Buying Process for Foreigners in Miami
Buying a property in Miami as a foreigner is a completely legal and accessible process. You don't need US residency, a visa, or citizenship to purchase real estate in Florida.
Required Documents
To buy a property in Miami, you'll typically need:
Important: A US visa is not required to purchase property in Florida.
- Valid passport
- Proof of funds or bank reference letter
- Basic identification information
- In some cases: an ITIN (for tax purposes)
- Corporate information if purchasing through an LLC or corporation
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An international real estate transaction typically involves:
Working with bilingual professionals significantly simplifies the process for international buyers.
- Real estate agent
- Title company
- Attorney (optional but recommended)
- Inspector
- CPA or tax advisor
- Mortgage broker (if financing applies)
Legal Protections
Florida’s real estate system offers strong legal protections for international buyers. Deposits are typically held by a neutral title company or escrow agent until the transaction closes. In addition, title searches and title insurance help verify that the property has no outstanding legal issues.
Timeline
Average purchase time depends on the type of property. Resale: approximately 30-90 days. Pre-construction: can range from 2-4 years depending on the project.
Property selection
Offer and negotiation
Initial deposit
Due diligence and inspection
Financing (if applicable)
Closing and title transfer
Can a foreigner buy property in Miami?
Yes. Foreign nationals can buy residential, commercial, or investment properties in Miami without needing US residency. Miami is one of the most active markets in the world for international buyers, especially from Latin America.
- No residency or visa restrictions
- 100% legal and transparent process
- Robust legal protections
- Dollar-denominated, highly liquid market
Frequently Asked Questions
Do I need a visa to buy property in Miami?
No. A US visa is not required to purchase property in Florida. You only need a valid passport and proof of funds. Buying is open to citizens of any country in the world.
Can a foreigner get financing in the US?
Yes. Numerous banks and specialized lenders offer mortgages to foreign buyers, even without US residency or credit history. The typical down payment ranges from 25% to 40%.
What taxes does a foreign buyer pay?
The main taxes include annual property taxes (approx. 1.5-2.2% of assessed value), closing costs when buying (1.5-5%), and FIRPTA withholding (15%) upon selling.
Is it better to buy through an LLC?
It depends on the buyer's profile. An LLC can offer asset protection, privacy, and tax advantages. However, it also involves additional costs. We recommend consulting with a qualified tax advisor.
How long does the buying process take?
For resale properties, the process typically takes between 30 and 90 days from accepted offer to closing. For pre-construction, the timeline can range from 2 to 4 years.
Related Resources
Important Notice
The information provided on this page is for educational and informational purposes only and does not constitute legal, tax, or financial advice. Each situation should be evaluated individually by qualified professionals licensed in the relevant jurisdictions. LataMiami is an initiative of Cosmore Florida Corp., a real estate brokerage licensed in the state of Florida.
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