International Seller to International Buyer

[darkconz]

I am wondering if anyone have any experience with the international seller selling to international buyer transactions? I was told that both the buyer and the seller require to get the ITNI? I thought its only the seller needing to get the ITNI?

Thanks in advance

 

[JackosinDIS]

Yes, I am UK based and have purchased from Japanese owners. In that case, we had to get an ITIN.

The only case where you would not need an ITIN as buyer, is if the seller does not intend to reclaim the withholding tax.

 

[darkconz]

Yes, I am UK based and have purchased from Japanese owners. In that case, we had to get an ITIN.

The only case where you would not need an ITIN as buyer, is if the seller does not intend to reclaim the withholding tax.

Other than getting ITIN, do I need to do anything else special for a transaction? I was looking up the time line it looks like 8-12 weeks just to get the number.

 

[darkconz]

Yes, I am UK based and have purchased from Japanese owners. In that case, we had to get an ITIN.

The only case where you would not need an ITIN as buyer, is if the seller does not intend to reclaim the withholding tax.

On the closing aspect, other than providing the ITIN, is there anything else that as a buyer need to do compared to buying from a US citizen?

 

[JackosinDIS]

Other than getting ITIN, do I need to do anything else special for a transaction? I was looking up the time line it looks like 8-12 weeks just to get the number.

Sometimes you need to sign an affidavit relating to not being a ‘foreign principal’ - this also needs to be notarised. However this seems to depend on which title company you use - some don’t require it, some do, some allow for it to be notarised online, some require it to be notarised at the embassy. Check with the closing company.

You don’t need to have the ITIN back before you close, but will need to apply for it as soon as possible.

 

[darkconz]

Thanks for the valuable information!

 

[mort1331]

Our 2 purchases were over a dozen years ago. Both from Japanese sellers and we are Canadian. We did not need a ITIN # at that time. Now if we ever sell and want the taxes back, then yes we will. But I probably will sell and not want the taxes back.

 

[darkconz]

Our 2 purchases were over a dozen years ago. Both from Japanese sellers and we are Canadian. We did not need a ITIN # at that time. Now if we ever sell and want the taxes back, then yes we will. But I probably will sell and not want the taxes back.

Might have changed because I am Canadian and buying from Japanese sellers, exactly same scenario as you except more recent. The broker and the closing company said I need to apply for ITIN. I don't know how that's going to be useful for me since ITIN does expire if left unused right?

 

[JackosinDIS]

Might have changed because I am Canadian and buying from Japanese sellers, exactly same scenario as you except more recent. The broker and the closing company said I need to apply for ITIN. I don't know how that's going to be useful for me since ITIN does expire if left unused right?

Yes they expire after 3 years (I think?) if inactive. That said, you will need one when you come to sell, or if you want to rent points, so could come in handy.