UPDATE from our friends at First American Title Hawaii:
The new rules for FIRPTA withholding and new rate of 15%, where applicable, will take effect for closings beginning today (February 17, 2016). Below is a summary of FIRPTA withholding in closings beginning tomorrow and a new flowchart outlining when the new rate applies.
Many of you have asked for the definition of “resident” for purposes of determining whether the increased rate of 15% apply to real property sold for $1 million or less. This new flyer includes that definition.