Miami has drawn international wealth for decades. Many Latin American buyers favor Brickell and Coral Gables for second homes, European investors are drawn to Miami Beach and Key Biscayne, and Canadians arrive every winter and quietly decide to stay. Florida's absence of a personal state income tax, combined with cosmopolitan density and the kind of long-term appreciation that justifies a second-home purchase, has made Miami one of the most sought-after luxury real estate markets in the world for non-resident buyers.
At Elaine Kauffmann Luxury Real Estate Miami, we have worked with international buyers on transactions across Miami Beach, Coral Gables, Brickell, Key Biscayne, and Coconut Grove, from clients relocating from Latin America to European investors acquiring second homes to Canadians formalizing what started as a winter rental. This is the practical checklist that makes those closings smooth.
Miami luxury home buying tips for foreigners: choosing your ownership structure
The ownership structure decision is the most consequential planning step for an international buyer, and it must happen before the purchase contract is signed, not after. Once a deed is recorded in your name, restructuring it triggers new transfer taxes and potential reassessment. This is a decision that benefits from a U.S. real estate attorney and an international tax advisor working together before you make an offer.
Individual ownership is the simplest path: no formation fees, no ongoing administrative costs, and often easier access to financing. The significant downside is estate tax exposure. As a non-resident alien, your U.S. estate tax exemption is only $60,000, compared to approximately $13.99 million for U.S. citizens in 2026. On a $3 million Miami Beach condo held in your name, the estate tax liability on your heirs can be substantial and is frequently overlooked until it's too late to address.
A U.S. LLC provides privacy (your name stays off public records), shields personal assets from property-related liability, and makes transferring ownership shares to family members simpler than re-recording a deed. The critical caveat: a single-member LLC owned by a foreign individual is treated as a disregarded entity for U.S. tax purposes. FIRPTA and estate tax apply exactly as if you owned the property directly. The LLC provides operational and liability benefits, but not the estate tax relief many buyers assume it does.
For high-net-worth international buyers purchasing properties above $2 million, the most protective structure is a U.S. LLC owned by a non-U.S. holding company. This arrangement can significantly reduce estate tax exposure while retaining all the privacy and liability benefits of LLC ownership. Setup complexity and professional fees are higher, but the estate tax savings on a multi-million dollar asset typically justify the cost. Cash buyers are best positioned to use this structure, since lenders often require personal guarantees on LLC-held loans. Consult cross-border tax counsel before committing to this structure, as additional reporting obligations under U.S. tax law may apply.
Mortgage tips for foreign buyers in Miami (2026)
Financing is available to foreign buyers. That's the most important thing to understand, because many international clients arrive believing they must pay cash. Foreign national jumbo and portfolio loan programs exist specifically for non-resident buyers and do not require a Social Security number, green card, or U.S. credit history. Documentation typically includes a foreign passport, two to three months of bank statements from U.S. or foreign banks, an international bank reference letter, and proof of income.
Plan to put down 30% to 40% on a Miami luxury purchase as a non-resident. The 30% threshold unlocks better pricing and lighter documentation requirements; 40% is common for pure investment purchases or very high-value properties. Interest rates run 0.5% to 2% higher than domestic loans, and lenders typically require six to 24 months of PITI reserves in liquid accounts after closing. These are real numbers to budget for, not approximations.
For buyers with strong existing banking relationships, private banking programs at institutions such as Citi Private Bank and JP Morgan Private Bank offer foreign national mortgage programs up to $5 million or more, with loan-to-value ratios of 70% to 75%. Program availability and terms are lender-specific and subject to underwriting. Cash purchases remain common in Miami's luxury market, but financing is a viable and frequently used option.
What closing costs and transfer taxes actually look like in Miami-Dade
Cash buyers closing on a Miami luxury property should budget 0.5% to 2% of the purchase price in closing costs. Financed buyers should budget 1.5% to 4%. On a $3 million property, that difference represents $30,000 to $75,000 in additional out-of-pocket costs, driven primarily by mortgage-related taxes and lender fees. These numbers should inform your offer strategy and liquidity planning from the start. Note that high-end title insurance, surveys, or condo-specific assessments can push totals higher in certain buildings. If you want a quick sense of likely closing costs in Miami, a closing-costs calculator can help you model different scenarios before you make an offer; try a Miami-specific closing cost calculator to estimate fees for your purchase.
Florida's statewide documentary stamp tax on deeds is $0.70 per $100, but Miami-Dade County is the exception: the rate is $0.60 per $100, a meaningful discount on high-value transactions. The seller customarily pays the deed stamp in Miami. Financed buyers also pay a mortgage stamp tax (0.35% of the loan amount) and an intangible tax (0.2% of the loan amount), both of which add up quickly on a $2 million or $3 million loan. If you're purchasing in Miami Beach specifically, confirm the status of the proposed 1% luxury transfer tax on sales over $1 million before closing. It had not been enacted as of mid-2026, but its status should be verified during due diligence.
Luxury condos in Miami Beach, Brickell, and Key Biscayne often carry substantial capital contribution or transfer fees that vary by building. For new development purchases, expect a working capital contribution of two to three months of HOA fees plus a development fee of 1.25% to 1.75%, pushing total closing costs on new builds toward 3% to 4.5%. Lenders also commonly require two to six months of projected taxes and insurance upfront for escrow. Request the full fee schedule from the condo association as part of early due diligence, not as an afterthought. For buyers considering a newly built or pre-construction residence, our Miami pre-construction condos guide explains the additional developer costs and timing you should expect.
Documentation checklist and realistic closing timeline
Foreign buyers without a Social Security number need an Individual Taxpayer Identification Number (ITIN), obtained via IRS Form W-7. Standard processing takes approximately seven weeks under normal conditions and extends to nine to eleven weeks during peak tax season or for applications filed from abroad. ITIN delays are a common cause of international closings running past their target date. For practical information on ITIN application wait times and common issues, see guidance on typical ITIN processing delays and resolution steps. Start this application well before going under contract. An international tax attorney can certify identity documents, which reduces the risk of rejection and avoids the additional delay that a resubmission creates.
Title companies require proof of funds or a mortgage pre-approval letter, a U.S. bank account for wire transfer purposes, and confirmation that funds clear compliance review. International wire transfers frequently trigger bank holds or anti-money-laundering reviews, schedule your wire transfer at least several business days ahead of the closing deadline and obtain written confirmation from your banker to avoid last-minute complications. Buyers who cannot attend closing in person have options: Florida's Remote Online Notarization statute makes remote closing straightforward, and most Miami title companies process RON closings routinely.
A standard U.S. buyer closes in 30 to 45 days. International transactions realistically require 45 to 90 days due to ITIN processing, entity formation if an LLC is being established, cross-border fund transfer logistics, and additional due diligence on title history, zoning, and HOA documentation. Contracts should reflect this timeline from the first draft. Asking a seller to hold a $2 million property under contract while an ITIN clears requires the right expectations set upfront by your agent.
- Apply for your ITIN at least 10 to 12 weeks before your target closing date
- Establish a U.S. bank account before making an offer, not after
- Engage a U.S. real estate attorney and an international tax advisor before signing a purchase contract
- Confirm your ownership structure (individual, LLC, or holding company) before the offer is submitted
- Request the condo association's full fee schedule, reserve study, and board meeting minutes from the last 24 months
Why your agent's experience with international buyers is the deciding factor
Miami's luxury condo market in 2026 is a buyer's market in key submarkets. According to Q1 2026 market data, luxury condos in Miami Beach are averaging 99 days on market, and Greater Downtown Miami including Brickell is at 88 days. That inventory gives prepared, well-represented buyers meaningful negotiating leverage on closing timelines, inclusions, and in some cases, price. Sellers of high-end condos are often more flexible on closing timeline and furniture packages than on the headline number, and understanding a seller's specific motivation shapes the offer strategy significantly. See the Q1 2026 market summary for luxury condos to review recent trends and days-on-market metrics.
An agent who regularly works with international buyers does more than locate the property. They coordinate simultaneously with your tax attorney, your U.S. corporate attorney, your mortgage broker, and the title company across time zones, making sure nothing falls through between parties. They know which condo buildings have restrictive transfer rules, which neighborhoods best match specific international buyer profiles, and how to structure an offer that protects your deposit while remaining competitive in a market where cash offers still set the pace.
Elaine Kauffmann Luxury Real Estate Miami has worked with international buyers on transactions across Miami Beach, Coral Gables, Brickell, Key Biscayne, and Coconut Grove, coordinating alongside the legal and financial advisors who specialize in cross-border real estate. With a background as a media publicist and art professional, Elaine brings bespoke marketing expertise and discreet, hands-on service to every transaction. That combination matters when the stakes are $2 million, $5 million, or more, and when the buyer is managing a purchase in a foreign market from thousands of miles away. Elaine also publishes resources for buyers at different stages, including guidance for first-time homebuyers who are navigating Miami's market for the first time.
Your 2026 checklist, consolidated
Following these Miami luxury home buying tips for foreigners makes the process far more predictable. Many international buyers close successfully on Miami properties every year. The difference between a smooth closing and a costly delay almost always comes down to how early you addressed the legal and financial structure, and who was guiding you through it.
Start your ITIN application immediately. Choose your ownership structure before you sign anything. Budget 1.5% to 4% for closing costs if you're financing, and confirm the condo association's fee structure before you're under contract. Then select an agent who has done this before, in this specific market, with international buyers navigating the same structure and timeline. For context on timing and whether now is a good entry point for buyers, review expert commentary on market timing and strategy.
If you're planning a luxury home purchase in Miami as a foreign buyer, connect with Elaine Kauffmann Luxury Real Estate Miami. From ownership structure through closing day, you'll have an advisor who has navigated every item on this checklist, in this market, on transactions like yours.
