Buying a home in Miami as a foreigner

Can a foreigner buy a home in Miami?

Short answer: yes. Florida does not ask for citizenship, a green card or a visa to buy a home. Buyers from a few countries have extra rules (see the SB 264 section below).

To buy, you need a valid passport and proof that you have the money. If you pay cash, the title company or closing attorney checks your identity and asks where the money comes from. If you buy with a loan, the lender asks for more: proof of income, bank statements, and often a reference letter from your bank at home.

You can buy in your own name, with your spouse, or through a company. Many foreign buyers use a Florida company (an LLC). The choice changes your taxes in the US and at home, so ask a lawyer and a tax adviser before you sign a contract.

Who buys in South Florida from abroad?

Short answer: mostly buyers from Latin America. In the 2025 MIAMI REALTORS report, Colombia (15%), Argentina (12%), Mexico (7%) and Brazil (7%) lead, among buyers from 55 countries.

The median foreign buyer paid about $558,700, and 51% paid all cash. Miami-Dade gets most of the money: 73% of foreign buyer dollar sales. In Palm Beach County, Argentina (34%) and Brazil (13%) lead. Many buyers visit only a few times, and 11% bought without even visiting Florida. Good photos, video tours and an agent you trust matter more when you buy from far away.

Do I get a visa if I buy a home?

Short answer: no. Buying a home does not give you a visa, a green card or the right to live or work in the US.

You can visit your home with the visa or visa waiver you already use, within its limits on how long you can stay. The EB-5 investor program is a different thing: it is for large investments in a business that creates jobs, not for buying a home to live in. Ask an immigration lawyer about your own case.

Should I pay cash or get a loan?

Short answer: about half of foreign buyers pay cash. Loans for foreign nationals exist, but they usually ask for a larger down payment and a higher rate than loans for US residents.

With a loan, the lender must also approve the condo building, not only you. Some buildings do not qualify, for example when they need critical structural repairs that are not done yet. Ask the lender early, before you choose a unit. Our guide on condo rules after Surfside explains what lenders and buyers check in a building.

Does the condo building need to approve me?

Short answer: often yes. Many associations ask for an application, a fee and a background check before you can buy or rent out a unit. Florida caps the application fee at $150 per applicant, and a married couple counts as one applicant.

Read the building rules before you make an offer: pets, how soon you can rent the unit out, the minimum lease length, and how many times a year you can rent. For a resale condo, the seller must give you the association documents, including the latest structural reserve study. Since 2025, Florida law gives you 7 days, not counting weekends and legal holidays, to cancel the contract after you receive them. The right ends at closing.

What does it cost to buy?

Short answer: closing costs are a few percent of the price, and more with a loan. Our closing costs guide works through a full example on a $500,000 condo.

• Title insurance and closing fees. Florida sets title insurance rates by rule. In Miami-Dade and Broward, the buyer usually pays for the owner's title policy. In Palm Beach County, the seller usually pays.
• Taxes on the loan. With a loan, Florida charges documentary stamp tax of $0.35 per $100 of the loan (0.35%) and intangible tax of 0.2% of the loan. Cash buyers do not pay these.
• Other costs. Inspection, appraisal (with a loan), survey for a house, the association's application fee, and the closing agent's fee.

Should I buy in my own name or through a company?

Short answer: both are common. The choice changes your taxes in the US and at home, so decide with a tax adviser before you sign the contract.

Buying in your own name is simple and costs less to keep. Buying through a Florida LLC gives more privacy and can protect your other money if someone sues the owner. Some buyers use a company structure for another reason: US estate tax. When a non-resident dies owning US property in their own name, the estate must file a US estate tax return if the US assets are worth more than $60,000, and tax can be due. For US citizens, the 2026 exclusion is $15 million. A tax treaty with your country can change this. A company structure can also change it, but it adds yearly costs and paperwork, and the wrong structure can raise your income tax.

Whatever you choose, the buyer on the contract, the name on the deed and the name on the money transfer must match. Changing the buyer late can delay the closing.

What does it cost every year?

Short answer: property tax, insurance and, in a condo, the monthly association (HOA) fee. Foreign owners who do not live in Florida do not get the homestead exemption.

• Property tax. The total rate depends on the city. In Miami-Dade for 2025, it ranged from about 1.55% of taxable value (Key Biscayne) to about 2.43% (Biscayne Park). The City of Miami was about 2.0% and Miami Beach about 1.88%. Some areas add fixed fees for trash or other services. The Property Appraiser's online tax estimator shows an estimate for a given price.
• No homestead exemption. Florida's homestead exemption (up to $50,000 off the taxable value) and its cap on yearly value increases (3% or inflation, whichever is lower) are only for owners who are US citizens or permanent residents and live in the home as their permanent residence on January 1.
• 10% cap. Without homestead, the taxable value of a home or a condo can still go up by at most 10% a year, but that cap does not cover school taxes.
• Insurance. A condo unit policy (HO-6) or a homeowner's policy for a house, plus flood insurance in many areas.
• HOA fee. Paid every month in most condos and in many gated communities. It pays for the building's insurance, staff, repairs and reserves.

On November 3, 2026, Florida voters decide on Amendment 3. If it gets 60% of the vote, from January 1, 2027 it would raise the homestead exemption and lower the yearly cap for non-homestead property, such as most homes owned by foreign buyers, from 10% to 5% (school taxes still excluded). Check the result before you budget for 2027.

What insurance do I need?

Short answer: in a condo, the association's policy covers the building, and you buy your own policy (called HO-6) for the inside of your unit. Many areas also need flood insurance.

If you have a loan, the lender requires insurance, and in a high-risk flood zone it also requires flood insurance. Even without a loan, get insurance quotes before you sign the contract, because hurricane and flood coverage in South Florida can cost more than buyers expect. Ask the association what the building policy covers and how large the deductible is: after a storm, owners can share that cost. Our flood zones and insurance guide explains each policy.

What taxes do I pay if I rent it out?

Short answer: by default, 30% of the gross rent is withheld for US taxes, with no deductions. Most owners instead choose to file a US tax return every year and pay tax only on the net rental income.

To do this, the owner makes an election, files Form 1040-NR, and gives the tenant or property manager Form W-8ECI. You need an ITIN, a US tax number for people who cannot get a Social Security number. You apply with IRS Form W-7, attached to your tax return. A tax treaty can change the rate.

Rentals of 6 months or less are also taxed like hotel stays. In Miami-Dade, that means Florida's 6% sales tax, a 1% county surtax and a local tourist tax: 6% in most of the county, 7% in Miami Beach and 4% in Surfside and Bal Harbour. In total, about 13% to 14% of the rent. Many buildings and cities also limit short rentals. In Miami Beach, rentals of less than 6 months and 1 day are not allowed in single-family homes or in many apartment buildings, depending on the zoning district.

What happens when I sell?

Short answer: under a US law called FIRPTA, the buyer must usually withhold 15% of the sale price and send it to the IRS. You get back what you do not owe when you file your US tax return.

You can ask the IRS for a lower withholding before the sale with a withholding certificate (Form 8288-B). Lower rates also apply when the buyer is a person (not a company) who plans to live in the home: no withholding when the price is $300,000 or less, and 10% when the price is $1 million or less. The buyer or a family member must plan to live there at least half of the days the home is used, in each of the first two years. Plan the sale with a tax adviser, because the withholding is based on the price, not on your profit.

Are there special rules for buyers from some countries? (SB 264)

Short answer: yes. Since July 1, 2023, Florida limits buying by some people from 7 countries: China, Russia, Iran, North Korea, Cuba, Syria and Venezuela (the law names the Maduro government).

The law applies to people domiciled in those countries who are not US citizens or permanent residents, and to companies and governments from those countries. They cannot buy farm land, or land within 10 miles of a military base or some critical infrastructure (for example power plants, ports and airports).

For people domiciled in China, the rules are stricter. In general they cannot buy property in Florida. There is a limited exception for one home of up to 2 acres, more than 5 miles from a military base, for people with a non-tourist visa or asylum. Some buyers must also register their purchase with the Florida Department of Commerce.

The law is in force. On November 4, 2025, the federal appeals court for Florida (11th Circuit) did not block it, and the people who challenged it dropped the case on December 30, 2025. If the law may apply to you, talk to a Florida real estate lawyer before you sign anything.

How long does it take to buy?

Short answer: often about a month with cash and longer with a loan. Add time if the condo association must approve you.

The slowest parts are often outside your control: the association's review, the lender's approval of the building, and getting documents signed and certified abroad. Start the association application as soon as your offer is accepted. Florida allows remote online notarization, so you can sign many closing documents from abroad by video with a Florida online notary, or you can give a trusted person a power of attorney.

How do I send the money safely?

Short answer: by bank wire to the escrow account of the title company or the closing attorney. Always confirm the wire details by phone first.

Wire fraud is a real risk in real estate: criminals send fake emails with new bank details at the last minute. Call the title company at a number you already know, not the one in the email, before every transfer. Your bank at home may also ask where the money comes from, so keep your documents ready. You do not need a US bank account to buy, but one makes paying taxes, insurance and HOA fees easier later.

Step by step

1. Set your budget, with closing costs and yearly costs.
2. Get proof of funds, or a pre-approval from a lender that works with foreign nationals.
3. Ask a tax adviser how to own the home: in your name or through a company.
4. Choose the area and the building. Read the building rules on rentals and pets.
5. Make an offer. Your deposit goes to an escrow account held by the title company, a lawyer or a broker.
6. Inspect the home and review the condo documents within your 7 days.
7. Apply to the association, if the building requires it.
8. Get insurance quotes, including flood.
9. Confirm the wire instructions by phone and send the funds.
10. Close. You can sign from abroad with a power of attorney or an online notary.