Yes, foreign nationals can buy a condo in Miami. The sources reviewed for this article show no general federal ban on a foreigner buying a single residential unit, and Florida's 2023 law (SB 264) restricts purchases only by people and entities tied to seven named "foreign countries of concern." Most foreign buyers also face four practical questions: how to finance the purchase, what happens to withholding tax when they sell, whether US estate tax can reach the property, and how to hold title. This article summarizes what the Florida Statutes and the IRS say on each, as of late October 2026. It is general information, not legal or tax advice. Confirm your situation with a Florida real estate attorney and a tax advisor. Gabriella Gonda works with buyers in English, Portuguese and Spanish.
How common are foreign buyers in Miami?
- Nationally: The National Association of Realtors (NAR) reported on July 29, 2026 that foreign buyers purchased 67,100 existing homes worth $45.3 billion between April 2025 and March 2026. Florida drew 20 percent of foreign buyers, the largest share of any state. NAR also found that 48 percent of foreign buyers paid all cash, compared with 28 percent of all existing-home buyers.
- New construction: The Real Deal reported on August 3, 2025 that about half of presold units in Miami's new construction pipeline were being bought by foreign buyers, according to a report from the Miami Association of Realtors and five brokerages, including ISG World, Gabriella Gonda's brokerage. A Miami broker quoted there said, "We're seeing great demand from Brazil as well."
Can foreigners buy property in Florida?
Federal rules
The Committee on Foreign Investment in the United States (CFIUS) reviews certain real estate transactions. Its regulation, 31 CFR 802.216(d), excepts "the purchase, lease, or concession of covered real estate that is a single housing unit." Whether a particular condo purchase falls within that exception is a question for your attorney.
Florida's SB 264 (2023)
SB 264 became chapter 2023-33, Laws of Florida, and is codified at Florida Statutes sections 692.201 through 692.205. As currently written:
- Countries covered. "Foreign country of concern" means the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People's Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic, including agencies and entities under their significant control. Brazil is not on the list.
- Who is a "foreign principal." The term includes those governments and officials, political parties, entities organized or based in those countries, and "any person who is domiciled in a foreign country of concern and is not a citizen or lawful permanent resident of the United States."
- Near military and infrastructure sites (section 692.203). A foreign principal may not own real property on or within 10 miles of a military installation or critical infrastructure facility in Florida. The statute defines critical infrastructure facilities to include, among others, seaports, airports and power plants that use fences, barriers or guard posts. A foreign principal who is a natural person may buy one residential property up to 2 acres if it is not within 5 miles of a military installation, the buyer holds a current verified US visa not limited to tourist travel (or asylum documentation), and the purchase is in that person's name.
- China-specific rule (section 692.204). Persons described in that section, including people domiciled in China who are not US citizens or lawful permanent residents, may not own real property anywhere in Florida, with a similar one-residence exception. Section 692.204(6) requires a buyer of real property in Florida to sign an affidavit under penalty of perjury about their status.
- Penalties. The statute provides for criminal penalties and forfeiture for violations (sections 692.203(7)-(8) and 692.204(7)-(8)).
An appeals court addressed a challenge to the law in *Shen v. Simpson*. On November 4, 2025 the Eleventh Circuit ruled 2-1 on a request for a preliminary injunction. It held that none of the plaintiffs had shown standing to challenge the purchase restriction, and it upheld the denial of an injunction against the registration and affidavit requirements. It did not strike down any part of the law. The ACLU of Florida, which represented the plaintiffs, says on its case page that the case was then voluntarily dismissed, without giving a date. Confirm the current status with an attorney.
A buyer with ties to any listed country should get legal advice before signing a contract. The affidavit requirement in section 692.204(6) is written to apply to every buyer of Florida real property, so expect to sign one.
Financing options for foreign buyers
There is no single program, and terms differ by lender. Ask each lender and the developer these questions before you commit:
- Foreign-national mortgage programs: Does the lender offer one for buyers who live outside the US, and what total down payment does it require?
- Private banks: Will the bank consider assets you hold outside the US, and in what form?
- Loans qualified on rental income: Does the lender offer them, and are they available for this building?
- Developer financing: Does the developer offer it, and on what term, rate and payment structure, including any balloon payment?
- Cash: NAR's figure of 48 percent cash among foreign buyers shows how common this is.
Also ask each lender which identity, income and bank documents it needs, whether it requires a US bank account, and whether it accepts an ITIN (see below) in place of a Social Security number. Get the answers in writing.
For pre-construction purchases, deposits are paid in stages before closing. Ask the lender how earlier deposits are treated and what the loan would cover at closing. Read buying a pre-construction condo in Miami for how deposits, escrow and the 15-day cancellation right work.
Taxes foreign owners should know about
ITIN
The IRS says an ITIN is a 9-digit number issued "if you have a federal tax purpose and you're not eligible for an SSN." It is issued "for federal tax purposes only" and is requested on Form W-7. A person who is eligible for a Social Security number is not eligible for an ITIN.
FIRPTA withholding when you sell
Under the Foreign Investment in Real Property Tax Act, the buyer of US real property from a foreign seller is generally the withholding agent. According to the IRS, the general rate is 15 percent of the amount realized, which is the sale price and not the gain. A reduced 10 percent rate applies when the buyer acquires the property as a residence and the amount realized is $1 million or less. Withholding is not required if the buyer is an individual who acquires the property to live in, the price is $300,000 or less, and the buyer or a family member has definite plans to live there for at least 50 percent of the days it is used in each of the first two 12-month periods. A seller can ask the IRS for a withholding certificate on Form 8288-B to reduce or eliminate withholding, and the IRS says it normally acts within 90 days of a complete application. A seller who certifies, under penalties of perjury, that they are not a foreign person avoids FIRPTA withholding.
US estate tax exposure
The IRS describes the estate tax for nonresidents who are not US citizens as a tax on the transfer of US-situated property, and it lists real estate among the assets that may be included. A Form 706-NA is required when US-situated assets, plus certain gifts, exceed a $60,000 filing threshold that is not indexed for inflation, and the IRS says it is generally due within nine months of death. Treaties can change the result for residents of some countries. The IRS pages reviewed do not say how holding the unit through a company or trust changes estate tax exposure, so ask a tax advisor to compare structures for your country.
Rental income
The IRS says rental income from US real property owned by a nonresident alien is taxed at 30 percent, or a lower treaty rate, if it is not effectively connected with a US trade or business. A nonresident can elect to treat all income from US real property as effectively connected income, in which case the net income is taxed at graduated rates and deductions are allowed. Check the building's declaration for rental restrictions before you plan to rent a unit.
Ownership structures
Buyers commonly ask whether to hold title personally, through an LLC or through a trust. The sources reviewed do not recommend one. Points to raise with your advisors:
- Tax treatment. The answer depends on your country and any treaty.
- Florida's foreign-ownership law. Section 692.201 includes, as a foreign principal, a covered person or entity with a controlling interest in an entity formed to own Florida real estate, so holding title through a company does not by itself sidestep the restrictions above. Ask an attorney.
- Reporting. FinCEN's residential real estate rule for certain non-financed transfers to entities and trusts was vacated by a federal court on March 19, 2026, and FinCEN said reporting was not currently required, according to the law firm Burr & Forman (April 2026). FinCEN filed a notice of appeal to the Fifth Circuit on May 11, 2026, according to HousingWire, so the rule could return. Ask the closing agent.
Florida property tax and homestead
Florida's homestead exemption under section 196.031 is for a person who holds title on January 1 and "in good faith makes the property his or her permanent residence." The statute also covers the permanent residence of a person legally or naturally dependent on the owner. A unit that is not a permanent residence in either sense is outside that wording, so a second home or investment unit would not appear to qualify. The county property appraiser decides eligibility.
Frequently asked questions
Can a foreigner buy a condo in Miami without living in the US?
Yes. The rules cited here do not require residency, but they do limit buyers tied to the seven countries of concern listed above.
Can Brazilian buyers get a mortgage on a Miami condo?
Some lenders offer foreign-national programs. Down payment, documents and eligibility vary by lender, so ask each one and get written terms.
Do I need an ITIN to buy?
The IRS issues an ITIN for a federal tax purpose, such as filing a return, and some lenders ask for one. Whether you need one depends on your tax situation and lender, so ask your tax advisor.
How much is withheld when I sell?
Generally 15 percent of the sale price under FIRPTA, with a 10 percent rate in some residential cases and a way to request a reduced amount. Confirm with a tax advisor.
Talk to Gabriella Gonda
Gabriella Gonda can share price lists and floor plans for new-development towers across South Florida, and arrange private sales-gallery tours. See Miami's new-construction condos by area or invest in Florida, then get in touch.
Sources
- Fla. Stat. 692.201, Definitions, Florida Legislature, accessed Oct 23, 2026
- Fla. Stat. 692.203, Purchase of real property on or around military installations or critical infrastructure facilities by foreign principals prohibited, Florida Legislature, accessed Oct 23, 2026
- Fla. Stat. 692.204, Purchase or acquisition of real property by the People's Republic of China prohibited, Florida Legislature, accessed Oct 23, 2026
- Fla. Stat. 196.031, Exemption of homesteads, Florida Legislature, accessed Oct 23, 2026
- 31 CFR 802.216, Excepted real estate transaction, Cornell Legal Information Institute, accessed Oct 23, 2026
- Shen v. Commissioner, Florida Department of Agriculture and Consumer Services, No. 23-12737 (11th Cir. Nov. 4, 2025), U.S. Court of Appeals for the Eleventh Circuit, Nov 4, 2025
- Shen v. Simpson, ACLU of Florida, accessed Oct 23, 2026
- Foreign Buyers Purchased $45.3 Billion Worth of U.S. Homes from April 2025 to March 2026, National Association of Realtors, Jul 29, 2026
- Foreign buyers still prevalent in Miami's new condo market, The Real Deal, Aug 3, 2025
- FIRPTA withholding, IRS, accessed Oct 23, 2026
- Exceptions from FIRPTA withholding, IRS, accessed Oct 23, 2026
- Instructions for Form 8288 (Rev. January 2026), IRS, accessed Oct 23, 2026
- Estate tax for nonresidents not citizens of the United States, IRS, accessed Oct 23, 2026
- Individual Taxpayer Identification Number (ITIN), IRS, accessed Oct 23, 2026
- Nonresident aliens: real property located in the US, IRS, accessed Oct 23, 2026
- FinCEN's Residential Real Estate Rule ... PAUSED, Burr & Forman, Apr 8, 2026
- Title companies may still have to follow anti-money laundering rule after FinCEN appeal, HousingWire, May 27, 2026
