Panama
A regional financial hub that uses the US dollar in daily life, close to Miami.
Panama uses the US dollar in everyday transactions, its balboa is pegged one to one to the dollar and circulates alongside it, so buyers from Panama already handle the same money they will pay with in Miami. As a regional banking and business hub with close US ties, Panama sends investors who find a Miami purchase familiar and low-friction.
Why Miami for buyers from Panama
For Panamanian buyers, the currency advantage is central, because the balboa is pegged one to one to the US dollar and dollars circulate freely, there is effectively no exchange-rate risk on a Miami purchase. Panama's role as a financial hub, short flights, and a business culture already oriented toward the US make the market easy to enter. Buyers often pursue investment condos and second homes that hold and earn in dollars.
Paying and moving money
Because Panama operates in US dollars, funding a purchase means a dollar-to-dollar wire with no conversion and no exchange loss, only the transfer itself from a Panamanian bank. As a regional banking center, Panama's institutions are used to international wires, though you will still provide source-of-funds documentation to satisfy compliance on both ends. The amount you send is the amount that arrives, apart from standard bank fees.
Taxes, title, and cross-border planning
FIRPTA still applies to a foreign owner, so at resale the buyer withholds part of the price and you reconcile it on a US tax return, plan for that even though you paid in dollars. You can hold title personally or through a US LLC, which affects liability, privacy, and estate exposure, a decision to weigh before closing, especially if you use Panamanian holding structures. A cross-border advisor who understands both Panamanian and US rules keeps the ownership structure and reporting aligned.
Common questions
Since Panama uses the dollar, is there any currency conversion when I buy in Miami?
No, Panama's balboa is pegged one to one to the US dollar and dollars circulate there, so you send dollars directly with no conversion or exchange-rate risk.
Can I use a Panamanian company or foundation to hold my Miami property?
You can, but US and Panamanian tax treatment differ, so review the structure with a cross-border advisor before deciding whether a US LLC or a Panamanian entity fits better.
How close is Panama to Miami by air?
It is a short nonstop flight of roughly three hours, which makes it easy to visit your property and handle business in person.
Do I need a US bank account to buy and manage property?
It is not required to purchase, but a US dollar account makes paying taxes, insurance, and fees and receiving any rent simpler, so many Panamanian owners open one.
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. Figures are general Florida guidance, not a quote.
Closing costs
Budget roughly 3% to 5% of the price for a cash purchase, a little more if you finance. We give you a line-by-line estimate before you commit.
Documentary stamp tax
Florida charges about $0.70 per $100 of the price, roughly 0.7%, collected at closing. The title company handles the Miami-Dade specifics.
Title insurance and search
A one-time title insurance policy, roughly 0.5% to 0.6% of the price, plus a title search, protect your ownership against hidden claims.
If you finance
Foreign-national loans usually ask for about 20% to 40% down, most often around 30%, plus lender fees and a small intangible tax on the mortgage, about 0.2% of the loan.
Ongoing: taxes and insurance
Plan for roughly 1% to 2% of value a year in property tax. 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, 15% of the sale price is withheld under FIRPTA and reconciled when you file, so it is planned for, not a surprise.
More questions, answered
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?
Plan for roughly 3% to 5% of the price for a cash purchase, and a little more if you finance. The main items are the documentary stamp tax, title insurance, and a title search, and we itemize them before you commit.
What is FIRPTA?
FIRPTA withholds 15% of the sale price when a foreign owner sells, not when you buy. It is planned for and often partly refunded when you file your US return.
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% to 2% of value a year in property tax (a second home does not get the homestead exemption), 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?
Non-residents have a low estate-tax exemption on US assets, so how you hold the property matters for your heirs. We plan this with a cross-border advisor rather than leaving it to chance.
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.
General information, not tax or legal advice.
Homes you could buy in Miami
A sample of what we are representing right now. Ask us for the full, current list.
18975 Collins Ave #555
851 NE 1st Ave #2301
17324 SW 41st St
4506 SW 174th Ave
13247 SW 144th Ter
15835 NW 91st Ct
Photos are representative and may not show the actual property.
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