Buying guide · 4 min read

How to buy pre-construction in Miami from Latin America: a step-by-step guide

By Vivian Vargas Kinderson·October 15, 2026

To buy pre-construction in Miami from Latin America, you choose the project, sign a refundable reservation, then sign the purchase contract (Florida law gives you 15 days to change your mind), pay the deposits in stages while the building goes up and, once construction is finished, pay the balance in cash or with a foreign national loan. You can do the whole process remotely.

This guide sums up the process we follow with investors from Colombia, Mexico, Spain and the rest of the region. It is general information, and every project has its own terms.

1. Define your goal before the building

The first conversation is about you, not about a project. We ask you three things:

Why you are buying: short-term rental, long-term rental, a second home or wealth to pass on to your children.
How much capital you have available for deposits and how much you would have at closing.
When you need the unit delivered.

Those answers rule out a good part of the market. A building that bans rentals shorter than 30 days can be excellent to live in and a poor fit for someone who wants to run an Airbnb.

2. Reservation: the step you can still undo

Many projects ask for a reservation deposit before the contract. Florida law protects this money: under Florida Statute 718.202, reservation deposits go into an escrow account and, if you request it in writing, they are refunded in full right away.

3. Contract and the 15-day cancellation right

When you sign the contract with the developer, Florida Statute 718.503 gives you 15 days to cancel it in writing, counted from the signing and from the day you receive all the condominium documents. Any clause saying you waive that right has no effect.

Use those 15 days to calmly review the declaration of condominium, the estimated association budget and, above all, the rental rules.

4. Deposits during construction

Deposits are paid in stages. Haute Living describes a common example: 10% at signing, 10% at groundbreaking, 10% when the structure tops off and the rest at closing. In the South Florida luxury market, total deposits usually range from 20% to 50% of the price, depending on the project.

Stage	Sample payment
Contract signing	10%
Groundbreaking	10%
Structure topped off	10%
Closing	Remaining balance

Each developer sets its own schedule. We show you the exact plan for each project before you sign.

To learn how that money is protected, read our guide on deposits and escrow in Florida.

5. Closing: cash or a foreign national loan

When construction is finished, you pay the balance. According to the MIAMI Realtors 2025 international report, 51% of foreign purchases in South Florida were paid in cash. The rest finance, for example with foreign national loans, which do not require a U.S. credit history but do require proof of income and source of funds.

One specialized lender reports down payments of 25% to 35% for condos. For reference, the Freddie Mac 30-year average rate was 7.40% on October 8, 2026, and foreign national loans usually cost more than that average.

6. Documents you will be asked for

A valid passport.
Recent bank statements and proof of the source of funds.
If you will receive rental income, an Individual Taxpayer Identification Number (ITIN), which you apply for with IRS Form W-7.
If you buy in cash through an LLC, keep in mind that since March 1, 2026, those purchases are reported to FinCEN.

7. After closing

If you plan to rent, decide whether the building operator or an outside company will manage it, and set up your account for rental income taxes. We explain it in our guide on taxes for foreign owners.

Frequently asked questions

Do I have to travel to Miami to buy? It is optional. We handle the whole process with you over video call, and for each project we tell you how the documents are signed remotely.

Can I buy through an LLC? Yes, and many foreign buyers do. The decision has tax and estate consequences, so it is best to settle it with an accountant and an attorney in Florida.

What happens if the project is delayed? The contract defines the timelines and the consequences. That is why we review that section with you during the 15-day cancellation period.