global Taxes, Alicea founded and oversaw operations at a boutique tax firm, worked at a prestigious global law firm and CPA firm. Alicea specializes in U.S. tax planning and compliance for non-U.S. families with global wealth and asset protection structures which include non-U.S. trusts, estates and foundations that have a U.S. connection.

Alicea also specializes in foreign investment in U.S. real estate property, and other U.S. assets, pre-immigration tax planning, U.S. expatriation matters, U.S. persons in receipt of foreign gifts and inheritances, foreign accounts and assets compliance, offshore voluntary disclosures/tax amnesties, FATCA registration, and foreign companies wanting to do business in the U.S. Alicea is fluent in Spanish and has a working knowledge of Portuguese.

Alicea is an active member of the Society of Trusts & Estates Practitioners (STEP), the New York City Bar, the New York State Society of Certified Public Accountants (NYSSCPAs), the American Institute of Certified Public Accountants (AICPA) and the International Fiscal Association (IFA).  She is the New York/Northeast Regional Representative of the Women of IFA Network (WIN). Distinctly, in 2020, Alicea was awarded with a prestigious NYSSCPA Forty Under 40 Award. She was selected as someone that has notable skills and is visibly making a difference in the accounting profession.

Please note: This content is intended for informational purposes only and is not a replacement for professional accounting or tax preparatory services. Consult your own accounting, tax, and legal professionals for advice related to your individual situation. Any copy or reproduction of our presentation is expressly prohibited. Any names or situations have been made up for illustrative purposes — any similarities found in real life are purely coincidental. 

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