Florida places no restriction on foreign ownership of residential property. You do not need a green card, a visa or a US company. What you do need is a passport, a US bank account for the wire, an ITIN if you plan to rent the property out, and a clear understanding of the taxes and closing costs that come with ownership.
What documents you need
A valid passport is the core document. For a cash purchase that is often enough, together with proof of where the funds came from — title companies are required to verify the source of money. If you plan to rent the property out, you will need an ITIN, a tax number issued to people who are not eligible for a social security number. Opening a US bank account before you start looking makes the closing far smoother.
Financing without US credit history
Foreign buyers without US credit history can still borrow through what lenders call a foreign national loan. Expect a larger down payment — commonly 30 to 40 percent — a higher rate than a resident would get, and documents from your home country: bank statements, proof of income, sometimes a reference letter from your bank. Approval takes longer, so start the conversation with a lender before you make an offer, not after.
Taxes and the FIRPTA rule when you sell
Florida has no state income tax, which is a large part of why buyers come here. You will pay annual property tax, and a condo will add monthly HOA fees on top. The rule that surprises foreign owners most comes at the exit: under FIRPTA, when a foreign person sells US property, a percentage of the sale price is withheld and sent to the IRS until the tax position is settled. It is recoverable, but it has to be planned for — not discovered at closing.
What closing actually costs
Budget beyond the price of the property. Closing costs typically include title insurance, government recording and documentary stamps, an inspection, and for a condo an association application fee and estoppel letter. In a condo purchase the association also has to approve you as a buyer, which takes time and paperwork. None of this is unusual, but it is the part first-time foreign buyers most often leave out of their calculation.