Can Foreigners Buy Property in Miami?
Yes, without restrictions. The US allows foreigners to purchase real estate with no residency or visa requirements. The process is nearly identical to that of an American citizen.
Step-by-Step Process
1. Define budget and property type. 2. Get pre-approval or proof of funds. 3. Work with agent specializing in international buyers. 4. Make offer and negotiate (5-15 days). 5. Due diligence period (10-15 days). 6. Close at title company (30-60 days). Foreign buyers need passport and ITIN for closing.
Closing Costs
Buyer's costs: 2-3% of purchase price. Seller's costs: 5-7% (agent commissions, transfer taxes).
Why Miami Is the Top U.S. Real Estate Market for International Buyers
Miami has long been the gateway city between the United States and Latin America, and its real estate market reflects that role. More than 50 percent of Miami-Dade's residential transactions involve international buyers in some capacity — a proportion unmatched by any other major U.S. metro. For foreign nationals seeking U.S. real estate exposure, Miami offers a unique combination of legal security, market liquidity, cultural familiarity, and global connectivity that makes it the natural starting point for cross-border property investment.
In 2026, international buyer interest in Miami has intensified following years of political and economic turbulence across Latin America. Buyers from Venezuela, Colombia, Argentina, Mexico, Brazil, and increasingly from Europe and the Middle East view Miami real estate as a stable, dollar-denominated asset that preserves wealth while offering genuine lifestyle value. The entry of major global brands — Four Seasons, St. Regis, Aman, Bentley, Porsche — into the residential market has further cemented Miami's status as a world-class real estate destination comparable to London, Paris, and Dubai.
Legal Framework: Can Foreigners Buy Real Estate in Miami?
Yes, absolutely. The United States places no legal restrictions on foreign nationals purchasing real estate. Non-citizens and non-residents can buy residential and commercial property, hold title in their individual name, in a trust, or through a U.S. or foreign entity. This open framework is one of the most significant advantages the U.S. market offers over many competing international destinations that restrict foreign ownership.
However, foreign buyers must navigate several legal and tax considerations that differ from domestic transactions. FIRPTA — the Foreign Investment in Real Property Tax Act — requires buyers to withhold 15 percent of the purchase price from the seller's proceeds at closing when the seller is a foreign person. As a foreign buyer, you are generally not subject to FIRPTA withholding on your purchases, but if you later sell the property, the buyer's closing agent will be required to withhold from your proceeds. Understanding this obligation before you buy is essential for future exit planning.
Financing Options for Foreign Buyers
Obtaining a U.S. mortgage as a foreign national is more complex than for domestic buyers but entirely possible. Several major lenders — including international banks with U.S. operations such as HSBC, Citibank, and various private banks — offer foreign national loan programs. These typically require 30 to 40 percent down payments, two years of foreign tax returns or bank statements, and evidence of income from non-U.S. sources. Interest rates for foreign national loans are typically 0.5 to 1.5 percentage points higher than comparable domestic loans.
Many foreign buyers, particularly those purchasing in the luxury segment, choose to pay cash to simplify the transaction and strengthen their offers in competitive situations. Cash buyers avoid the complexity of foreign national lending, accelerate the closing timeline (often to 21 to 30 days rather than the 45 to 60 days required for financed transactions), and frequently negotiate price reductions in exchange for certainty and speed.
If you intend to finance, begin the pre-approval process at least 60 to 90 days before you plan to begin actively searching for property. Assembling the required documentation from foreign sources takes time, and having a fully underwritten approval in hand when you find your target property is essential in Miami's competitive market.
Tax Obligations for Foreign Property Owners
Foreign owners of U.S. real estate have ongoing tax obligations that require professional guidance. Annual property taxes in Miami-Dade are assessed at approximately 1.5 to 2.5 percent of assessed value and are due each November. Foreign owners are not entitled to the Florida homestead exemption unless they establish Florida as their primary domicile and meet the legal requirements for homestead status — which non-residents typically do not.
Rental income from U.S. property is subject to U.S. income tax. Foreign owners can elect to treat rental income as effectively connected income and file a U.S. tax return (Form 1040-NR), which allows deductions for mortgage interest, property taxes, depreciation, management fees, and other operating expenses. This often results in a lower effective tax rate than the default 30 percent withholding on gross rental income that applies in the absence of a tax treaty or election.
Estate tax exposure is a critical consideration for foreign buyers. The U.S. estate tax exemption for non-resident aliens is only $60,000 — far below the $13+ million exemption available to U.S. citizens and residents. This means that foreign-owned U.S. real estate may be subject to estate tax at rates up to 40 percent upon the owner's death. Structuring ownership through a foreign corporation, LLC, or irrevocable trust can mitigate this exposure, but requires qualified U.S. tax counsel before purchase.
Choosing the Right Structure for Your Purchase
How you hold title to your Miami property affects your liability exposure, tax treatment, privacy, and estate planning. Common structures for foreign buyers include:
Individual ownership: Simplest structure. Title is held in your personal name. Suitable for primary residences or where estate tax exposure is manageable due to small property values or existing estate plan.
U.S. LLC: Provides liability protection and, for single-member LLCs, pass-through tax treatment. Does not eliminate estate tax exposure for foreign owners without additional planning. Frequently used for investment properties.
Foreign corporation: Can eliminate U.S. estate tax exposure but creates potential branch profits tax on corporate earnings. Requires careful structuring and ongoing compliance. Best suited for larger investments where estate tax savings justify the complexity.
Work with a qualified U.S. attorney and CPA who specialize in international real estate transactions before selecting your ownership structure. The cost of proper planning is modest relative to the potential tax savings and liability protection it provides.
Practical Steps for Foreign Buyers in 2026
Start by engaging a Miami buyer's agent with documented experience representing international clients. Language capability, cultural familiarity, and experience with cross-border closing procedures are all valuable. Your agent should be able to recommend qualified title companies, real estate attorneys, and tax advisors from their professional network.
Open a U.S. bank account before you begin making offers. You will need to wire closing funds from a U.S. account, and U.S. title companies have strict anti-money-laundering requirements that complicate last-minute international wire transfers. The account setup process can take two to four weeks for non-resident foreign nationals, so begin this process early in your home search.
