The Foreign Buyer's Guide to Buying a Miami Condo

Yes, you can buy a condo in Miami as a non-resident, and you can finance it without a US credit score. What changes for a foreign buyer is the cost of the loan, a state disclosure at closing, and three tax rules: FIRPTA withholding when you sell, US estate tax and Florida's property tax caps. This guide covers each, with the rules as of October 2026.

Who can buy

US law sets no general citizenship or residency requirement for owning a condo. Florida adds one layer. Since July 2023, Florida's foreign-ownership law (SB 264, sections 692.201 to 692.205 of the Florida Statutes) has applied:

• Every buyer signs an affidavit at closing, under penalty of perjury, stating that they are not a prohibited buyer.
• Buyers domiciled in China are generally barred from buying Florida real estate. A person with a current non-tourist US visa or asylum papers may buy one home of up to 2 acres, in their own name, at least 5 miles from any military installation, and must register it within 30 days.
• People tied to the other countries of concern in the statute (Russia, Iran, North Korea, Cuba, the Maduro regime in Venezuela and Syria) face limits near military installations and critical infrastructure.

The Eleventh Circuit declined to block the law in November 2025, the National Agricultural Law Center reported, and the case continues in the lower court. If any of this could apply to you, have a Florida attorney review it before you sign a contract.

Financing without a US credit history

Foreign-national mortgages are portfolio loans: the lender keeps them rather than selling them to Fannie Mae or Freddie Mac. Instead of a FICO score, lenders underwrite on your passport, bank references, proof of income and assets. Expect a larger down payment and a higher rate than a US resident would get. Terms vary by lender and by building, because many Miami towers do not meet conventional condo-loan rules. See warrantable vs non-warrantable condos.

Our records suggest cash is common. Across 480 buildings we rate for financing, 7,842 purchases were recorded in the 12 months to October 13, 2026. Only 2,527 of them, about 32%, were paired with a purchase mortgage. Among buildings with financed sales, the typical median down payment was 27%.

| Neighborhood | Purchases with a recorded purchase mortgage | |---|---| | Edgewater | 41% | | Brickell | 36% | | Downtown | 34% | | South Beach | 28% | | Sunny Isles Beach | 28% | | Aventura | 26% | | Coconut Grove | 25% |

Each building page shows its own financing record, including the lowest down payment a regulated lender accepted in the past year.

Buying in your name or through an LLC

Many international buyers close in a US LLC rather than in their own name, for privacy and liability reasons. That choice affects taxes, lending and, for buyers covered by SB 264, compliance. Decide with a US attorney and accountant before closing, because restructuring later usually means a new deed and new costs.

US estate tax: the rule many buyers miss

A Miami condo is a US-situated asset. If a non-resident who is not a US citizen dies owning US assets worth more than $60,000, the executor must file a US estate tax return (Form 706-NA), per the IRS. Tax treaties and the way you hold title can change the outcome, which is one more reason to get advice on structure up front.

FIRPTA: what happens when you sell

When a foreign owner sells US real estate, the buyer must withhold part of the price and send it to the IRS as a prepayment of the seller's tax:

• 15% of the sale price is the general rate (IRS).
• 10% when the price is over $300,000 and up to $1,000,000 and the buyer will live in the unit (National Association of Realtors).
• None when the price is $300,000 or less and the buyer will live in it.

The withholding is usually larger than the tax actually owed. A seller can apply on IRS Form 8288-B for a certificate that reduces it. If you buy from a foreign seller, you are the party responsible for withholding, and your closing agent handles it.

Property tax: homestead will not apply

Florida's homestead exemption and its 3% Save Our Homes cap are only for your permanent Florida residence, so a second home or investment condo does not get them. Instead, the non-homestead cap limits yearly increases in assessed value to 10%. Two details matter for buyers: the cap does not cover school taxes, and it resets after the unit sells, so the assessment on January 1 after your purchase reflects full market value (Miami-Dade Property Appraiser). More in our guide to property taxes and homestead.

Before you sign

1. Confirm with a Florida attorney whether SB 264 applies to you or your entity.
2. Get a lender's term sheet for the specific building, not just for you.
3. Choose how you will hold title, considering estate tax and FIRPTA.
4. Budget for the higher down payment, closing costs and HOA dues. See how much money you need.

This guide is general information, not legal, tax or financial advice. Rules change; confirm the details with a Florida attorney, a US tax adviser and your lender before acting.