MORTGAGE INFORMATION

[Javiersoria]

Hello,

I have some friends a family (non-Canadian resident) that want to invest in real estate in Canada (Ontario).

They are willing to put a down payment up to 50%, but they want some finances.

They want to buy only for rent (no family or vacation property). I asked in a couple of banks and they do not lend to non-resident that buy for rent.

Any advise?

Many thanks.

 

[Thomas Beyer]

There are at least three options:

a) You buy it in your name legally, for a small consideration of fees or equity, but the beneficial owner is the non-resident.

b) open a corporation with them and the corporation buys it. A Canadian corporation must have a Canadian director but can have non-resident shareholders.

c) you open a trust with you the trustee and the beneficial owner the non-resident.