Many foreign buyers can purchase property in Florida. Before choosing a home or condo, however, it is important to confirm three things: whether the purchase is permitted for your circumstances, whether financing is available, and the full transaction budget.
A foreign passport alone does not determine eligibility. Your permanent home, U.S. immigration status, ownership structure and the property’s location may all matter.
Do You Need a Green Card to Buy Property in Florida?
A Green Card is not a universal requirement for purchasing property. However, the right to own real estate and the right to live in the United States are separate matters.
Florida restricts certain purchases by specified foreign individuals and entities. Before signing a contract, confirm how the applicable rules affect you and the property you intend to buy.
Florida Restrictions on Certain Foreign Buyers
Part III of Chapter 692 of the Florida Statutes regulates certain acquisitions by foreign individuals and entities. Restrictions address agricultural land and property near military installations and critical infrastructure. Separate provisions apply to certain individuals and entities connected with China.
For individuals, the legal concept of domicile — your permanent home — and U.S. citizenship or lawful permanent resident status can be significant. Eligibility should not be determined solely by language or country of birth.
If your domicile is in Russia or another country listed in the law, obtain an individual legal review. Exceptions have specific conditions. Forming an LLC does not automatically remove restrictions because indirect ownership can also be covered.
Before paying a deposit, ask a real estate attorney to review eligibility for the selected property and the required buyer affidavits. You can read the law on the Florida Legislature’s official website.
What Documents May Foreign Buyers Need?
The exact requirements depend on the bank, lender and closing company. Depending on your circumstances, you may be asked for:
A valid passport.
Your address and evidence of your permanent home.
Immigration documents, where applicable.
Bank statements and proof of funds.
Documentation showing the source of funds.
For a mortgage, information about income, debts and financial reserves.
For an entity purchase, formation documents and ownership information.
Translations required by the receiving institution.
Before transferring a deposit, confirm which documents your transaction requires and allow time to obtain them.
Can You Get a Mortgage Without U.S. Credit History?
Some lenders offer Foreign National Mortgage programs for international buyers, including applicants without established U.S. credit history.
Requirements depend on the loan program, country of residence, documented income and assets, intended property use and the property itself. Having no U.S. credit history does not automatically mean rejection, but it does not guarantee approval either.
Before selecting a property, request a preliminary financing assessment. Review the down payment, interest rate, fees, reserve requirements and required documents.
There is no single down-payment requirement that applies to every foreign buyer. Use the written terms provided by your lender.
What Costs Should You Budget for When Buying?
In addition to the purchase price, budget for property inspections and closing costs.
Depending on the contract and financing, buyer expenses may include:
A home inspection and additional specialist inspections.
An appraisal when financing is involved.
Lender fees.
Title company or attorney fees.
Title searches and title insurance allocated under the transaction terms.
Recording fees and applicable documentary taxes.
Association application fees and other charges required by association documents.
Insurance premiums and mortgage escrow funding.
Prorated taxes and other payments calculated as of closing.
Responsibility for individual charges depends on the contract and applicable rules. Request a transaction-specific estimate of buyer expenses rather than relying on a universal percentage.
If you are financing the purchase, compare the initial loan terms with the final documents. The CFPB’s Closing Disclosure explainer can help you understand the main sections when this disclosure applies to your loan.
Can You Buy Florida Property Remotely?
Many steps can be arranged remotely, including property searches, video tours, discussions and document exchanges.
The signing process for closing must be confirmed in advance. Whether you can use remote online notarization, a power of attorney or another arrangement depends on the documents, identity verification and the requirements of the lender and title company.
Do not assume every foreign passport will work with every online notarization platform. Confirm the signing arrangements before scheduling the closing.
Does Buying Property in the U.S. Give You a Green Card?
Buying a home or condo does not, by itself, provide a visa, a Green Card or the right to live permanently in the United States.
Investment immigration programs have separate requirements. For example, the EB-5 Immigrant Investor Program requires a qualifying investment in a commercial enterprise and qualifying job creation. Purchasing a personal residence does not replace those requirements.
If relocation is part of your plan, discuss immigration options with an immigration attorney separately from your property search.
What If You Plan to Rent Out the Property?
Before buying, review association restrictions and local rental rules. Confirm minimum lease terms, rental frequency, tenant approval procedures and any registration requirements.
Discuss rental-income taxation, reporting obligations and ownership structure with a qualified tax professional. Future sale and estate-planning considerations can also matter for foreign owners.
When a foreign seller disposes of U.S. real estate, FIRPTA withholding rules may apply. Withholding is not the same as the final tax on the seller’s gain, and exceptions may be available. Further details are provided on the IRS website.
Where Should You Start?
A practical purchase checklist:
Define your goal: personal use, a seasonal home or rental income.
Confirm purchase eligibility for your circumstances and the selected property.
Establish your budget and, if needed, financing terms.
Confirm the source of funds, transfer arrangements and signing process.
Review the property, association documents and expenses before the applicable contractual deadlines.
Find Your South Florida Property
Planning to buy in Miami-Dade, Broward or Palm Beach? You can browse properties in South Florida and explore available options.
To discuss your search, message me on WhatsApp with your preferred area, budget and purchase goals. I can help you organize the search and identify questions to clarify with your lender, attorney and closing company.
Svitlana Milovanova
Florida-Licensed Real Estate Agent and Business Broker
LoKation Real Estate
Miami-Dade • Broward • Palm Beach
English • Russian • Ukrainian
+1 (561) 403-9941 | lana@usarealty.org
This article provides general information and does not replace individual legal, tax or mortgage advice. Confirm applicable rules and requirements at the time of your transaction.
Sources
Florida Statutes, Chapter 692 — restrictions affecting certain foreign buyers.
Home Financial Group — an example of a Foreign National Mortgage program. These are lender-specific terms, not universal requirements.