Miami is one of the few cities in the world where a buyer from Bogotá, Buenos Aires, Madrid, or São Paulo can purchase real estate almost as easily as a local. The United States imposes no restrictions on foreign nationals buying property — you don't need a visa, a green card, or even a Social Security number to own real estate here. But there are meaningful differences in how the transaction works, and understanding them before you start looking will save you time, money, and significant frustration.
Can a foreign national buy property in Miami?
Yes — with almost no restrictions. The U.S. does not limit foreign ownership of residential real estate. A non-resident from any country can purchase a condo, single-family home, townhouse, or investment property in Florida without any special government approval. This is one of the reasons Miami has historically attracted so much international capital.
The one area where restrictions apply is agricultural land — the Foreign Investment in Real Property Tax Act and more recent state-level legislation have added some limits there — but for residential and commercial real estate in Miami, foreign buyers have essentially the same purchase rights as U.S. citizens.
How financing works for foreign nationals
This is where things get more complex. U.S. lenders consider foreign nationals higher-risk borrowers because they have no U.S. credit history, and in many cases no U.S. income documentation. As a result, your options look different from what a domestic buyer would see.
Many international buyers in Miami purchase with cash, which eliminates the financing complexity entirely and makes your offer significantly more competitive. If you're buying cash, the process is largely the same as it is for any buyer — find a property, make an offer, go through escrow, close.
If you need financing, foreign national mortgage programs do exist. Several lenders — including some with dedicated international buyer divisions — offer loans to non-residents, typically requiring a larger down payment of 25 to 40 percent, higher interest rates than standard conforming loans, and documentation of income and assets from your home country. You'll generally need to show bank statements, proof of income, and a reference letter from your home country bank. ITIN (Individual Taxpayer Identification Number) loans are also available for buyers who have an ITIN but no Social Security number.
Some foreign buyers also use DSCR loans — debt service coverage ratio loans — which qualify based on the rental income potential of the property rather than the borrower's personal income. These can be particularly useful for investors.
The tax picture: what foreign buyers need to understand
This is the area where most international buyers are caught off guard, and it's where having the right advisors matters most.
FIRPTA. The Foreign Investment in Real Property Tax Act requires that when a foreign national sells U.S. real estate, the buyer must withhold 15% of the gross sales price and remit it to the IRS. This is not a tax on profit — it's a withholding on the total sale price. A foreign seller can apply for a withholding certificate to reduce this amount if their actual tax liability is lower, but the default is 15%. If you're buying from another foreign national, your closing agent will handle this — but you need to know it exists.
Property taxes. Foreign nationals pay the same property taxes as U.S. citizens. However, you are not eligible for the Florida homestead exemption unless the property is your primary residence and you are a Florida domiciliary — meaning most investment buyers from abroad will pay taxes on the full assessed value without the $25,000 exemption or the Save Our Homes cap.
Federal income tax on rental income. If you rent the property, the rental income is subject to U.S. federal income tax. Foreign nationals can elect to treat rental income as effectively connected income and file a U.S. tax return, which allows them to deduct expenses. Without that election, the IRS withholds a flat 30% of gross rental income. The election is almost always the better choice — but it requires working with a U.S. tax professional.
Estate tax exposure. This is the one that surprises people most. U.S. citizens and residents have an estate tax exemption of over $12 million. Non-resident foreign nationals have an exemption of only $60,000 on U.S.-situated assets. If a foreign national dies owning Miami real estate worth $1 million, their estate could owe significant U.S. estate taxes. Many international buyers structure their purchases through a foreign corporation or LLC specifically to avoid this exposure — a strategy worth discussing with a cross-border tax attorney before you close.
The closing process
Florida is a title state, meaning closings are handled by a title company rather than an attorney (though you can and should have your own attorney review documents). The process for foreign buyers is largely the same as for domestic buyers, with a few additional steps.
You'll need a U.S. bank account or wire transfer capability — closing funds must typically be wired in U.S. dollars from a verified source. Anti-money laundering compliance has tightened significantly in South Florida, and title companies are required to verify the source of funds for cash transactions above certain thresholds. Having your documentation organized — proof of funds, source of wealth documentation if needed — will make the process smoother.
You'll also need a U.S. Tax Identification Number for the closing. This is either a Social Security number or an ITIN — your attorney or closing agent can help you apply for an ITIN if you don't already have one.
Condos vs. single-family homes for foreign buyers
Both are accessible to foreign nationals, but condos come with an additional layer of due diligence that matters especially for international buyers who may not be in Miami full-time. Before buying a condo, you'll want to review the condo association's rules on foreign ownership, rental restrictions, and subletting policies. Some buildings limit the percentage of units that can be rented at any time, which affects your investment strategy. Others have board approval processes for new buyers.
Post-Surfside, understanding a building's reserve funding and inspection status is also non-negotiable. A well-funded building with a clean milestone inspection is a very different risk profile from one facing a large pending special assessment.
Who you need on your team
A successful purchase as a foreign national requires the right professionals. At minimum you need a real estate agent who regularly works with international buyers and understands the specific buildings, neighborhoods, and deal structures that make sense for non-residents. You also need a U.S. real estate attorney, a cross-border tax advisor, and a title company experienced with international transactions.
I work with international buyers across the Miami market regularly — from first-time purchasers navigating the process remotely to seasoned investors expanding their portfolios. If you're considering buying in South Florida from abroad, I'd be glad to walk you through what the process looks like for your specific situation.
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