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If I Buy Property In Alaska Am I Eligible For A Dividend
If I Buy Property In Alaska, Am I Eligible For A Dividend?
One of the great things about living in Alaska or acquiring Alaskan real estate is that state has been blessed with an abundance of natural resources. In 1974, the Alaskan Permanent Fund was established in exchange for the private sale of local resources. The revenue that is generated through these land rights are then reinvested by the state and doled out in the form of annual dividends to residents.
These annual dividends can be a substantial sum of money to any individual or family residing within the great state of Alaska. In 2013, the annual individual payment was around $900, whereas in recent years, that total has reached above $1,000 per eligible individual; however, not everyone is eligible to take advantage of these dividends.
Only Residents Are Eligible
To be eligible to receive your dividend, you must be a resident of the state for at least one year. You can’t just own Alaskan real estate property or hold investments that would otherwise warrant you to this money. The state government will check housing or rent records as well as other documentation to determine whether or not you qualify.
One exception to this rule is that you can be out of the state for up to 90 days without taking any action. For instance, if you own a summer home, you would be able to return to that property for up to 90 days without reporting those times on your application; if you stay longer than this time and do not report your absence, you could be liable for fraud. The total time you are allowed outside of Alaska is 180 days a year. This is dependent on if your absence is considered “allowable” such as education, hospital care, service in the government or military, etc.
Don’t Do It For The Dividend
If you are interested in moving to Alaska or plan on investing in Alaskan real estate, make sure you aren’t taking these drastic measures just to take advantage of the dividend. Alaska is a beautiful place to live and one of the best places in the world to call home, but it can also have a lot of challenges.
Enduring long and harsh winters and general disconnect from the lower 48 states can be a difficult thing for new comers to adjust to. You’ll find that Alaska is almost a country of its own, and the people and culture are unique and diverse. The annual dividend is merely an indirect benefit of living in such an incredible place. Once you have lived here continuously for at least a year, and show signs that you intend to stay, you will become eligible for the dividend.
That being said, if you are still looking to buy Alaskan real state, or want to take advantage of the housing market, there are plenty of houses available that could accommodate your needs. Working with a local real estate agent will help you to find the perfect property that will make you proud to call yourself an Alaskan.
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