The Foreign Buyer’s Guide to Buying a Miami Condo

Miami is one of the most international condo markets in the US, and buying here as a non-resident is well-trodden ground. Here's how it actually works.

You don't need to be a US resident — or have US credit

You can buy US real estate as a foreign national with no green card, no SSN, and no US credit history. All-cash purchases are simplest, but financing is very available.

Foreign-national mortgages

Specialty portfolio lenders offer "foreign national" loans that don't require a US credit score. Typical terms in the Miami market:

• Down payment ~25–35% (sometimes 30–40% on larger loans or non-warrantable buildings).
• Underwriting on passport + foreign credit or bank-reference letters + CPA/income letters + asset statements rather than a US FICO score.
• ITIN holders may have additional options.

These are balance-sheet products, not Fannie/Freddie loans, so terms vary by lender.

Buying through an LLC

Many international buyers close in a US LLC rather than a personal name — for privacy, estate planning, and liability. Lenders can typically close in either an individual name or an entity. Talk to a US attorney and CPA about the estate-tax and structuring implications before you close, because changing it later is expensive.

The tax you'll meet at resale: FIRPTA

When a foreign owner sells US property, federal law (FIRPTA) requires the buyer to withhold a share of the sale price and remit it to the IRS as a prepayment of the seller's US tax:

• 15% of the amount realized is the default.
• 10% if the price is $300,001–$1,000,000 and the buyer will use it as a residence.
• Exempt (0%) if the price is $300,000 or less and the buyer acquires it as a residence.

A seller who over-withholds can apply for a reduced-withholding certificate (IRS Form 8288-B). This matters both when you eventually sell and when you buy from a foreign seller (you may be the withholding party). See the IRS FIRPTA overview.

One thing that won't help you: homestead

Florida's homestead exemption and 3% "Save Our Homes" cap require the condo to be your permanent Florida residence — so most foreign and second-home buyers don't get them, and instead fall under the 10% non-homestead assessment cap. See property taxes.

The bottom line

As an international buyer you can finance a Miami condo with ~25–35% down and no US credit, often through an LLC — just line up a foreign-national lender and get US tax/estate advice before closing, and plan for FIRPTA whenever a foreign owner is on the selling side.

---

This guide is general education, not legal, tax, or financial advice. Rules and figures change and vary by building and situation — confirm the specifics with a licensed Florida real-estate agent, attorney, lender, and CPA before you act. Listing data is deemed reliable but not guaranteed.