Buying from abroad: what applies in Sunny Isles Beach and Golden Beach

• Selling later. When the seller is a foreign person, the buyer generally must withhold 15% of the sale price and pay it to the IRS, under the rule known as FIRPTA.
• Estate tax. For a nonresident who is not a US citizen, US real estate held directly is subject to US estate tax at rates up to 40%, with a credit that covers only about the first $60,000 of value. Shares of a non-US company are treated as property outside the United States; whether such a structure works in a given case is a question for a tax adviser before the contract, not after.
• Florida's foreign-ownership law (sections 692.201–692.205). It applies to a person domiciled in one of seven countries who is not a US citizen or green-card holder: China, Russia, Iran, North Korea, Cuba, Syria and, in the statute's words, "the Venezuelan regime of Nicolás Maduro". It also covers those countries' governments and political parties, companies organized or based there, and entities they control. The test is domicile, not passport.
• Where such a buyer may not buy. Within 10 miles of a military installation or a critical infrastructure facility, which includes airports and seaports; a person domiciled in China, anywhere in Florida.
• The one exception. A single residential property of up to 2 acres, more than 5 miles from a military installation, bought in one's own name by a person holding a current US visa that is not limited to tourism, or official asylum papers. Every buyer signs an affidavit under penalty of perjury at closing, and a covered owner must register the property with the Florida Department of Commerce within 30 days.
• Property tax. In 2025 the combined rate was 16.7227 mills in Sunny Isles Beach and 23.4227 in Golden Beach, about 1.67% and 2.34% of taxable value a year.
• Residence. Buying a home gives no right to live in the United States; residence comes only through separate visa programs.
• Renting the residence. Stays of six months or less need a city short-term rental license for each unit, a state lodging license and tax registrations, and the association's written consent or a copy of its bylaws; the condominium's own documents may restrict rentals further.

Rent that a nonresident individual receives from US property, when it is not connected with a US business, is taxed at a flat 30% of the amount received, or a lower treaty rate, with no deductions. The owner can instead elect under section 871(d) to treat it as business income. Expenses then become deductible and the net income is taxed at graduated rates; the election is made on a statement attached to Form 1040-NR and stays in force until revoked.

Companies carry their own costs. A foreign corporation with US business income may owe a 30% branch profits tax on top of corporate tax at 21%. A US LLC wholly owned by one foreign person must file a pro forma Form 1120 with Form 5472 each year, and the penalty for not filing is $25,000.

Beneficial-ownership reporting has narrowed. Under FinCEN's final rule, in effect from 14 August 2026, companies formed in the United States no longer report their beneficial owners. A company formed abroad and registered to do business in a US state still reports, and only its non-US beneficial owners.

Time spent in the home counts toward US tax residence. The substantial presence test is met with at least 31 days in the current year and 183 days over three years, counting all current-year days, one third of last year's and one sixth of the year before. Florida levies no state tax on individuals' income, estates or inheritances. Stays and ownership are best planned together with a tax adviser.

Property tax. The combined property-tax rate in Sunny Isles Beach for 2025 was 16.7227 mills: $16.72 for every $1,000 of taxable value, or about 1.67% a year. A residence assessed at $5 million that is not the owner's Florida homestead would pay about $83,600 a year.

In the Town of Golden Beach the rate was 23.4227 mills, $23.42 for every $1,000 or about 2.34% a year, so a house assessed at $10 million that is not a homestead would owe about $234,200. The schools take the largest share of the rate, 6.6330 mills, ahead of the county's 4.5740 and fire rescue's 2.3965; the city's own rate comes on top. The county appraiser's estimate of market value, the just value, can differ from the price paid, and after a purchase the assessment resets to full market value on the next 1 January.

How a bill is estimated. The bill is the taxable value (assessed value less exemptions) multiplied by the total millage and divided by 1,000, plus non-ad valorem assessments such as waste and lighting. The city operating rates for 2025 were 1.7000 mills in Sunny Isles Beach and 7.8000 in Golden Beach, plus 0.6000 for debt service there; the proposed 2026 totals are 16.6407 and 22.9793.

Assessment caps. For a residence that is not the owner's Florida homestead, the assessed value used for non-school taxes may rise by no more than 10% a year. Amendment 3, which Florida voters approved on 3 November 2026 by about 62% in unofficial results, lowers that cap to 5% from the 2027 roll; the state's certification was still pending on 9 November 2026. For a homestead, yearly increases are capped at the lower of 3% or the change in consumer prices.

The Florida homestead exemption. The exemption is open only to an owner who makes the home a permanent Florida residence in good faith, a test a person in the United States on a temporary visa cannot meet. Under current law it is $25,000 for all levies, plus up to a further $25,000 for non-school levies on value above $50,000.

Amendment 3 raises the non-school exemption to $150,000 from 1 January 2027 and to $250,000 from 1 January 2028, plus $25,000 for school levies. A person without a permanent Florida residence by 31 December 2026 gets $50,000 at first, and the larger amount from the fifth year.

Flood insurance. The National Flood Insurance Program (NFIP) covers up to $250,000 for a residential building and $100,000 for contents; a condominium association's building policy can reach $250,000 multiplied by the number of units. At these values, cover above the NFIP limits is bought privately. New NFIP policies generally start 30 days after purchase.

Windstorm insurance. Citizens, Florida's state-backed insurer of last resort, may not write a unit owner's policy where the unit's combined dwelling and contents replacement cost is $700,000 or more. The threshold rises to $1 million in counties where the state insurance regulator finds too little competition. What counts is the cost of rebuilding and refitting the unit, not the price paid; the association's policy for the building is a separate matter. An insurance agent can say whether a given unit qualifies.

For a house the test is the dwelling replacement cost alone. Citizens may not insure a house whose dwelling replacement cost is $700,000 or more, or $1 million in counties where the regulator finds too little competition.