Miami is one of the most popular U.S. markets for international buyers. The process is straightforward when you know what to expect. These are the main steps and the questions to settle early.
1. Define your goal
Is this a vacation home, a rental investment or a future primary residence? Your goal affects the right neighborhood, the type of building and the rental rules you need. A condo in a rental-friendly building suits an investor; a full-service building suits an owner who visits a few months a year.
2. Plan the financing
Many international buyers pay cash. Financing is also available through lenders that offer foreign national loans, which usually require a larger down payment and additional documentation. Speak with a lender before you start viewing properties so you know your budget.
3. Decide how you will hold the property
You can buy in your own name or through a company. Each option has different tax, privacy and estate-planning effects, so get advice from a U.S. attorney and accountant who work with international clients before you sign a contract.
4. Protect your funds
Deposits and closing funds are usually wired to a title company or attorney’s escrow account. Wire fraud is a real risk: always confirm wiring instructions by phone using a number you already know, never one from an email.
5. Understand closing costs and approvals
Budget for title insurance, closing fees, taxes and association fees in addition to the purchase price. If you are buying a condo, the association may require an application and approval before closing.
6. Plan for management and a future sale
If you will not live in Miami full time, arrange property management for maintenance, tenants and bills. When foreign owners sell U.S. real estate, a portion of the sale price is generally withheld for taxes under FIRPTA, so plan ahead with your accountant.
We can help
We guide international buyers through every step, in English and Spanish, and connect you with trusted lenders, attorneys and managers. Start by searching Miami properties or contact us to plan your purchase.
