Investing in Real Estate in the U.S.: The Complete Guide for French-Speaking Investors

The U.S. real estate market is the most diverse in the world, and it is not a monolithic entity: Miami, Houston, Atlanta, and Detroit are governed by radically different dynamics in terms of pricing, taxation, and demand. For French-speaking investors, the real question is therefore not “Should I invest in the U.S.?” but “Where, how, through what structure, and with what risks?”

This guide serves as an introduction to our series on the U.S. real estate market. It covers the rationale, promising markets, investment avenues (direct rental, real estate investment trusts [REITs], crowdfunding, land investments), the legal and tax framework, the purchasing process, and the risks involved, and then directs readers to the relevant specialized pages for each topic. International investors are well aware of this: between April 2024 and March 2025, they purchased $56 billion worth of U.S. residential properties, representing approximately 78,100 units (National Association of Realtors).

Why Invest in Real Estate in the U.S.?

Four key principles underpin the American argument.

An economy that drives demand. GDP growth of 2.8% in 2024 (BEA), unemployment around 4.4% (BLS, end of 2025): American renters and homebuyers have jobs, and the size of the market offers a depth of transactions unmatched in Europe.

A structural housing shortage. According to Freddie Mac, the United States faces a shortage of approximately 3.7 million housing units (estimates range from 4 to 7 million depending on the methodology used), an imbalance fueled by years of under-construction relative to population growth. This shortage is driving up rents and property values in growing areas, though it offers no guarantees at the local level. Our analysis of U.S. real estate forecasts provides a detailed look at this context.

The Sun Belt is the driving force. The Sun Belt is the driving force. Growth is concentrated in the South: according to the Census Bureau’s Vintage 2025 estimates ( published in January 2026), Texas gained approximately 391,000 residents between July 2024 and July 2025 (+1.2%, the fourth-fastest rate in the country), and Florida gained nearly 200,000. These growth rates are well above the national average, even in a year when U.S. population growth slowed due to a decline in net immigration: the Sun Belt’s momentum holds steady even as the rest of the country slows down. Where population and jobs migrate, demand for housing follows. 

Exposure to the dollar. Investing in the U.S. diversifies the currency mix of a portfolio denominated in euros. This is both an asset and a symmetrical risk: the return converted into euros also depends on the exchange rate, in both directions.

In addition to these fundamentals, there are specific features that landlords appreciate: a legal framework that is generally favorable to property owners (speedy eviction procedures in many states) and potential rental yields higher than those in most French cities—though these must be assessed on a city-by-city basis and are never guaranteed.

Key takeaways: The world’s deepest market, a documented housing shortage, Sun Belt demographics, and diversification in U.S. dollars—the U.S. investment thesis is based on measurable fundamentals. However, it plays out at the local level: the national average says nothing about the quality of a particular deal.

Can a French citizen invest in real estate in the United States?

Yes, there are no general restrictions: no visa or special authorization is required for a foreigner to purchase U.S. real estate. However, ownership does not confer any immigration rights: buying a home does not grant a visa or residency; these are two separate matters.

Three practical points define the status of a nonresident investor:

• Tax identification. Without a Social Security Number, investors obtain an ITIN (Individual Taxpayer Identification Number) from the IRS to fulfill their U.S. tax obligations: reporting rental income and requesting a reduction in withholding upon resale. It is a tax identification number—nothing more.
• Form of ownership. The purchase can be made in one’s own name or through an entity—most commonly an LLC—with different tax and estate planning implications (detailed below and in our LLC guide).
• Local reviews. Some states have adopted targeted restrictions on certain foreign acquisitions (agricultural land, sensitive areas, certain nationalities): this is a compliance issue that must be verified in the relevant state, though it generally has no impact on a French investor in conventional real estate.

Key takeaway: A French citizen can freely purchase property in the United States, either in their own name or through an LLC, using an ITIN for tax purposes. Purchasing real estate does not confer any right to residency, and certain targeted local restrictions should be verified depending on the state and the type of property.

Where to Invest in the U.S.: Promising Markets

The choice of market is more important than the choice of property. An overview of the major areas, each linked to its own detailed analysis.

Florida: Orlando, Miami, Tampa

A favorite destination for international buyers, Florida combines population growth, massive tourism, no state income tax, and market depth. The market dynamics vary significantly: Miami focuses on international wealth management with high entry prices; Orlando emphasizes vacation rentals driven by theme parks; and Tampa strikes a balance between residential growth and employment. There are real trade-offs: sharply rising insurance costs, exposure to hurricanes, and condominium fees. Our guide to real estate opportunities in Florida provides an in-depth look at this market.

Texas

The state has the highest absolute population growth in the country, a diversified economy (energy, tech, logistics, healthcare), no state income tax, and four major metropolitan areas driving growth: Dallas-Fort Worth, Houston, Austin, and San Antonio. Texas’s GDP grew by 6.8% on an annualized basis in the second quarter of 2025 (BEA), and more than half of Texas renters spend over 30% of their income on housing: the pressure on supply is structural. High property taxes and marked disparities between neighborhoods necessitate a local analysis. Our analysis of why Texas is ideal for real estate expands on this thesis.

Other Markets: Cash Flow and Vigilance

Atlanta and Georgia combine growth with moderate entry prices. The Carolinas follow the same Sun Belt trend. At the other end of the spectrum, so-called “cash flow” markets (Detroit, Cleveland, Birmingham, Memphis) offer attractive gross returns on very low entry prices; the trade-off is maximum local risk: the actual condition of the properties, renovation costs, vacancy rates, tenant creditworthiness, and neighborhood quality make all the difference between a profitable deal and a money pit. A $60,000 house is not necessarily a good deal just because of the price.

Key takeaway: Florida and Texas account for the bulk of international demand and growth in the Sun Belt, each with its own trade-offs (insurance and hurricanes on one hand, property taxes on the other). Bargain-priced markets require local expertise that most remote investors lack: the neighborhood always takes precedence over the city.

Ways to Invest in U.S. Real Estate

There are four main routes to the U.S. market, each with very different combinations of risk, return, and liquidity.

Road	Admission ticket	Management	Liquidity	Performance Engine	Dominant risk
Direct Rental	High (often $100,000 or more)	Property manager to oversee	Low	Rent + appreciation	Local Market, Remote Management
International SCPI (e.g., Corum USA)	A few hundred euros	None	Limited	Rent Distributed	Fees, Account Manager, Currency Exchange
Crowdfunding, fractional ownership (e.g., RealT)	A few dozen euros	None	Very low	Depending on the structure (claim, token)	Platform, Default, Liquidity
Direct Land Ownership	Raised, privately placed	None (controlled operation)	None during the cycle	Discount on purchase, valuation, resale	Enforcement, Local Real Estate Market

Direct Rental Investment

Buying a house or condo and renting it out: maximum control, full exposure. Success depends on market selection, the quality of the property manager (expect to pay 8 to 10% of the rent), maintenance, and tax considerations. When managed remotely, it’s a demanding project that must be delegated to partners whose reliability determines the outcome.

International SCPI

The real estate investment trust (REIT) listed in the United States pools together properties managed from France: minimum investment starting at a few hundred euros, no management involved, but significant entry fees, limited liquidity, and currency exposure. Corum USA, a pioneer launched in 2024, paid out a 7.7% distribution in 2025, accompanied by a warning from the company itself: this performance, influenced by the dividend entitlement period, is not representative of a stabilized distribution. Our comparison of U.S. SCPIs versus direct investment explores this topic in greater depth.

Crowdfunding and Fractional Ownership of Real Estate

Platforms like RealT offer fractional ownership of U.S. real estate, which is sometimes tokenized. Always verify the actual legal nature of the investment vehicle: holding a token or a debt instrument is not the same as owning a building, and the promised liquidity depends entirely on the platform.

Direct land ownership: the road without a tenant

That leaves the approach this guide discusses further on: acquiring land, developing it, and reselling it. No tenants, no rental management—a different driver of performance: creating value in the asset itself. This is the approach Landquire takes.

Key takeaway: Direct rental property for control, SCPI for simplicity, fractional ownership for smaller investments, and direct real estate for physical assets without tenants—each approach has its own balance of returns and constraints. The choice depends on capital, available time, and tolerance for illiquidity, not on a universal ranking.

Legal and Tax Framework: LLC, ITIN, FIRPTA, Tax Treaty

Four concepts are all it takes to understand architecture; for a deeper understanding, consult our dedicated guides and your advice.

The LLC. The Limited Liability Company is the most commonly used holding structure: liability limited to capital contributions, flexible governance, a dedicated bank account, and tax transparency on the U.S. side. Beware of the “LLC = SCI” assumption: the tax classification of an LLC on the French side is analyzed on a case-by-case basis, and the optimal structure for income isn’t always the right one for estate planning (U.S. taxes can reach 40% after an exemption of only $60,000 for a nonresident holding assets directly). Our guide to forming an LLC covers this topic in detail.

Taxation of rental income. By default, rental income earned by a non-resident is subject to withholding tax on gross income; opting for the “income actually connected” regime allows for taxation on net income, after deducting expenses and depreciation of the property (27.5 years for residential properties), a mechanism that is often decisive for net profitability (IRS).

FIRPTA upon resale. The Foreign Investment in Real Property Tax Act imposes a 15% withholding tax on the sale price (not the capital gain) when a nonresident sells a property: on a $400,000 sale, $60,000 is withheld and then reconciled through the U.S. tax return, with any excess refunded if applicable. Tax credit certificates are available under certain conditions.

The Franco-American tax treaty. It allocates the right to tax and eliminates double taxation through a tax credit mechanism: U.S. income remains reportable in France (via specific forms and the declaration of foreign accounts). A tax treaty does not mean an exemption from filing. Our international taxation guide outlines the general framework.

All of these provisions are currently in effect and should be reviewed with a Franco-American tax attorney before any decisions are made, particularly regarding estate planning and the classification of structures.

Tax Office	Order of magnitude (to date)
Closing Costs (Purchase)	2 to 5% of the price, depending on the state
Annual property tax	~1 to 2.5% of the value, depending on the state and county
FIRPTA Withholding (Non-Resident Resale)	15% of the selling price, subject to adjustment
Default Withholding on Gross Rent	30%, which can be avoided by opting for the net income method
Insurance and HOA	Variables, rising sharply in coastal areas

Key points to remember: LLC for structuring, ITIN for filing tax returns, electing the net income tax regime to optimize rental income, FIRPTA to anticipate upon resale, and tax treaties to avoid double taxation. The framework is well-defined but technical. It must be developed with a tax specialist before the purchase—never after.

Steps, Financing, and Costs Involved in Buying Real Estate in the U.S.

The typical process consists of six steps: project definition (budget, strategy, structure); market selection; assembling the local team (a member of the National Association of Realtors, an attorney, a title company, an inspector, and a property manager); making an offer and negotiating; due diligence (title, inspection, easements, taxes, HOA, claims); and closing with title insurance. The process is faster and more standardized than in France, provided you understand how it works.

Financing is the real bottleneck for a non-resident. U.S. banks lend to foreigners only with a minimum down payment of 25 to 30 percent, at higher interest rates (the 30-year U.S. mortgage rate was around 6 percent in early 2026, and even higher for non-residents), and without a local credit history to show. French banks will only provide financing if there are guarantees in France (mortgage, collateral). As a result, nearly half of international buyers pay in cash (47% according to the NAR, compared to 28% for the market as a whole). Our guide to U.S. real estate financing for foreign investors details the available solutions.

Total costs exceed the listed price: closing costs (2–5%), annual property tax, insurance (which is rising sharply in Florida and along the coasts), HOA fees for condominiums, rental management (8–10% of rent), repairs and vacancy costs, accounting on both sides of the Atlantic, and LLC formation fees. An attractive gross return can be cut in half once all these costs are factored in: it’s the net-net return that matters.

Key takeaways: Six standardized steps, stringent financing requirements that force half of foreign buyers to pay in cash, and a host of ancillary costs that separate the gross return from the actual return. The budget is established in full from the outset, including the local team.

Risks and Precautions for Foreign Investors

To be fair, it must be noted that U.S. fundamentals do not eliminate any of the following risks.

• Local market risk: The national average may mask a turnaround in the chosen city; just two streets can separate a good neighborhood from a bad one.
• Remote management: total dependence on the property manager and service providers, with the risk of overbilling or biased reporting.
• Climate-related risks —hurricanes in Florida, floods in Texas, wildfires in the West—are weighing on both the insurance industry and assets.
• Currency risk: A return in dollars may be eroded when converted to euros.
• Tax risk: An inadequate structure or a failure to file a tax return can be costly on both sides of the Atlantic.
• Illiquidity: It can take several months to sell a property, and sometimes even longer for a plot of land.
• Unrealistic promises —such as high returns presented as consistent and guaranteed—are a red flag for offers you should avoid. A reputable operator provides documentation of its past operations, fees, assumptions, and worst-case scenarios, and gives you time to verify them.

The best precaution can be summed up in one word: support. A remote investor is only as good as their local partners, their verifiable track record, and their alignment of interests.

Key takeaways: Local market, remote management, economic climate, exchange rates, taxation, liquidity—these risks are identifiable and manageable, provided there is thorough due diligence and partners whose track record is verified on a deal-by-deal basis.

Direct Real Estate Investment in the U.S.: The Landquire Approach

Among the various investment approaches, direct land ownership stands apart: it eliminates the tenant rather than delegating the responsibility to a third party. Acquiring land means owning the asset that the U.S. housing shortage inherently requires—with no vacancies, no unpaid rent, and no rental management—and with a single driver of performance: buying at the right price, adding value, and reselling.

This is the model Landquire operates under from Miami: acquiring undeveloped land at a purchase discount documented against comparable transactions, increasing its value through land rights (zoning, subdivision, access to utilities), and then reselling it to individuals, developers, or builders. Each transaction is structured within a dedicated entity (an LLC formed as a joint venture between the investors and Landquire), where the land serves as collateral in a virtually debt-free model, with a short cycle of 24 to 36 months. Since 2021, the team has managed more than 130 land projects involving over 1,000 land acquisitions: this track record from past transactions is documented on our page featuring land projects already sold.

For example, a completed transaction in Texas (Bowie County) generated an observed return on investment of 115% over 913 days—approximately 30 months—at the upper end of the announced cycle range. This result, observed in a specific transaction under specific conditions, is not representative: it is not indicative of future performance and cannot be extrapolated.

This testimonial describes an individual investor’s results from a specific transaction: it is a specific case that is not representative of the U.S. real estate market or the model’s transactions, reflects past performance, and is not indicative of future results. This type of investment is intended for experienced investors only.

Important Disclaimers: Landquire real estate investments are direct acquisitions backed by real assets—neither SCPI nor FIA—intended for sophisticated investors only. They are illiquid during the term of each transaction, generate no interim income, and carry a risk of capital loss. This is one of four approaches outlined in this guide—not a one-size-fits-all solution: it is suitable for investors seeking real assets and value creation, not for those looking for monthly income. The complete model is presented on our Landquire real estate investment page, and its application is detailed on the pages covering real estate in Texas and Florida.

Key takeaway: Direct real estate is a distinct approach in the U.S. market: no tenants, a short cycle of 24 to 36 months, capital backed by the land, and returns derived from appreciation. Reserved for savvy investors and illiquid during the investment period, it complements—rather than replaces—rental and pooled investment approaches.

FAQ: Investing in Real Estate in the U.S.

About the Author

Thibaut Guéant is the co-founder of LandQuire, a U.S. company specializing in high-yield real estate investment. A French entrepreneur who has been based in Miami for more than 10 years, he has raised more than $40 million since 2021 and led more than 130 real estate transactions across the United States. He is a licensed real estate agent in Florida.

Last updated: July 20, 2026.

For more information: real estate in Texas and Florida, financing for foreign investors, the LLC guide, and the international taxation section.

The information in this guide is provided for educational purposes only and does not constitute investment advice, tax or legal advice, or a personalized recommendation. Tax information is current as of the date of publication and should be verified with a Franco-American professional. All investments involve the risk of capital loss. Past performance is not indicative of future results.

Ready to invest in real estate in the United States without having to manage rentals?

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• 100% managed investment backed by real assets
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