Buying a property in Miami as a foreigner is simpler than most people assume. You don't need residency, citizenship, or even a Social Security Number (SSN) to own a condo in Florida. What you do need is to understand the process, because it carries a few rules of its own that are worth knowing before you sign anything.
This guide covers, without the jargon, what a Latin American buyer needs to know: how the system identifies you without an SSN, the taxes involved, the purchase structure, and the financing available to non-residents.
Do you need residency or an SSN to buy?
No. The United States doesn't restrict real estate purchases to citizens or residents — a foreign, non-resident buyer can purchase and hold title in their own name without any special permit. The SSN, which identifies people authorized to work in the country, isn't a requirement for buying.
For the processes where the system does ask for a tax identifier — filing rental income tax, for instance — non-residents use an ITIN (Individual Taxpayer Identification Number), issued by the IRS specifically to those who don't qualify for an SSN. It can be obtained as part of the purchase process.
The steps, in order
- Set your budget and decide how you'll pay: cash or financed.
- Choose the property type and area. If you're torn between neighborhoods, it helps to read the comparison between Brickell and Edgewater.
- Make an offer through an agent; Florida's standard purchase contract is clear and well established.
- Deposit earnest money into a neutral escrow account and complete due diligence.
- Decide how you'll hold title: in your own name or through an LLC.
- Close with a title company: signing, funds transfer, and the deed.
FIRPTA: the tax worth knowing upfront
FIRPTA (Foreign Investment in Real Property Tax Act) isn't a tax on buying — it's a withholding that applies when a foreigner later sells a property in the United States. At the time of sale, a percentage of the price, typically 15%, is withheld as an advance on the capital gains tax and reconciled when you file. Knowing this from day one avoids surprises at the exit and lets you plan the ownership structure from the start — we cover the mechanics in detail in our note on FIRPTA withholding when selling.
Buying in your own name or through an LLC?
Both options are valid, and the right one depends on your situation. Buying in your personal name is simpler and cheaper. An LLC (limited liability company) adds a layer of privacy and asset protection, and can help with estate and tax planning, in exchange for some added cost and administration. It's a decision to make with an accountant and an attorney before closing, not after.
Is financing available for foreign buyers?
Yes. Several banks in Florida offer foreign national loans — mortgages for non-residents — typically with a larger down payment than a local buyer would need, often in the 30%-40% range, and somewhat higher rates. You don't need U.S. credit history; the bank evaluates your income and assets in your home country. Many investors still buy in cash for simplicity and negotiating leverage. We cover current banks, down payments and rates at foreignnationalmortgageflorida.com.
How long does the whole process take?
A cash purchase can close within weeks of an accepted offer; with financing, the timeline extends to match the bank's process. You don't need to be physically in Miami to close — signing can be handled remotely through a power of attorney, coordinated with the title company.
Frequently asked questions
Can I buy in Miami without an SSN?
Yes. A Social Security Number isn't required to buy a property. For tax matters, such as reporting rental income, non-residents use an ITIN issued by the IRS instead.
Do I need a visa or residency to own property in Miami?
No. Property ownership in Florida doesn't depend on your immigration status. Buying a property also doesn't grant a visa or residency on its own.
What is FIRPTA and when does it apply?
It's a tax withholding that applies when a foreigner sells a property in the United States. A percentage of the sale price, typically 15%, is withheld against the capital gains tax and reconciled later when you file.
Is it worth buying through an LLC?
It depends on your privacy, asset-protection and estate-planning goals. An LLC delivers those benefits in exchange for some added cost and administration. It's a decision to make with professional advice before closing.