Miami has been an international real estate market since long before most of its US buyer base arrived. Key Biscayne is no exception: a meaningful share of the ownership base on the island is Latin American, European, or otherwise non-US. The process of buying as a foreign national is well-established, well-serviced, and — with the right team — straightforward. This guide covers the specific items every non-US buyer needs to understand before entering the Key Biscayne market.
Who Can Buy?
The United States does not restrict foreign ownership of real estate. A citizen or resident of any country can hold US property personally, through a US LLC, or through a foreign entity. There is no visa requirement to own property, and ownership does not, on its own, create a path to residency.
Practically, most foreign buyers of Key Biscayne ultra-luxury product structure the purchase through a US LLC. The LLC is typically owned by a foreign holding entity chosen to fit the buyer's home-country tax and estate-planning situation.
FIRPTA and US Tax Considerations
FIRPTA — the Foreign Investment in Real Property Tax Act — is the item most often misunderstood by foreign buyers. It does not apply at purchase. It applies at sale, when a foreign seller triggers a withholding obligation on the buyer of the property (generally 15% of the gross sale price), which is then reconciled against actual tax owed on the resulting US tax return.
Foreign owners of US real estate should file a US tax return each year if they generate any US-source income from the property (rental income, for example). Working with a US CPA who specifically handles non-resident real estate clients is essential.
Closing Costs
Closing costs on a Miami luxury condo transaction are relatively predictable. Typical buyer-side costs include title insurance, closing fees, recording fees, and a share of documentary stamp taxes depending on how the contract allocates them. On new construction, developer contribution and closing cost structures are laid out in the purchase agreement.
For a foreign buyer, budgeting 3% to 5% of the purchase price for closing costs is a reasonable working estimate, subject to the specific transaction structure.
Financing for Non-US Buyers
Several US banks and specialty lenders actively finance qualified foreign nationals on Miami luxury property. Typical terms are 30% to 40% down, full documentation of income and assets (usually translated and often certified), and rates that are modestly higher than resident US rates.
Many ultra-luxury foreign buyers still transact in cash for speed, negotiating leverage, and to keep the transaction simple across time zones. Cash buyers often refinance later once they are established with a US bank.
Why Key Biscayne Attracts International Buyers
Key Biscayne has been a preferred Miami island for Latin American UHNW buyers for decades. The island is quiet, private, safe, well-schooled, and within 25 minutes of Miami International Airport. It is also physically separated from the mainland in a way that appeals to buyers accustomed to gated urbanismos in São Paulo, Bogotá, Buenos Aires, and Mexico City.
European buyers have historically been a smaller but growing share of the market, drawn by the same combination of privacy, service, and proximity to a global airport.
Process Overview
The typical international buyer's process on 301 Ocean Drive looks like this: priority registration, private presentation with floor plans and pricing, reservation agreement, purchase agreement with a phased deposit schedule tied to construction milestones, and closing at delivery.
Along the way, the buyer's team typically includes a US real estate attorney, a US CPA experienced with non-resident owners, and a real estate advisor coordinating the transaction. On a project of this scale, having the team assembled before signing the reservation is standard.
Priority Buyer Access
Register for Priority Access to 301 Ocean Drive
Join the private buyer list for early pricing, floor plans, and presentation invitations before public sales begin.
Register for Priority AccessFrequently Asked Questions
Can a foreign national buy a condominium in the United States?
Yes. There are no citizenship or residency restrictions on foreign ownership of US real estate. A foreign buyer can hold title personally, through a US LLC, or through a foreign entity, and can purchase in cash or with US-based financing.
What is FIRPTA and how does it affect a foreign buyer?
FIRPTA is the Foreign Investment in Real Property Tax Act. It does not apply when purchasing — it applies when a foreign owner later sells. On sale, the buyer is generally required to withhold 15% of the gross sale price and remit it to the IRS; the seller reconciles this against actual tax owed on the resulting return.
Should I buy through an LLC?
Most foreign buyers of Miami luxury property structure the purchase through a US LLC, often owned by a foreign holding entity. The structure supports privacy, liability protection, and estate planning. The right structure depends on the buyer's home-country tax situation and should be built with a US real estate tax advisor.
Can foreign buyers finance a Key Biscayne condo?
Yes. Several US banks and specialty lenders offer mortgages to qualified foreign nationals, typically requiring 30% to 40% down and full documentation of income and assets. Many ultra-luxury buyers still transact in cash for speed and negotiating position.