What a Miami Condo Really Costs a Foreign Buyer

Beyond the price, buying a Miami condo usually costs 2% to 5% more at closing, and holding it costs about 1.6% to 2% of its value each year in property tax, plus dues and insurance. Owners who do not live in Florida do not get the homestead exemption. These costs can move your return more than a few points of discount on the price.

1. Buying costs

• Total: usually 2% to 5% of the price for the buyer. On a $600,000 condo, about $12,000 to $30,000.
• Title insurance and closing fees.
• Loan taxes: if financed, about 0.35% of the loan in documentary stamp tax and 0.2% in intangible tax.
• Deed stamp tax: 0.70% of the price, usually paid by the seller in Florida, but negotiable.
• Prorations: property tax, dues and the first year of insurance are prorated or paid at closing.

2. Holding costs

• Property tax: about 1.6% to 2% of assessed value a year in Miami-Dade; on $600,000, roughly $9,600 to $12,000.
• No homestead: the exemption and its 3% annual cap apply only to permanent Florida residents. Other residential property has a 10% annual cap on assessed-value increases.
• Dues: charged per square foot; about $1.90 per square foot a month is common in new buildings. In older buildings, check reserves and special assessments.
• Unit insurance: the building policy covers the structure; yours covers the interior. Florida premiums have risen in recent years.

3. Financing as a foreign national

Lenders that serve foreign nationals usually ask for 30% to 40% down, at higher rates than for residents. The 30-year benchmark was 7.32% on October 22, 2026. Pre-construction buyers lock their rate at delivery, not today.

4. Selling costs

• Commissions and closing: negotiated on each sale.
• FIRPTA: when a foreign person sells, the buyer generally withholds 15% of the gross price for the IRS. Any excess over the tax due can be recovered on the U.S. return.
• At home: most countries also tax the gain. Check with your accountant.

Run these numbers for your own unit, rate and income in the calculator on the Wynwood Intelligence page.

How we look at it

We compare the total cost of owning, not the price. A cheaper building with high dues, thin reserves or assessment risk can cost more within a few years than a new one. See Wynwood vs. Edgewater vs. Midtown.

Frequently asked questions

How much is property tax on a Miami condo?

Usually 1.6% to 2% of assessed value a year, depending on the municipality and building.

Can a foreign buyer get the homestead exemption?

No, unless they become a permanent Florida resident and meet the requirements.

How much down payment does a foreign buyer need?

It depends on the lender and the building; 30% to 40% is common.

Disclosure: Infinity⁹ is a co-sponsor of WOMA Wynwood and has an economic interest in its sale; Infinity⁹ is not a real estate broker. Infinity⁹ is an Exempt Reporting Adviser with the SEC, CRD# 330526, and is not a law firm or a tax adviser. This content is educational and does not constitute legal, tax or investment advice, or an offer to sell real estate or securities. Figures are approximate and may change.

Sources

• Finberg Firm, 2026 guide to Florida closing costs for foreign buyers
• Freddie Mac 30-year average via FRED
• Florida Department of Revenue, homestead and documentary stamp tax