Buying NYC Real Estate as a Foreign or Non-Resident Buyer

Yes. A foreign national can buy real estate in New York City, with no citizenship or residency requirement. There is no law preventing it, and non-resident buyers have long been part of the Manhattan market.

So the useful questions are not whether you can buy, but how to buy well: which kind of property will accept you, how to pay, and which taxes catch non-resident owners off guard. Two of those taxes are routinely missed until it is expensive to fix. Here is the practical guide, from a team that represents non-resident and international buyers across Manhattan.

This article is general information, not legal or tax advice. The tax points below are the ones foreign buyers most often overlook. Treat them as reasons to engage a cross-border tax advisor before you buy, not as a substitute for one.

Can a foreigner buy property in New York City?

Yes, and without restriction. You do not need to be a citizen, a green-card holder, or a US resident to own NYC real estate. You do not even need to be in the country to close, since purchases are routinely completed through a power of attorney. What matters is not your passport. It is the building you choose and how you structure the purchase.

Condo, co-op, or townhouse?

For a foreign or non-resident buyer, this is the decision that quietly determines everything else.

Most non-resident buyers end up in condos or condo-style new developments, for a simple reason: co-op boards routinely decline non-resident and foreign buyers. Co-ops can require that the apartment be your primary residence, scrutinize income earned and taxed abroad, refuse purchases made through an LLC or trust, and expect a US financial history most foreign buyers cannot provide. A condo has no board interview, accepts international buyers as a matter of course, and allows entity ownership. Townhouses are similarly straightforward, with the same flexibility as condos.

If you want the structures side by side, see our guide to condo vs. co-op for a pied-à-terre.

Paying: cash or financing

Many international buyers at the top of the market pay cash. Financing is available either way: US banks and specialty lenders offer mortgages, but generally require a larger down payment, a US bank relationship, and additional documentation. Expect the process to run longer than a domestic loan.

One note on all-cash purchases made through an entity: federal authorities have moved to require reporting of the people behind all-cash residential purchases held by LLCs and trusts. That rule has been challenged in court and its status is unsettled as of 2026, so confirm where it stands with your attorney at the time you buy.

The taxes you need to know

This is where non-resident buyers get surprised. Three different taxes apply at three different moments.

While you own it. You pay annual NYC property tax like any owner. On top of that, Governor Hochul has enacted an annual surcharge on non-primary-residence homes, the pied-à-terre tax, which would land on exactly this category of buyer. See our pied-à-terre tax explainer, and estimate it for a specific apartment.

When you sell. Under a federal law known as FIRPTA, when a foreign person sells US real estate the buyer generally withholds 15% of the gross sale price at closing and sends it to the IRS. This is withholding, not your final tax. You reconcile it by filing a US return, and the actual tax is based on your gain. But it means a large sum is held back at sale, which surprises sellers who did not plan for it. Exceptions and lower rates exist for cheaper owner-occupied homes, and rarely apply at Manhattan luxury prices.

If you die owning it. This is the most overlooked issue, and the most expensive. US real estate owned directly by a non-resident who is not a US citizen or domiciliary is US-situs property for estate-tax purposes, and a non-resident's US estate-tax exemption can be as low as $60,000, against rates that climb to 40%. A US citizen gets an exemption in the millions; a foreign owner may get $60,000. A small number of countries have estate-tax treaties with the US that soften this, but many do not. This is why foreign buyers often hold US property through a structure, and why the ownership decision should be made with a cross-border tax advisor before closing, not after.

How you hold it: individual, LLC, or trust

Because of the estate-tax exposure above, and for privacy, many non-resident buyers do not hold NYC property in their own name. An LLC, a foreign corporation, or a trust can serve privacy and estate-planning goals. Each carries trade-offs across estate tax, income tax, reporting, and cost, and the right answer depends on your home country and your situation. Two practical points: condos generally permit entity ownership while co-ops generally do not, and the structure should be in place before you buy. Decide it with your advisor early, because unwinding it later is costly.

Discretion and off-market access

International buyers often place a high value on privacy, and the most desirable Manhattan inventory frequently trades quietly, without ever being publicly listed. A well-connected team can show you homes that never reach the public market, which matters when discretion is a requirement rather than a preference. See how off-market deals work in NYC.

What the buying process looks like

A few things that differ from other markets:

• It is attorney-driven. In New York, the buyer and seller each retain a real estate attorney who handles the contract and closing. Engage one early.
• You can buy remotely. Closings are routinely completed through a power of attorney, so you do not need to be in New York.
• Funds and documentation. Be ready to show proof of funds and to move money through compliant channels. International transfers take time, so plan ahead.
• Your agent represents you. A buyer's agent guides the search, access, negotiation, and any building-approval process that applies.

How to start

The order that saves money: assemble your team first, a buyer's agent, a New York real estate attorney, and a cross-border tax advisor, then settle the ownership structure, then shop. The most common and costly mistake non-resident buyers make is choosing the apartment first and discovering the tax and structure consequences after they are committed.

FAQ

Can a foreigner buy property in New York City?

Yes, with no citizenship or residency requirement. Foreign nationals can own NYC real estate and can close remotely through a power of attorney. The practical constraints are the building type and the tax structure, not eligibility.

Can a non-resident get a mortgage in NYC?

Yes. US banks and specialty lenders offer foreign-national mortgages, though they generally require a larger down payment than a resident loan, a US bank relationship, and more documentation. Many luxury buyers nonetheless pay cash.

Should a foreign buyer choose a condo or a co-op?

Almost always a condo. Co-op boards frequently decline non-resident and foreign buyers, can require primary-residence use, and usually prohibit entity ownership. Condos accept international buyers as a matter of course and allow LLC or trust ownership.

What taxes does a foreign buyer of NYC real estate pay?

Annual property tax while you own, plus the pied-à-terre surcharge; FIRPTA withholding of 15% of the sale price when you sell; and potential US estate tax on death, where a non-resident's exemption can be as low as $60,000. Confirm all of it with a cross-border tax advisor.

Can a foreign buyer purchase through an LLC or trust?

Yes for condos and townhouses; co-ops generally do not allow it. Buyers often use a structure for privacy and to manage estate-tax exposure, but the right structure depends on your home country and should be set up before you buy, with professional advice.

Elevated Advisement represents non-resident and international buyers across Manhattan, including the discreet, off-market side of the market. To talk through your purchase, get in touch.