Buying in Miami as a Foreign NationalComprar en Miami Siendo Extranjero

Foreign buyers account for roughly a third of Miami's luxury condo sales in 2026, and that share is growing. Every year I work with families from Brazil, Argentina, Mexico, Colombia, Israel, the UK, Russia, China, and Canada who are buying a Miami home — sometimes as a primary residence, more often as a vacation home, an investment vehicle, or a family safety asset. The process is more accessible than most international buyers expect, but the structuring decisions made in the first thirty days of the transaction echo for decades. Here is what to think about.

You do not need to be a U.S. resident

The single most common misconception: foreign nationals worry they need a green card, a visa, or even a Social Security number to buy U.S. real estate. None of this is true. A foreign national with no U.S. ties can buy property in Miami with cash, in their personal name, the day after landing at MIA. There is no buyer-side restriction at the federal level on foreign ownership of real estate in Florida.

What changes if you are not a U.S. tax resident is how you should buy — the entity structure, the tax filings, and the eventual sale strategy. The transaction itself does not change.

Cash vs. financing

Most foreign buyers in Miami pay cash, but financing is available for those who want it. The product is called a foreign national mortgage and is offered by a half-dozen lenders that specialize in this segment.

• Loan-to-value: typically 60–70%. A foreign national buying a $2M condo can usually finance $1.2–$1.4M.
• Interest rate: roughly 1.5–2.5% above the prime U.S. rate. In a 7% prime environment, expect 8.5–9.5%.
• Documentation: minimal. Typically two years of foreign tax returns or equivalent, bank statements, and a letter from a foreign bank. No U.S. credit history required.
• Closing time: 45–60 days. Slower than a cash transaction; faster than a domestic mortgage with first-time-buyer underwriting.

The LLC question

Almost every foreign buyer over $1M should consider buying through a U.S. LLC rather than in personal name. The structure most often used is:

Foreign individual → owns shares in Foreign holding company (often Cayman, BVI, or home country) → which owns U.S. LLC (typically Delaware) → which owns the Miami property.

This sounds complicated, and it costs about $3,000–$8,000 to set up, but it solves several problems at once:

• Estate tax planning. Foreign nationals who own U.S. real estate in personal name are subject to U.S. estate tax above the $60,000 exemption — i.e., on essentially the full value of the property. The LLC structure can mitigate this dramatically.
• Privacy. Florida property records are public. A property held by "Miami Bayfront LLC" reveals less than a property held by your personal name.
• Liability separation. If anything happens at the property (slip and fall, contractor injury), the LLC is the liable entity, not you personally.
• Future sale flexibility. Selling LLC shares is a different tax event than selling the property directly; in some structures, this can defer or eliminate FIRPTA withholding.

The right structure depends on your home country's tax treaty with the U.S., your overall asset profile, and your timeline. Talk to a cross-border tax attorney before you sign a contract, not after. The cost is trivial compared to getting the structure wrong.

FIRPTA — the foreign seller tax

The Foreign Investment in Real Property Tax Act requires that when a foreign national sells U.S. real estate, the buyer withholds 15% of the gross sale price and remits it to the IRS at closing. Note: gross sale price, not gain. On a $3M sale, that's $450,000 withheld at closing.

You can recover most of this on your next U.S. tax return (Form 1040-NR), but the cash is locked up for 6–18 months. FIRPTA can be reduced or eliminated with proper planning:

• $300K rule: If the buyer is going to use the property as a personal residence and the sale price is under $300,000, FIRPTA is waived. Rarely useful for luxury buyers.
• Withholding certificate (Form 8288-B): You can apply to the IRS for a reduced withholding based on your actual expected tax liability. Filed before closing. Reduces 15% to a more accurate number (often 5–8%).
• LLC ownership: Selling LLC shares rather than the property itself can sidestep FIRPTA entirely in some structures — though this requires careful planning at acquisition.

Property tax — yes, every year

Florida has no state income tax, which is one of the reasons foreign buyers like it. The state makes up for this with property tax: roughly 1.7–2.0% of assessed value annually, payable each November. A $5M home owes roughly $85,000–$100,000 per year. Foreign nationals who do not qualify for the Florida Homestead exemption (which requires it to be your primary residence) pay the full unhomesteaded rate.

Currency and wire mechanics

A few practical mechanics that catch foreign buyers off-guard:

• Wire transfers from international banks can take 3–5 business days and sometimes longer for compliance review. Start the wire process at least a week before closing.
• Bring a currency conversion strategy. Buying $2M of USD with BRL or COP on the closing day is a worse deal than locking the rate two months prior through a forward contract. Most major international banks offer this.
• Have a U.S. bank account. Open it before you start shopping. The earnest money deposit, the closing costs, and ongoing expenses are dramatically easier with a U.S. account. Chase, Citi, and HSBC all open accounts for non-residents with a passport and a foreign address.

Visa considerations

Buying property does not grant you a visa. But several visa categories work well with significant U.S. real estate investment:

• B-1/B-2 visitor visa: Lets you spend up to six months per year in the U.S. Most foreign buyers operate on this.
• E-2 investor visa: Available to citizens of treaty countries (Brazil, Argentina, and others) who actively invest in a U.S. business. Real estate alone usually doesn't qualify — needs to be a real operating business.
• EB-5 investor visa: Path to green card via $800,000+ investment in a job-creating U.S. project. Some Miami development projects offer EB-5 structures.
• O-1 / EB-1: For individuals with extraordinary achievements in business, arts, athletics, or science. Increasingly popular for South American executives.

The thirty-day checklist

If you are seriously considering a Miami purchase in the next 6–12 months, the right first thirty days look like:

1. Week 1: Initial conversation with a Miami REALTOR who works with foreign buyers (this is what I do). Define neighborhoods, budget, primary vs. investment.
2. Week 2: Connect with a cross-border tax attorney. The LLC question gets resolved before you sign a contract.
3. Week 3: Open a U.S. bank account. Start the wire-process documentation.
4. Week 4: Begin physical viewings (or virtual, if you're not yet in Miami). Refine the short list.