Can Foreign Nationals Buy New Construction Condos in South Florida?

The short answer is yes. Foreign nationals — including non-residents and non-citizens — can purchase real estate in Florida with no visa requirement, no citizenship restriction, and no government approval needed beyond standard anti-money-laundering disclosures that apply to all cash transactions above certain thresholds.

This is one of the most important distinctions between the U.S. market and some comparable global luxury markets, particularly in Southeast Asia, where foreign ownership of property is restricted or prohibited. In South Florida, the only question for a foreign buyer is not whether they can purchase — it is how to structure the purchase appropriately for their specific legal, tax, and estate planning situation.

The Purchase Process for Foreign Buyers

The purchase process for a foreign national buying a South Florida pre-construction condo is substantively identical to the process for a U.S. buyer, with four practical differences.

Wire transfers: All deposits and closing funds must be wired in U.S. dollars to a Florida-licensed escrow account. International wire transfers from some countries require advance planning — currency conversion, wire limits, and correspondent banking arrangements can add time to the process. Buyers should initiate the first deposit wire well in advance of the deadline.

Tax identification: Foreign buyers will need either a U.S. Individual Taxpayer Identification Number (ITIN) or, if purchasing through a U.S. entity, a U.S. Employer Identification Number (EIN) for tax reporting purposes. These can be obtained through a U.S. tax advisor.

Purchase contract review: Florida pre-construction purchase contracts are governed by Florida law and are in English. Buyers should have the contract reviewed by a Florida-licensed real estate attorney — ideally one with experience in cross-border transactions — before signing.

Closing: Closing can be conducted remotely or through a power of attorney in most cases. Many South Florida title companies and closing agents have experience handling international closings.

FIRPTA: What It Is and What It Means

FIRPTA — the Foreign Investment in Real Property Tax Act — is the most commonly misunderstood aspect of foreign national real estate ownership in the United States. It does not affect the purchase. It creates a withholding obligation at the time of resale.

When a foreign person sells U.S. real property, the buyer of that property is required to withhold 15 percent of the gross sales price and remit it to the IRS on the seller’s behalf. This is not a 15 percent tax on the sale — it is a withholding against the foreign seller’s potential U.S. income tax liability on the gain. The foreign seller files a U.S. tax return, reports the gain, pays the appropriate tax, and receives a refund of the excess withholding.

Buyers should understand FIRPTA before purchasing so they are not surprised by it when they sell. The withholding obligation is on the person who buys from them, not on them at the time of initial purchase. Engaging a U.S. tax advisor familiar with non-resident taxation before purchasing is strongly recommended.

Entity Structuring Considerations

Many foreign national buyers of South Florida luxury real estate purchase through a U.S. limited liability company or other entity structure. The motivations are typically estate planning (avoiding U.S. estate tax on U.S. situs property), privacy (the entity name rather than the individual’s name appears on public records), and liability management.

The decision to purchase individually versus through an entity depends on the buyer’s specific tax residency, the jurisdiction of their assets, the intended use of the property, and their estate structure. This is a legal and tax question that requires qualified U.S. advisors — a Florida real estate attorney and a U.S. tax professional familiar with non-resident and FIRPTA issues. HL Real Estate Group recommends buyers establish this advisory team before signing a purchase contract, not after.

FinCEN Geographic Targeting Orders

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued Geographic Targeting Orders requiring all-cash luxury real estate transactions in certain U.S. counties — including Miami-Dade and Palm Beach — to disclose the beneficial owners of purchasing entities above certain price thresholds. This is a disclosure requirement, not a restriction. Buyers purchasing through an LLC or trust need to be prepared to provide beneficial ownership information to the title company at closing.

HL Real Estate Group has experience supporting foreign national buyers through the South Florida new development purchase process. Contact or call 786.957.7868 for complimentary, no-obligation guidance.

This article is editorial in nature and does not constitute legal or tax advice. Foreign buyers should engage qualified U.S. legal and tax advisors before purchasing.