Buying property in Miami as a foreigner is more straightforward than most expect. There are no citizenship or residency requirements, and thousands of international buyers close routine transactions each year. This guide explains the step-by-step process, from documentation and financing to the closing itself.
Quick Answer
To buy property in Miami as a foreigner, you provide passport and financial documentation, choose cash or foreign-national financing, obtain an ITIN if needed, and close through a title company or attorney. No US citizenship or residency is required. The process typically takes a few weeks for cash and longer for financed purchases.
Key Takeaways
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No citizenship or residency is required to buy.
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Cash purchases close fastest; financing needs larger deposits.
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An ITIN is needed for buyers without a Social Security Number.
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Closing runs through a title company or real estate attorney.
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Many buyers purchase through an LLC for liability and estate planning.
Step 1: Documentation
Foreign buyers need a valid passport, proof of income, bank statements, and a credit reference from a home-country bank. Starting these early keeps the process smooth. This groundwork supports the broader path in our international buyers guide.
Step 2: Cash or Financing
About half of Miami luxury deals are all-cash, which closes fastest and strengthens your negotiating position. Foreign-national financing exists but often requires 30–50% or higher down payments, plus additional documentation such as international bank references. Rates and terms differ from those offered to US residents, so compare lenders carefully. Your agent can connect you with lenders experienced in foreign-national loans to streamline approval.
Step 3: ITIN and Entity Structuring
Buyers without a Social Security Number need an Individual Taxpayer Identification Number (ITIN), which takes about 7–11 weeks — so start early. Many buyers also purchase through a US or foreign-owned LLC for liability protection and estate planning. Plan these steps to manage future tax exposure, including FIRPTA.
Step 4: The Closing
A title company or real estate attorney handles title search, insurance, and document recording. Budget 2–5% for closing costs — detailed in our guide to closing costs for international buyers. Funds are typically wired, and you need not be physically present, as documents can be signed remotely with proper authorization.
FAQ
Can a foreigner buy property in Miami without residency? Yes. No US citizenship or residency is required to own real estate in Miami.
Do foreign buyers need an ITIN? Buyers without a Social Security Number need an ITIN, which takes about 7–11 weeks to obtain.
Can international buyers get a mortgage in Miami? Yes, through foreign-national loans, though these typically require larger down payments of 30–50% or more.
Do I need to be in Miami to close? Not necessarily. Closings can often be completed remotely with proper documentation and authorization.
Conclusion
Buying property in Miami as a foreigner is routine with expert guidance. Fluent in English, Spanish, and French, Claudia Fernandez guides international buyers through every step. Contact Claudia to start your Miami purchase.
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