One of the biggest impediments for foreign investors and international clients who wish to invest in property in the District relates to U.S. tax and property regulations and the Foreign Investment in Real Property Tax Act (FIRPTA). All too often, they have difficulty finding REALTORS® who are qualified and knowledgeable enough to navigate these issues.
The mission statement of the DCAR Global Business Advisory Council is to represent DCAR’s strategically focused international efforts in the District and around the globe. The Council’s goal is to increase members’ awareness of global business opportunities – both inbound and outbound – and to attract international investment to our incredibly diverse and culturally rich city.
DCAR will also help foster referral opportunities and business partnerships in over 76 countries where NAR has established relationships. The Council plans to coordinate with the Association of Foreign Investors of Real Estate (AFIRE), which specializes in the commercial property arena.
The Council will consider employing many initiatives to carry out its mission, including:
- Cultural forums
- Trade missions to foreign countries
- Partnering with other associations to provide Certified International Property Specialist (CIPS) training, and teaching CIPS and other classes on how to conduct business with international clients
- Member involvement as NAR President’s Liaisons
The Council will also consider hosting an International REALTOR® Day for members, through which guests showcase how citizens and companies in their respective countries invest in real estate in the D.C. market and the region. This could become an annual event, depending on its success.
Other possible activities could include engaging with companies that organize popular local activities promoting international entities – and countries with residence in D.C. that represent events such as Around the World Embassy Day and the European Union Open House.
Our immediate goals are to hold a Kick-off introduction event to the community designed to recruit members who would like to partake in the work of event planning and logistics coordination. The next step would be create a one day event inviting local and international businesses who are engaged in investment opportunities in DC, and explore opportunities for agents to connect with those. This event could include opportunities to learn about expanding your reach as a REALTOR® in the international arena by hearing from investment speakers, tax experts in international trade.
If you are interested in learning more, please send an email to contact@dcrealtors.org and we’ll be in touch.
