How to Buy an Apartment in Miami from Latin America: Complete Guide 2026

Every year, thousands of Latin Americans complete the purchase of an apartment in Miami. The reasons go far beyond the beach and weather: Miami’s real estate offers what local markets can’t — stability, USD-denominated assets, and real wealth protection. This guide is written specifically for Latin American buyers, with the practical details you won’t find anywhere else.

Why Latin Americans Buy in Miami

1. Wealth Protection in US Dollars

In countries like Argentina, Venezuela, or even Colombia and Brazil, local currencies face structural pressures. A Miami property is priced in USD and is not subject to exchange controls, devaluations, or local market volatility.

2. No State Income Tax in Florida

Florida has no state income tax. This is a major advantage for those who relocate or spend significant time in Miami. Compare this to New York or California where state tax can be 9%–13%.

3. Real Returns in Hard Currency

A $300,000 apartment in Brickell can rent long-term for $2,500–$3,500/month. That’s an 8%–14% annual return in USD — impossible to replicate in most local markets.

4. Second Home + Investment

Many Latin Americans use the Miami apartment as a second residence, combining vacations with investment.

How Much Money Do I Need to Buy in Miami?

Real market ranges in 2026:

Zone	Type	Price	Monthly HOA
Brickell (studio)	Studio 430 sq ft	$350,000 – $500,000	$600 – $1,000
Brickell (1 BR)	1 BR 700 sq ft	$500,000 – $800,000	$800 – $1,400
Edgewater (1 BR)	1 BR 750 sq ft	$450,000 – $700,000	$700 – $1,200
Midtown (2 BR)	2 BR 1,080 sq ft	$650,000 – $1,100,000	$1,000 – $2,000
Miami Beach (1 BR)	1 BR 700 sq ft	$600,000 – $1,200,000	$900 – $1,800

Remember to add closing costs: 1.5%–3% of the purchase price (attorney fees, transfer taxes, title insurance, etc.).

How to Transfer Money Internationally

This is what most Latin American buyers want to know. The most common options:

Option 1: Existing USD Abroad

If you already have USD in foreign banks (Uruguay, Panama, Spain, or another country), a wire transfer to a US account for payment is straightforward.

Option 2: Crypto → Stablecoins → USD

A strategy used by many Latin Americans: convert local currency to USDT/USDC on exchanges, transfer abroad, then convert to USD for closing. Stay current on local regulations and consult a legal advisor.

Option 3: Foreign Loan

If you have assets or income abroad, you may qualify for a US mortgage (as a non-resident, with 30%–40% down) and finance the rest.

Option 4: Direct Wire Transfer

With properly declared USD, you can wire directly from your local bank to the closing escrow account. Requirements vary by country — always consult a local accountant familiar with international transfers.

Legal Structure: LLC or Personal Name

The most frequent question: should I buy in my own name or through an LLC?

Personal Purchase

✅ Simpler to set up
❌ US estate tax applies upon death (up to 40% on assets over $60,000 for non-residents)
❌ Exposure to US civil lawsuits
❌ The property appears in public records under your name

Purchase Through a Florida LLC

✅ Asset protection
✅ Simplifies inheritance (heirs receive LLC membership interests, not the property directly)
✅ Potential to deduct maintenance, HOA, and mortgage interest expenses
✅ Privacy (property not publicly linked to your name)
❌ Formation cost ($500) and annual maintenance ($200–$300)

Recommendation: For most Latin American buyers, the LLC is the better option. At LATA Miami, we work with Florida attorneys who set up the LLC in 48 hours.

The Purchase Process: Step by Step

Step 1: Define Your Goal

Do you want to rent the apartment year-round? Use it as a second home 2–3 months a year? Resell in 5 years? The goal defines the zone, building, and unit type.

Step 2: Open a US Bank Account

You can open a US bank account in Miami without being a resident. The most foreigner-friendly banks:

• Citibank: Accepts non-resident accounts easily
• BBVA: Strong Latin American market relationships
• City National Bank of Florida: Local bank, widely used by Latin American buyers

Step 3: Get Your ITIN

The Individual Taxpayer Identification Number is required for closing. The process takes 4–8 weeks and can be done through an IRS Acceptance Agent in your home country.

Step 4: Choose the Property

With a LATA Miami agent who speaks your language and knows the market, you receive a curated list of properties filtered by budget and goals. You can visit in person or via video call.

Step 5: Make an Offer

Your agent presents the offer to the seller. In Miami, an offer includes:

• Offered price
• Deposit amount (earnest money, typically 5%–10%)
• Proposed closing date
• Contingencies (inspection, financing)

Step 6: Due Diligence (10–15 days)

Once the offer is accepted:

• Property inspection (hire an independent inspector)
• Review of the HOA budget and last 12 months of building financials
• Title verification

Step 7: Closing

Done in the presence of a title company or attorney. You can be present in Miami or send a notarized power of attorney. The process takes 2–3 hours. You leave with the keys.

Taxes and Fiscal Obligations

In the United States

• Property Tax: 1.5%–2% of assessed value per year (paid in installments)
• Income tax on rentals: If you rent, you pay federal income tax on net income (deductions: HOA, mortgage interest, depreciation, management fees)
• FIRPTA on sale: The US withholds 15% of the sale price as a tax advance. With a proper LLC structure, this can be better managed.

In Your Home Country

Income from foreign real estate must typically be declared locally. The treatment varies significantly by country (Argentina, Colombia, Brazil, Mexico all have different rules). Always consult a local accountant specializing in foreign investments.

Double taxation can be reduced through careful planning. Our tax advisory team explains how to optimize it legally.

What Return Can I Expect?

Concrete example: $500,000 apartment in Brickell (1 bedroom).

Item	Annual (USD)
Gross rent (long-term)	$36,000 ($3,000/month)
HOA	-$12,000 ($1,000/month)
Property Tax	-$8,000
Management (if not there)	-$2,500 (7%)
Maintenance / contingencies	-$1,500
Net income before taxes	$12,000
Cash-on-cash return	2.4% net
Estimated annual appreciation (8–10%)	$40,000 – $50,000
Total return	10.4% – 12.4%

Capital appreciation is the primary investment driver, not rental income alone.

Common Mistakes Latin American Buyers Make

1. Buying without an independent attorney: The seller’s attorney works for the seller. Always have your own.
2. Not factoring in HOA costs: A $1,500/month HOA significantly reduces returns. Research it thoroughly.
3. Buying in zones with weak rental demand: Not all Miami neighborhoods have the same rental demand. Brickell, Edgewater, and Midtown are the most solid.
4. Ignoring FIRPTA when planning the exit: If you plan to sell in 5 years, structure the sale now.
5. Not having the ITIN before closing: This can delay closing by weeks if not handled in advance.

The Latin American Community in Miami

Miami has one of the largest Latin American communities outside Latin America, concentrated primarily in:

• Brickell and Coconut Grove: Families, professionals, and executives
• Weston (Broward County): Very popular with families with school-age children
• Sunny Isles Beach: Known as “Little Buenos Aires” for its high density of Argentine residents
• Doral: Large Venezuelan and Colombian community; more affordable than coastal areas

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Ready to take the step? At LATA Miami, we specialize in helping Latin Americans buy properties in Miami. We accompany you from selection to closing, in Spanish, with genuine market knowledge.

Request a free consultation →