Ecuador
A dollarized economy, so buyers already deal in US dollars with no conversion.
Ecuador has used the US dollar as its official currency since 2000, so buyers from Ecuador come to Miami already holding and thinking in the same currency they will pay with. That removes the exchange-rate risk most international buyers face and makes a Miami purchase feel like a natural next step for families and investors.
General information, not tax or legal advice.
Why Miami for buyers from Ecuador
The single biggest advantage of buying from Ecuador is that the country is dollarized, so there is no currency to convert and no exchange-rate gamble between agreeing on a price and closing. Add short flights from Guayaquil and Quito, and a brokerage that runs the entire purchase in Spanish, and Miami becomes an easy market to enter. Buyers commonly seek second homes and dollar-earning rental condos.
Paying and moving money
Because Ecuador already uses the US dollar, moving money is simpler than for most foreign buyers, there is no conversion and no loss on exchange, only the wire itself from an Ecuadorian bank to the US closing. You still document the source of funds to satisfy bank compliance on both sides, so keep clear records of where the money came from. The dollar-to-dollar transfer means the amount you send is the amount that arrives, aside from bank fees.
Taxes, title, and cross-border planning
Even with dollars on both ends, FIRPTA still applies when a foreign owner sells, so the buyer withholds part of the gross price at a rate tiered by price and by the buyer's intended use, and you reconcile it on a US return. Plan for that at resale. You can take title in your name or through a US LLC, which changes your liability and estate exposure, and that is a decision for an attorney and a tax adviser rather than for us. We introduce you to a cross-border pair who know both Ecuadorian and US rules, so the reporting stays clean and nothing surprises you.
Common questions
Since Ecuador uses the dollar, do I avoid currency conversion entirely?
Yes, because Ecuador is dollarized you send US dollars directly, so there is no conversion and no exchange-rate risk between offer and closing.
Does using dollars mean the buying process is faster?
The purchase steps are the same, but skipping currency conversion removes one point of delay and uncertainty, so funding the closing is often more straightforward.
Do I still need to document where my funds come from?
Yes, even dollar-to-dollar wires require source-of-funds documentation for bank and title-company compliance, so gather those records early.
Are there direct flights from Ecuador to Miami?
Yes, there are nonstop flights from both Guayaquil and Quito, which makes visiting and managing a Miami property convenient.
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