US Dollar: A global benchmark currency. Little or no exchange rate parity fluctuation against Middle East currencies. The cost of living is significantly lower than that of Western Europe.

Economic climate: There are no limitations to foreign property ownership. More than 59 million visitors flock to Florida each year, the tourism industry has an economic impact of over US$50 billion per annum on the state economy.

Taxes: Sales and Resort Tax 9% to 12%. Anyone who has legal or equitable title to property in Florida and who resides on the property on January 1 and in good faith makes it his or her permanent home is eligible for a US$ 25,000 homestead tax exemption. However, acquiring permanent residence status is quite difficult.

Popular areas: Orlando and the Gulf Coast, Miami and Florida Keys, Tampa Bay, and Fort Lauderdale.

Price ranges: Variable across the state dependent as ever on location, prices are obviously higher closer to the beach and main tourist attractions, of which there are many. Nevertheless, good value for money as agent rental packages can produce on average between US$14,000 to US$21,000 (nett to owner) per annum.

Budgetary guide: A typical three bedroom/ 2 bath luxury home with heated or solar pool US$ 120,000 upwards, 4 bedroom/2 bath luxury home US$ 140,000 upwards to US$ 400.000. Condominiums $US70,000 upwards.

Buying Property: It can be helpful to utilise the services of a reputable “Buyers Broker” (single agent) who will guide you through the process of obtaining a good mortgage and actually buying the house ensuring that the terms and conditions of the sale are good and in your favour.

Service Fees: Stamp Tax: The tax rate for documents that transfer an interest in real property is $0.70 per $100 (Miami-Dade County $0.60 per $100 only) of the total consideration paid, or to be paid, for the transfer. Licensed home inspection US$ 250 Legal fees.

Mortgages: Current mortgage variable lending rate 6.5%. Fixed mortgage rates 5.5% up to 15 years. Overseas buyers can obtain mortgages of up to 80% of the property value and a fixed rate mortgage extended up to 30 years if through a U.S. financial institution dependent on age.

Information: Web information www.myflorida.com (State of Florida Department of Revenue), www.orlandoedc.com (Orlando Economic Department Commission) www.fxhistory.com (exchange),



 Related site: http://www.myflorida.com