Do Foreign Buyers Need Anything Special to Buy Miami Property?
Foreign nationals can buy Miami real estate with no US citizenship, green card, visa, or residency required — there is no special government approval to purchase. What is different: you’ll sign a Florida SB 264 buyer’s affidavit at closing, you may need an ITIN, financing terms are stricter, and FIRPTA withholding applies when you later sell.
There Is No Permission Step — But There Are Paperwork Steps
Florida places no general restriction on foreign ownership of residential property. A buyer from Colombia, Brazil, Canada, Spain, or anywhere else can take title to a Miami condo or house in their own name, in a US LLC, or in a trust, and can pay cash or finance the purchase.
What trips up international buyers isn’t permission — it’s paperwork. Four items come up in nearly every foreign-buyer closing in Miami: the SB 264 affidavit, a taxpayer identification number, financing documentation, and planning for the tax consequences of an eventual sale.
Florida SB 264: The Affidavit Every Foreign Buyer Signs
Since July 1, 2023, Florida law (SB 264) restricts the purchase of certain real property by “foreign principals” connected to seven designated foreign countries of concern: China, Russia, Iran, North Korea, Cuba, the Venezuelan regime of Nicolás Maduro, and Syria. The restrictions are tied to the type and location of the property — with tighter rules for agricultural land and property near military installations and critical infrastructure.
The practical effect for ordinary buyers: since January 17, 2024, Florida buyers complete a buyer’s affidavit at closing confirming their status under the statute. Most international buyers sign it and close normally. But the affidavit is a sworn statement, and the penalties under SB 264 are serious — including forfeiture in some circumstances — so buyers with any connection to a listed country should have an attorney review their situation before going under contract, not at the closing table. Parts of the law have been challenged in court in Shen v. Simpson; the affidavit requirement remains in place.
You’ll Likely Need an ITIN — Not an SSN
Foreign buyers without a Social Security number generally obtain an ITIN (Individual Taxpayer Identification Number) from the IRS. You don’t need one simply to take title, but you will need one to file US tax returns on rental income, to apply for a FIRPTA withholding reduction when you sell, and for many lenders’ underwriting. Because ITIN processing takes time, start it early rather than at the closing.
Financing: Possible, But Different
Foreign nationals can get a US mortgage without a Social Security number, US credit history, or a US visa — through foreign national and ITIN loan programs rather than conventional financing. Expect meaningfully different terms: down payments commonly run 20%–30%, and can reach 30%–40% on jumbo and portfolio programs. Lenders substitute alternative documentation for a US credit file — home-country bank statements, tax returns, an employment or CPA letter, and several months of reserves, often with certified English translations.
Many international buyers in Miami simply pay cash, which brings its own consideration.
Cash Purchases Through an LLC or Trust: FinCEN Reporting
If you buy residential property without financing and take title in a legal entity or trust, the closing is now reportable to FinCEN. Under the federal Residential Real Estate Rule, effective March 1, 2026, the settlement agent, title agent, or closing attorney files a report after closing identifying the property, the parties, and the beneficial owners of the buying entity. There is no purchase-price threshold and no geographic limit. It’s a disclosure obligation, not an obstacle — but buyers who chose an entity for privacy should understand what is now reported.
FIRPTA: The Tax Rule That Matters When You Sell
FIRPTA (the Foreign Investment in Real Property Tax Act) doesn’t affect your purchase — it affects your exit. When a foreign person sells US real property, the buyer must generally withhold 15% of the gross sales price and remit it to the IRS, whether or not the seller made a profit.
Two reduced-rate exceptions apply when the buyer will use the property as a personal residence: withholding may not apply at all if the price is $300,000 or less, and drops to 10% for prices between $300,001 and $1,000,000.
Because the withholding is on the gross price rather than the gain, sellers frequently have far more withheld than they actually owe. The money is recoverable — either by filing a US return for the year, or by applying to the IRS for a withholding certificate before closing to reduce the amount held back. Both routes require an ITIN, which is why the ITIN step at purchase pays off years later.
Other Closing Costs Are the Same as Anyone Else’s
Foreign buyers pay the same Florida closing costs as domestic buyers — there is no foreign-buyer surtax. On a Miami-Dade purchase that includes documentary stamp tax on the deed at $0.60 per $100 of consideration, plus a $0.45 per $100 county discretionary surtax on property that is not a single-family dwelling, along with title insurance, recording fees, and settlement charges.
Buying in Miami-Dade County
Miami is one of the most active international real estate markets in the country, and local closings routinely involve buyers who are abroad at the time of signing — which raises its own questions: signing before a US consulate or an apostilled power of attorney, wiring funds internationally against escrow instructions, condo association approval and estoppel timing in Brickell, Aventura, and Sunny Isles, and choosing between individual and entity ownership for tax and estate reasons. Arturo R. Alfonso P.A. has closed Miami-Dade transactions in English and Spanish for over 35 years and works regularly with buyers from Latin America, Europe, and Canada. If you’ve been searching for a real estate attorney near me to handle an international purchase, contact us before you sign the contract — the ownership and tax structure is far easier to set up correctly than to fix later.
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