What it costs to buy
Florida's documentary stamp tax on deeds is 70 cents per $100 of consideration in every county except Miami-Dade, where it is 60 cents per $100 plus a surtax of 45 cents per $100 on documents that do not transfer only a single-family dwelling — which in practice brings most condominium transfers into the surtax. All parties to the document are liable for the tax, whichever of them agrees to pay it (Florida Department of Revenue, documentary stamp tax).
Who may buy
There is no general federal bar on foreign buyers of a single home, which falls outside CFIUS review (US Treasury). Florida is different in one respect: section 692.204 of the Florida Statutes bars persons domiciled in China who are not US citizens or permanent residents — and entities connected to China's government or ruling party — from acquiring most interests in Florida real property, with a narrow exception for a natural person buying one residential property of up to two acres, away from military installations, while holding a non-tourist visa (Florida Statutes s. 692.204). Related sections cover other countries of concern for certain land; a Florida lawyer should confirm your position before you sign.
What it costs to hold
County property tax is the annual cost, and Florida's best-known relief is not available to most foreign owners. The homestead exemption reduces taxable value by as much as $50,000 for someone who owns the property as their permanent residence (Florida Department of Revenue, exemptions); in Miami-Dade the owner must be a US citizen or permanent resident and a Florida resident living in the home on 1 January, and must apply by 1 March (Miami-Dade Property Appraiser). A second home owned from abroad is taxed without it.
Income tax and selling
Florida does not impose a personal income tax (Florida Department of Revenue), so the tax on a foreign owner's sale is federal: the buyer generally withholds 15% of the amount realised under FIRPTA, with reduced or nil rates on sales up to $1 million to buyers who will live in the home (IRS, FIRPTA). A non-resident alien's estate must also file a US estate-tax return if US-situated assets exceed $60,000 (IRS).
Residency
Buying does not confer the right to live in the United States; investment immigration runs through the separate EB-5 programme, from $800,000 in a targeted employment area or $1,050,000 elsewhere (USCIS).
On the water
Much of Miami's prime housing faces the bay or the ocean. Ask for the property's flood zone, its elevation certificate and the cost of insurance before you make an offer, not after — they decide the true cost of holding it.
