Miami pre-construction. A guide for international buyers.
How international buyers purchase Miami pre-construction condos: deposit schedules, escrow, financing for foreign nationals, property tax, FIRPTA, US estate tax and Florida’s SB 264 restrictions on some nationalities.
The short answer
- Foreign nationals can generally buy property in Miami; most pre-construction purchases are condominiums.
- Deposits are staged during construction and often total 30–50% of the price before closing, with the balance due at completion.
- Florida’s SB 264 restricts some purchases by people domiciled in seven countries, including China and Russia. Take legal advice if it may apply to you.
- Owners pay annual property tax — about 2% of assessed value on average in Miami-Dade — and US tax applies to rental income and gains.
- Non-US buyers have limited US estate tax relief, so ownership structure matters.
Can foreigners buy property in Miami?
Generally, yes. The United States does not have a general ban on foreign ownership of residential property, and Miami has long attracted buyers from Latin America, Europe and beyond. There is one important exception in Florida — see SB 264 below.
How pre-construction purchases work
You sign a purchase contract with the developer for a unit in a building not yet complete, pay a series of deposits during construction, and pay the balance at closing when the building receives its certificate of occupancy.
| Stage | Typical deposit |
|---|---|
| Reservation / contract | 10–20% |
| Groundbreaking or a set date | 10% |
| Mid-construction or top-off | 10% |
| Before completion (some projects) | 10–20% |
| Closing | The balance |
Schedules vary by project; deposits often total 30–50% before closing.
Escrow. Florida condominium law requires buyer deposits to be held in escrow. Where the contract allows, a developer may use deposits above 10% of the price for construction costs — so read the contract’s escrow clause and understand which part of your deposit is protected.
Assignment. Many developers restrict reselling your contract before closing, or charge a fee for it. Check before you sign.
Financing for foreign nationals
Foreign-national mortgages are available from some US lenders, typically requiring 30–40% or more as a down payment, extensive documentation and sometimes reserves after closing. Most pre-construction buyers pay the deposits in cash and arrange a mortgage for the balance near completion.
Florida SB 264: who it affects
Since July 2023, Florida restricts purchases of certain real property by individuals domiciled in seven "foreign countries of concern": China, Russia, Iran, North Korea, Cuba, Venezuela and Syria (excluding US citizens and permanent residents).
- Covered individuals generally cannot acquire agricultural land, or property within 10 miles of a military installation or critical infrastructure facility.
- A limited residential exception allows one residential property of up to 2 acres that is not within 5 miles of a military installation, for buyers with a valid non-tourist visa or asylum.
- Rules for people domiciled in China are stricter.
- Buyers sign an affidavit at closing confirming compliance.
The law has been challenged in court. If you are domiciled in one of these countries, take advice from a Florida real estate attorney before signing.
Taxes and holding costs
| Item | What to expect |
|---|---|
| Property tax | Set by municipality; about 1.9% of assessed value on average in Miami-Dade, ranging roughly 1.6–2.4% |
| Assessment increases | Non-homestead property is subject to a 10% annual cap on assessment increases |
| Condo association fees | Monthly; Florida’s post-2022 condo safety laws require structural inspections and reserve funding |
| Florida state income tax | None on individuals |
| Federal tax on rental income | Applies; non-resident owners file US returns |
| FIRPTA on sale | The buyer generally withholds 15% of the gross price when a foreign person sells, credited against the tax due |
| US estate tax | Non-US persons have a $60,000 exemption on US assets; rates up to 40% |
Because of estate tax and FIRPTA, international buyers often take advice on ownership structure — personal name, company, partnership or trust — before signing.
How Victory House helps
Our Miami project highlights are researched from official developer sources. We help you compare Miami with UAE options in the context of your portfolio — see Dubai vs Miami — and coordinate with US attorneys and tax advisers where needed.
This guide is general information, not legal or tax advice.
Frequently asked.
Can foreigners buy pre-construction condos in Miami?
Generally yes. Most foreign nationals can buy, but Florida’s SB 264 restricts some purchases by people domiciled in China, Russia, Iran, North Korea, Cuba, Venezuela and Syria.
How much deposit is needed for Miami pre-construction?
Deposits are staged during construction and often total 30–50% of the price before closing, with the balance due at completion.
What is FIRPTA?
When a foreign person sells US real estate, the buyer generally must withhold 15% of the gross sale price and pay it to the IRS. It is credited against the seller’s actual US tax.
What is the property tax rate in Miami?
It depends on the municipality. The average effective rate in Miami-Dade is about 1.9% of assessed value.
Do foreign owners pay US estate tax?
Yes, on US assets. Non-US persons generally have only a $60,000 exemption, and rates go up to 40%, so ownership structure deserves advice.
Sources
- Lowndes — How SB 264 affects foreign purchasers and owners of real estate in Florida
- The Tax Adviser — Estate tax considerations for non-US persons owning US real estate (April 2025)
- Million Luxury — The international buyer’s playbook for Miami pre-construction in 2026
- Million Luxury — Miami-Dade property taxes: millage, homestead and carrying costs
- Miami-Dade Property Appraiser — 2026 proposed millage rate comparison
Reviewed on 2 November 2026. This guide is general information, not legal, tax or financial advice. Fees, rules and approvals are set by the relevant authorities, banks and developers and can change. Returns are not guaranteed.
