Turkey
For Turkish buyers, a Miami home is a hard dollar asset that holds its value while the lira does not, plus a lifestyle base with nonstop flights home.
Turkish buyers come to Miami above all to protect their capital. 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 a growing Turkish community and 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.
Protecting your capital from the lira
This is the reason most Turkish buyers call us. 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. Many buyers see it as the dollar equivalent of the gold or foreign-currency accounts Turkish families have long relied on, but with rental income and a place to 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, and Turkey is not part of the Visa Waiver Program, so Turkish citizens visit on a B1/B2 visitor visa, typically for stays of up to 90 days. There is, however, a separate route worth knowing: Turkey is an E-2 treaty country, so Turkish nationals can apply for the E-2 treaty investor visa. That visa is for someone who makes a substantial investment in an active US business they develop and direct, so a passive home or rental does not by itself qualify, but if you plan to invest in and run a business here it is a real pathway. We can introduce you to an immigration attorney to weigh it alongside your purchase.
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, so budget roughly one and a half to two percent of value each year plus insurance. 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 a portion of the gross sale price against US tax, refundable once you file. How you take title, in your own name or through a US LLC, affects liability and privacy, so it is worth deciding before you sign.
The estate tax point every Turkish buyer should plan for
This is the one detail Turkish buyers are most often not told, and it matters. The US and Turkey do not have an estate tax treaty, so US-situated assets that a non-resident owns, including US real estate, are exposed to US estate tax on the value above only sixty thousand dollars, at rates that climb to forty percent. On a Miami property that is a serious number, and it is entirely plannable: options include holding through the right structure, life insurance to cover the potential liability, and how title and any financing are arranged. Do not leave this to chance. We will connect you with a cross-border tax advisor before you sign so the ownership is structured with your family in mind from day one.
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 for Turkish buyers.
Does buying a home get me a US visa or green card?
No, ownership and immigration are separate. Buying a property does not grant any visa, though as a Turkish national you may separately qualify for the E-2 treaty investor visa if you invest in and run an active US business.
Can I get an E-2 visa just by buying real estate?
Not by itself. The E-2 requires a substantial investment in an active business you develop and direct, so a passive home or rental does not qualify, but Turkey being a treaty country means the route exists if you plan to operate a business here. We can introduce you to an immigration attorney.
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, roughly one and a half to two percent of value a year, 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 just sixty thousand dollars, up to forty percent. It is very plannable through structure or life insurance, so speak with a cross-border advisor before you sign.
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. 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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