Turkey
Buying from Turkey: holding value in a dollar priced asset, how funds reach a US closing, nonstop flights, and closing on a Miami home remotely.
If you are funding a purchase from Turkey, capital protection is usually the point. The lira has fallen from under 3 to the dollar a decade ago to more than 40 today, and years of high inflation have pushed families to move savings into hard assets priced in US dollars. A Miami property does exactly that: it is a tangible, dollar-denominated store of value in a stable legal system, and it doubles as a second home in a warm, international city with nonstop Turkish Airlines flights between Istanbul and Miami. There is no residency or citizenship requirement to own it, and Florida charges no state income tax.
General information, not tax or legal advice.
Protecting your capital from the lira
This is usually the reason for the call. Money kept in lira loses purchasing power year after year, while a Miami property is priced, financed, and resold in US dollars, so your equity is measured in a currency that has held its value. The moment your funds convert to dollars and go into the home, your wealth stops tracking the lira and starts tracking a US real estate market with deep, liquid demand. Think of it as the dollar equivalent of a gold or foreign-currency account, but with rental income and a place you can actually use.
Moving money from Turkey, step by step
Turkey does not cap how much an individual can send abroad, so the practical work is converting lira to dollars and documenting where the money came from. You convert with your Turkish bank or a currency specialist, then wire US dollars into the title company's escrow account, and US banks and the title agent will ask for source-of-funds records to satisfy anti-money-laundering rules. Because the lira moves, timing the conversion matters, and a specialist broker often beats a retail bank on both the rate and the transfer speed. We coordinate with your bankers and the title company so the funds land cleanly and on schedule, and we can arrange Turkish-speaking support through the process.
Visas and time in the United States
Owning a Miami home does not grant a visa or the right to live in the US. Immigration runs on its own rules, decided by US authorities, and Turkey is not part of the Visa Waiver Program, so how and for how long you can enter depends on the visa you are granted rather than on anything you buy. Separate investor visa routes exist for nationals of treaty countries, and whether any of them is open to you is a legal question we are not licensed to answer. We are a brokerage, so we will not tell you what you qualify for. What we will do is introduce you early to a licensed US immigration attorney, so the immigration question and the property question are each answered by the right person.
Taxes and title
Florida has no state income tax, but you will pay annual property tax, and as a non-resident you do not get the homestead exemption. Combined Miami-Dade millage runs about 17.5 to 21 mills depending on the city, so budget roughly 1.8% to 2.1% of the purchase price each year, plus insurance, which is what our property-tax calculator applies. If you rent the home out, the rental income is reported on a US return, and the US and Turkey have an income tax treaty that helps keep the same income from being taxed twice. When you eventually resell, FIRPTA requires the buyer to withhold part of the gross sale price against US tax at a rate tiered by price and by what the buyer intends to do with the home, and it is reconciled once you file. How you take title, in your own name or through a US LLC, changes your liability and privacy, and that is a question for your attorney and accountant rather than for us.
The estate tax point to ask about before you sign
This is the detail most often left out, and it matters. The US and Turkey have no estate tax treaty, so US-situated assets that a non-resident owns, including US real estate, are exposed to US estate tax. The relief is a $13,000 unified credit, which is what shelters roughly the first $60,000 of value, and the tax above that follows a graduated schedule that starts at 18% and reaches the top 40% rate only on larger amounts. On a Miami property that is a serious number. What can be done about it depends entirely on your circumstances, and it is a question for a cross-border tax advisor and an attorney, not for us. We will connect you with one before you sign.
Common questions
Can a Turkish citizen buy property in Miami?
Yes. There is no residency or citizenship requirement to own real estate in Florida, and both cash purchases and foreign-national mortgages are common.
Does buying a home get me a US visa or green card?
No, ownership and immigration are separate. Buying a property grants no visa and no status. Other routes exist under US immigration law, but whether any of them fits you is not something a brokerage can assess, so we introduce you to a licensed US immigration attorney instead of guessing.
Can buying real estate get me an investor visa?
Buying a home is a property transaction, not an immigration one, and we do not assess visa eligibility. The criteria for any investor visa are set by US immigration law and applied to your specific facts, so that question belongs with a licensed US immigration attorney. Ask us and we will introduce you to one.
How do I move money out of Turkey to pay?
Turkey does not cap what an individual can send abroad. You convert lira to dollars with your bank or a currency specialist, then wire the dollars into the title company's escrow account, keeping records of the source of funds for anti-money-laundering checks.
Should I worry about the lira falling further while I buy?
Once your money is converted to dollars and in the home, your value is measured in dollars, not lira. Many buyers convert as soon as they are ready, and a currency specialist can help you choose a moment and lock a rate.
What ongoing taxes will I owe as a Turkish owner?
Florida has no state income tax, but you pay annual property tax and insurance. Combined Miami-Dade millage runs about 17.5 to 21 mills, so plan for roughly 1.8% to 2.1% of the purchase price a year in tax, with no homestead break as a non-resident. Rental income is reported on a US return, and the US-Turkey income tax treaty helps prevent double taxation.
Is there a US-Turkey estate tax treaty?
No, and this is important. Without a treaty, US real estate a non-resident owns is exposed to US estate tax above roughly $60,000 of value, on a graduated schedule that starts at 18% and reaches 40% only on larger amounts. What can be done about that depends on your own circumstances and is not something we advise on, so speak with a cross-border tax advisor and an attorney before you sign. We introduce you to both.
Do I need an ITIN?
Usually yes. A US individual taxpayer identification number lets you file the returns tied to rental income and the eventual sale, and we help you arrange one as part of the process.
Are there direct flights and Turkish-speaking support?
Yes. Turkish Airlines flies nonstop between Istanbul and Miami, which makes checking on a property or handing it to guests easy, and we can arrange Turkish-speaking support so nothing is lost in translation.
General information, not tax or legal advice.
How buying works, step by step
From getting set up to the keys, here is the path we run with you.
1. Get set up
If you will finance or need to file, we start your ITIN (US tax ID) and a foreign-national pre-approval, or gather proof of funds for a cash purchase. Doing this first means nothing stalls later.
2. Search and tour remotely
We shortlist homes to your brief and tour them for you by live video, so you can shop from your country without flying in.
3. Offer and contract
We negotiate and write the offer. A signed contract and a deposit into an escrow account start the timeline and protect your funds.
4. Inspection and title
Inspections, a title search, and a review of the condo or HOA documents run in parallel, so any surprise surfaces early while you can still act on it.
5. Funds and closing
You wire the funds and sign, either in person or remotely with a limited power of attorney and Florida's online notarization. Title transfers and the home is yours.
6. After closing
We hand off to property management, insurance, and tax filing as needed, so the home runs smoothly and stays compliant while you are away.
The essentials for buying from abroad
The parts that worry overseas buyers most, handled with a clear plan.
FIRPTA and taxes
FIRPTA withholds part of the sale price when a foreign owner sells, not when you buy. It is planned for, not feared, and is often partly refunded when you file.
ITIN (US tax ID)
Buyers who finance or need to file usually need an ITIN. It can take several weeks, so we start it early to avoid delays at closing.
Foreign-national financing
You can finance without US residency or credit through foreign-national loan programs, typically with a larger down payment and income documented from your country.
Remote closing
Florida allows remote online notarization and a limited power of attorney, so you can complete a purchase from your home country without flying in.
Moving funds
Wiring funds across borders and documenting their source takes planning, so we start early. We never send wiring details by email alone, and neither should you.
Holding title
How you hold the property, in your name, an LLC, or another structure, affects taxes and estate exposure. We help you decide with a cross-border advisor before you buy.
Costs to plan for
The taxes and fees to budget, so there are no surprises at closing. The figures follow the same Miami-Dade rules our closing-cost, property-tax and seller net-proceeds calculators apply, and they are general guidance, not a quote.
General information, not tax or legal advice.
Closing costs
For a cash purchase in Miami-Dade, buyer closing costs usually come to about 1% of the price or less. Our closing-cost estimator returns roughly $5,800 on an $850,000 condo, about 0.7%, and financing takes it to roughly 1% to 1.5%. That covers owner's title insurance, recording, and a survey, and excludes lender fees, prepaid interest, and the escrow deposits for taxes and insurance. We give you a line-by-line estimate before you commit.
Documentary stamp tax
Miami-Dade charges $0.60 per $100 on the deed, not the $0.70 that applies elsewhere in Florida, plus a $0.45 per $100 surtax on any transfer that is not a single-family residence, which includes a condo. In Florida the seller customarily pays this tax, so it is usually not a buyer cost, though who pays is negotiable and belongs in the contract.
Title insurance and search
A one-time owner's policy, plus a title search, protects your ownership against hidden claims. Florida's premium is a promulgated band schedule, not a flat percentage: $5.75 per $1,000 on the first $100,000, $5.00 to $1,000,000, $2.50 to $5,000,000, and less above that, with each rate applying only to the slice of the price inside its band. The effective cost therefore falls as the price rises, about 0.51% at $850,000 and about 0.38% at $2,000,000.
If you finance
Foreign-national loans usually ask for about 20% to 40% down, most often around 30%, plus lender fees. Financing also adds the two Florida mortgage taxes our estimator applies: documentary stamps on the note at $0.35 per $100 of the loan, and the intangible tax at $0.20 per $100, so about 0.55% of the loan between them.
Ongoing: taxes and insurance
Combined Miami-Dade millage runs about 17.5 to 21 mills depending on the city, so plan for roughly 1.8% to 2.1% of the purchase price a year in property tax, which is what our property-tax calculator applies. The homestead exemption is for primary residents, so a second home or investment does not get it. Add homeowner and, near the coast, wind and flood insurance.
HOA and condo fees
Condos and gated communities carry monthly association fees, and Florida condos can have reserve assessments. We review the association's finances before you buy.
FIRPTA at resale
When a foreign owner later sells, FIRPTA withholds part of the gross sale price under IRC section 1445, and the rate is tiered rather than flat. Where the buyer is acquiring the property as a residence and signs the required affidavit, it is zero at $300,000 or less and 10% from $300,001 through $1,000,000. Otherwise, and always above $1,000,000, it is 15%. It is reconciled when you file, so it is planned for, not a surprise.
More questions, answered
General information, not tax or legal advice.
Can a foreigner buy property in Miami?
Yes. There is no residency or citizenship requirement. You can pay cash or use foreign-national financing, and you can complete the purchase remotely.
Does buying property give me a visa or residency?
No. Owning property does not by itself grant any visa or immigration status. We are clear about that from the start so your expectations are right.
Do I have to be in the US to close?
No. With a limited power of attorney and Florida's remote online notarization, many buyers close from their home country and travel only if they want to.
Can I get a mortgage without US credit?
Yes. Foreign-national loan programs do not need US residency or a US credit score. They usually ask for about 20% to 40% down, most often around 30%, with income and assets documented from your country.
How much are closing costs?
For a cash purchase in Miami-Dade, plan for about 1% of the price or less. Our closing-cost estimator returns roughly $5,800 on an $850,000 condo, about 0.7%, and financing takes it to roughly 1% to 1.5% because of the stamps on the note and the intangible tax. The main buyer items are owner's title insurance and the title search, recording, and a survey; lender fees, prepaid interest, and escrow deposits are on top. Documentary stamps on the deed are customarily paid by the seller in Florida, though who pays is negotiable. We itemize all of it before you commit.
What is FIRPTA?
FIRPTA withholds part of the gross sale price when a foreign owner sells, not when you buy. Under IRC section 1445 the rate is tiered: if your buyer is acquiring the home as a residence and signs the required affidavit, it is zero at $300,000 or less and 10% from $300,001 through $1,000,000, and otherwise, and always above $1,000,000, it is 15%. Our seller net-proceeds calculator applies exactly those tiers. The withholding is reconciled when you file your US return, so it is often not your final tax.
What is an ITIN and do I need one?
An ITIN is a US tax ID for people without a Social Security number. Buyers who finance, earn rental income, or need to file usually need one, and it can take several weeks, so we start it early.
What are the ongoing costs of owning?
Roughly 1.8% to 2.1% of the purchase price a year in property tax, since combined Miami-Dade millage runs about 17.5 to 21 mills and a second home does not get the homestead exemption, plus homeowner and coastal insurance and, for a condo or gated community, monthly association fees. We map these before you buy.
How do I move funds to the US?
You wire the funds to the closing escrow account, and we plan it early and document the source of funds, which title companies and lenders expect. We never send wiring details by email alone, and neither should you.
Should I hold title in my name or an LLC?
It depends on taxes, estate exposure, and liability, so there is no single answer. We bring in a cross-border attorney and accountant to choose the structure that fits your plans before closing.
What about US estate tax as a foreign owner?
A non-resident who owns US property personally gets a $13,000 unified credit, which is what shelters roughly the first $60,000 of US-situs value, and the tax above that follows a graduated schedule that starts at 18% and reaches 40% only on larger amounts. A treaty, a mortgage, and your other US assets can all change the answer. It is a real question with real numbers, and it is one for a cross-border tax advisor and an attorney rather than for us, so we introduce you to one before you buy.
Do I pay tax on rental income?
Yes. US rental income is taxable and there is a withholding and filing process for foreign owners. An accountant sets it up so you keep more of the income and stay compliant.
Can I rent the property out?
Usually yes, but condo and HOA rules and local short-term-rental limits vary by building and city. We check the rules for a specific property before you rely on rental income.
How long does the whole purchase take?
A cash purchase often closes in about three to five weeks once you are in contract. Financing takes longer, and getting an ITIN or moving funds can add time, so we plan the timeline up front.
Free tools that help here
Closing-cost estimator
Itemised Miami-Dade buyer closing costs, cash or financed: title insurance, recording, survey and mortgage taxes, with deed stamps and FIRPTA explained.
Property tax calculator
Estimate annual property tax in any US state, with Miami-Dade detail for Florida.
Seller net-proceeds calculator
What you actually walk away with after payoff, the commission you have agreed, deed stamps and other costs, with a FIRPTA mode for a foreign seller.
Currency converter
Convert a US price into the currencies of every market we serve, across Latin America, Europe, the Gulf and Asia.
Estate-tax exposure estimator
US estate-tax exposure for a foreign owner, on the graduated 18% to 40% schedule.
Foreign-buyer readiness checklist
Track every step of buying from abroad: ID, cash or financing, an ITIN, proof of funds, FIRPTA, how to hold title, the transfer and a remote closing.
Start from your country
Tell us your country and your goal, and we map the whole process for you, coordinating your language where it helps.
Talk to us