How much do I need to pay in taxes and costs as a Mexican Citizen?

­🧾 1. Property Taxes

• Amount: ~2% of the assessed property value per year in Miami-Dade County
   
• Paid annually (can be prorated at closing)
   
• Applies whether or not you live in the property or rent it
   

💼 2. Closing Costs (One-Time at Purchase)

• Usually 2%–5% of the purchase price if buying in cash
   
• Includes:
   
  • Title insurance
     
  • Legal fees (optional but recommended)
     
  • Appraisal and inspection fees
     
  • Transfer taxes and recording fees
     
• If financing, add lender fees and loan-related closing costs
   

🏘️ 3. Ongoing Ownership Costs

• HOA fees (if buying a condo): Typically $0.70–$1.50 per sq. ft. per month
   
• Home insurance
   
• Maintenance and repairs
   

💰 4. FIRPTA Tax (When Selling)

• FIRPTA = Foreign Investment in Real Property Tax Act
   
• The IRS requires 15% of the gross sales price to be withheld at closing
   
• This is not a final tax, but a withholding — you may get part or all of it back when filing a U.S. tax return
   

🧮 5. Income Tax (If Renting Out the Property)

• Rental income is taxable in the U.S.
  You must choose between:
   
  • A flat 30% tax on gross income (default)
     
  • Or filing a U.S. tax return to deduct expenses and pay tax on net income (often better)
     

⚖️ 6. Estate Tax (In Case of Death)

• U.S. estate tax applies to foreign-owned assets over $60,000 USD
   
• Can reach up to 40% unless planned properly (e.g., using an LLC or trust)
   

✅ Final Tip:

Work with a real estate attorney and international tax advisor to set up the most tax-efficient structure, especially if:

• You plan to rent the property
   
• You want to protect your heirs
   
• You want to avoid double taxation between the U.S. and Mexico

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Antonio Aguirre

Meet Antonio Aguirre

Broker Associate | Realtor® based in Miami, FL

With over 20 years of real estate experience, Antonio Aguirre is a trusted expert helping buyers, sellers, and investors—both local and international—make smart, strategic decisions in one of the most competitive markets in the U.S.

Antonio’s career began by opening offices, recruiting, training, and mentoring agents across the U.S. and Latin America. His leadership and consistent results have earned him multiple industry recognitions, and his global perspective allows him to understand and meet the diverse needs of his clients.

Today, Antonio leads a multidisciplinary team committed to delivering comprehensive, transparent, and personalized service. Whether you’re investing in pre-construction, exploring private equity opportunities, or looking for existing properties, Antonio has the knowledge, network, and resources to help you secure the best possible deal.

A true Miamian at heart, Antonio is passionate about watersports and gastronomy—qualities that reflect his energetic, detailed, and client-centered approach to real estate.

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Ready to take the next step?

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