As a Mexican citizen buying property in Miami, your closing costs and ongoing maintenance expenses will be very similar to those of any U.S. buyer, but with a few key considerations for foreign ownership. Here’s a full breakdown:
FIRPTA stands for the Foreign Investment in Real Property Tax Act, and it's a U.S. federal law that directly affects foreign sellers of real estate — including Mexican citizens. Here’s how it works and how it may impact you when you sell your property in Miami:
As a foreign buyer in Miami, such as a Mexican citizen, you’ll pay most of the same taxes and costs as U.S. residents — with a few important additional considerations. Here’s a breakdown of the taxes and costs you need to plan for:
Yes, you can use funds from a Mexican bank account to buy real estate in Miami — but having a U.S. bank account is highly recommended and often required, especially if you're financing the purchase or paying recurring costs.
As a Mexican citizen buying real estate in Miami, you can expect to need a down payment of 30% to 50% of the purchase price, depending on how you finance the property. Here’s a breakdown:
Yes, Mexican citizens can get mortgage financing in the U.S., including in Miami, under what's known as a foreign national loan program. However, the terms and requirements are different from those offered to U.S. residents. Here’s what you need to know:
Yes, your family can inherit your property in Miami — even if you're a Mexican citizen and not a U.S. resident. However, there are important tax and legal considerations you should understand to avoid complications for your heirs.
Great question — and one that many Mexican buyers ask. The choice between buying under your personal name or through a U.S. LLC depends on your goals, risk tolerance, and tax strategy. Here’s a breakdown to help you decide:
No, you do NOT need a visa or U.S. residency to buy property in Miami (or anywhere in the U.S.). Here’s what that means for you: