Contribution by Maury Golbert.
IV. Thou shalt not make foreign investments without calling thine accountant first.
“Not calling us costs more money when we find out what we should have done differently,” said Maury Golbert, chairman of Berdon’s real estate services group. One foreign client of his owns a U.S. home that has accumulated a lot of value, but, since the investor bought the property without consulting an accountant, the owner can’t transfer or sell the property without facing a significant U.S. tax hit, he noted. “Had they spoken to us first, we could have suggested ways that would have avoided some of the exact issues they face today.”