Expert: Peter Liebert, SIOR - 10/28/2005

Question
I have a couple of questions in regards to purchasing a business that will include commercial property.

My brother in law who is not an American Citizen nor does he reside in the US is wanting to purchase a buisness here in the states.

He would like to put down a percentage and borrow the rest.

Would he be able to do this on his own or would he require an American partner due to his residential status?

His goal is to move to the States and finally apply for citezinship after several years.

Thanks, I appreciate any assistance you may have to offer.

Answer
Your relation should hire a qualified attorney who can guide him through this. There is a certificate required on commercial real estate sales identifying the buyer as either a Foreign Interest or Non-Foreign Interest, but it is not a "block" to foreign investment. My guess is that citizenship should not be an issue. If you need assistance in locating an experienced commercial/business attorney email me at peter.liebert@colliers.com. I assume that a proper audit has been done on the business, but the attorney should review that audit, asset valuation, etc. Colliers Intl. has offices in every major metropolitan market. / Peter