Miami has long attracted buyers from around the globe. From luxury condominiums and vacation homes to investment properties and commercial real estate, foreign investors continue to purchase property throughout South Florida in large numbers.

While there is no citizenship or residency requirement to purchase real estate in in Miami, international buyers should be aware that purchasing property in the U.S. comes with additional legal, financial, and tax considerations that domestic buyers may not encounter.

Here’s what non-U.S. residents should know before buying property in Miami.

Yes, Non-U.S. Residents Can Buy Property in Miami But Ownership Structure Matters

Foreigners can buy and sell residential, commercial, and investment property throughout Florida, and do not need a visa, green card or U.S. citizenship to own real estate.

When preparing to purchase property from outside the U.S., however, it’s advisable to consider the ownership structure carefully. The two most common approaches are to buy the property as an individual or under an entity name such as an LLC, corporation or trust. There are pros and cons to both approaches, though one of the primary advantages of doing business under an entity name – and this includes investing in real estate – is that it offers a level of personal asset protection you don’t get as an individual investor. If there is a lawsuit or creditor claim made against the property owners, the business entity will be liable, but your personal assets should be shielded.

As you weigh your decision, consider your unique situation and goals before determining the best investment strategy for you.

Know That Financing May Work Differently for Foreign Buyers in Miami

Foreign nationals can obtain financing in the U.S., but lending requirements are often more restrictive than they are for domestic borrowers. For example, lenders often require foreign buyers to put down larger down payments, typically between 30% and 50% of the purchase price, and they may face potentially higher interest rates.

If paying cash, plan ahead for currency transfers and international wire fees. Large transfers can trigger compliance reviews or currency conversion delays, so coordinate with your bank and title company early to ensure funds are ready for closing day.

Understanding FIRPTA Requirements for International Property Buyers in Florida

When, down the road, you decide to sell your property, non-U.S. citizens will encounter FIRPTA, the Foreign Investment in Real Property Tax Act. FIRPTA affects all real estate transactions involving foreign sellers. The law requires buyers to withhold a portion of the sale price (typically 15%) when purchasing from a non-U.S. seller, then remit it to the IRS.

While this applies at the point of sale rather than purchase, buyers should ensure all FIRPTA documentation is correctly handled to avoid liability. FIRPTA rules are complex and come with some exceptions, so before purchasing or selling property as a foreign investor, be sure to consult with a real estate attorney so you can be most strategic with your investment.

Closing Options for International Buyers Who Cannot Travel to Florida

If, as an international investor, you can’t be physically present at closing, there are typically two closing options your title company may suggest: mail-away closings and Remote Online Closings (RONs). You can read more about the differences between the two options here.

Mail-away closings enable buyers and sellers to complete a real estate transaction without being physically present at their title agent’s office. They are typically most useful when the buyer is financing the purchase and when a buyer is not living in the United States and cannot get approved for a Remote Online Closing.

Remote Online Closings are another option, but if the seller is not a U.S. citizen, they may need to get pre-approval for a RON closing with the title company’s underwriter. 

Buy and Sell with Confidence. Contact Sirulnik Law and ADS Title Services, Inc.

Investing in Florida real estate comes with challenges and opportunities for international buyers. Our team at the Law Offices of Alex D. Sirulnik, P.A. and ADS Title Services, Inc. is here to help ensure your transaction stays compliant, efficient, and protected from avoidable surprises before and after closing. Contact us to schedule a free consultation.

FAQs

Can a non-U.S. resident or foreigner buy real estate in Miami?

Yes. There is no citizenship, visa, or residency requirement to purchase real estate in Florida. Non-U.S. residents, foreign nationals, and international investors can buy residential, commercial, and investment properties throughout Miami-Dade and South Florida. However, there are important legal, financial, and tax considerations that differ from domestic purchases.

Do I need a U.S. bank account to buy property in Miami as a foreign buyer?

Not always, but it is highly advisable. Having a U.S. bank account simplifies the wire transfer process for your down payment and closing funds. Without one, large international transfers can trigger currency conversion delays and compliance reviews. Your title company or closing attorney can advise on the best way to structure your funds transfer ahead of closing day.

Should I buy Miami real estate in my personal name or through an LLC?

Both are legal options for foreign buyers in Florida. Purchasing under a U.S. LLC or other entity can offer personal asset protection, potential tax advantages, and easier ownership transfer. Buying in your individual name is simpler but exposes your personal assets to any claims related to the property. The right choice depends on your investment goals, tax situation, and estate planning needs. Consult with a Florida real estate attorney before making that decision.

What financing options are available for foreign buyers purchasing property in Miami?

Foreign nationals can qualify for U.S. mortgages, but requirements are stricter than for domestic buyers. Most lenders require a down payment of 30% to 50% of the purchase price, and interest rates may be higher. Many international buyers in Miami choose to purchase with cash to avoid financing complexity. Either way, coordinate with your lender and title company early in the process.

Can I close on a Miami property if I’m not physically in Florida?

Yes. Most international buyers close remotely. The two main options are mail-away closings, where documents are signed, notarized, and returned by mail, and Remote Online Closings (RONs), where you sign electronically during a live video session with a certified notary. Non-U.S. citizens may need to obtain underwriter pre-approval for a RON closing. Your title company will advise on which option fits your situation.