Spending Your Winters in the US as a Snowbird
If you want to escape the cold winters in Canada and spend time in a warm tropical place, buying a property in Florida might be a great option for you! Florida’s pleasant winters and diverse range of attractions and activities will ensure that you will enjoy your purchase.
We are skilled at finding great loan options for Snowbirds who want to purchase in the US as Foreign Nationals. Being a Snowbird means you can spend up to 6 months at your vacation home in the US. Much of the same information applies when you are investing in a rental property but in this option, you will be able to enjoy your property for a longer amount of time.
There are thousands of people that travel to Florida in the warm wintertime and then go back up north for the summer! If you think purchasing a property to spend a few months in the sun every year is a great idea, but an option only available to the wealthy, it’s time to reconsider!
There are some documents that are usually required to obtain a Foreign National Loan allowing you to winter south of the border. These include:
- A valid passport (Canadian or other)
- A current address
- Income documentation
- Bank statements and reference letters
- Income verification letter
- Bank statement of your down payment source
- 6 to 12 months of reserves that prove you can continue payments
Becoming a Snowbird FAQs
Canadians can stay in the US for a maximum of 6 months in a calendar year.
NO, You cannot fully retire in the US due to the maximum 6 month allowance under the B2 visa. The maximum amount of time you can spend in the US is 6 months per calendar year.
You may not necessarily need a US bank account but having one could make the process easier and more convenient.
Using a US-based lender to obtain financing means you will most likely be required to have a US bank account for the transfer of funds and mortgage payments. Having a US bank account can also make it easier to pay for expenses related to your home purchase, such as closing costs and property taxes.
As a Canadian making passive rental income in the USA, you do not need a visa. However, if you plan to stay in the US long-term and manage many rentals, you may be eligible for an E-2 treaty investor visa. An E-2 would allow you to manage a US business. This means your family can also work and study in the US. There are many benefits to having a visa that allows you to live in the US with less restrictions, and you may want to consider a consultation with an immigration lawyer to see what your options are.
In general, if you are a non-resident alien selling, you will likely need to apply for an Individual Taxpayer Identification Number (ITIN) when you sell your property to pay any necessary taxes. You do not require an ITIN to buy, but you will when the property is sold. We recommend consulting with a tax professional who can provide guidance specific to your situation.
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