How to Buy Property in Florida from Abroad – Expert Guide

Florida is one of the most famous real estate markets worldwide, attracting rental property investors and homebuyers from different countries. Foreign nationals can buy real estate in Florida as long as they comply with the legal requirements. 

In this article, you will discover how to buy property in Florida from abroad. 

Step #1 – Finding a Reliable Agent 

Purchasing a home as a foreigner is not an easy task for most people, especially first-time buyers. Undoubtedly, buying a home in the US is not an impossible task. Still, there are plenty of details involved in the process. 

Plus, handling all procedures online can be a burden for many people, especially during negotiations. 

It is hard for foreigners to work their way through a transaction settling abroad. In this sense, it is crucial to seek guidance from an expert title attorney in Florida who specializes in working with foreign buyers. 

At Marina Title, we have bilingual lawyers well-versed in English and Spanish to help you throughout the process of buying a home from abroad. Plus, we can use our network to find other reliable local agents to save you time and money. 

Step #2- Choosing the Right Payment Method 

In most cases, the best payment method for foreign buyers purchasing a home in Florida is paying all cash. Undoubtedly, obtaining a mortgage in the United States as a foreigner is a complex and challenging task. Especially due to the lack of credit history in the country. 

It is recommended that foreign buyers have at least 30% or more to pay the minimum down payment in Florida. 

However, sometimes foreign buyers purchase a home in Florida by leveraging another real property. In essence, the method consists of taking out a home equity line of credit (HELOC) on an existing home and then use the obtained funds to purchase a new property paying with cash.

Both methods are valuable manners as they involve payments in cash, which can increase the line of negotiation with real estate sellers. 

Step #3- You Do Not Need a Visa to Buy a Home in Florida 

US Citizenship and Immigration Services (USCIS) provided foreign nationals to purchase property in the United States just like any other US citizen. Currently, foreign homebuyers do not need any special visa requirements to buy a property in the US. 

However, it is also worth noting that purchasing a home in Florida will not affect someone’s immigration status or visa eligibility. In most cases, foreign nationals purchasing a property in Florida are granted 90 days to stay, depending on the applicant’s country of origin.

Regardless, it is crucial to work with an expert title company to assess your possibilities and find a purchasing strategy that works for you. 

Step #4 – Be Wise When Dealing with Taxes 

Purchasing a property in Florida involves a wide array of expenses besides the purchasing price paid at closing. Typically, ownership costs will include property taxes, homeowner’s insurance, maintenance, and utilities. 

Also, foreign nationals who opt for hiring the services of a property manager will need to include all related fees. 

Fortunately, Florida’s average property tax rate is around 0.83% of the property’s assessed value, which is lower than the US average. However, notice that the assessed value is commonly less than the purchase price paid for the property.

Owners who decide to rent out their properties while not in use will likely be required to pay income tax. Plus, dealing with taxes will require foreign nationals to have an Individual Tax Identification Number (ITIN). 

Step #5- Work with an Expert Title and Escrow Company in Florida 

Suppose you are a foreign national purchasing a property in Florida. There is no better approach than hiring the services of a reliable title and escrow company in that case. 

The mission of a title company is to take care of all essential details regarding the title to a property. This mission involves proceeding with a detailed title search, handling all necessary paperwork, and ensuring things are in place at the transaction’s closing. 

On the other hand, an escrow company has the mission to hold and monitor the money and documentation before transferring from one party to another. 

Marina Title is a title and escrow company, which facilitates the closing by getting all the services done under a single roof. 

Do You Need Help to Buy Property in Florida from Abroad? 

At Marina Title, we offer foreign nationals a wide range of title and escrow services to ensure the best outcome in all real estate transactions. Contact us today by calling us at (305) 901-5628 or sending us an email at [email protected] and get help now.