Who buys and where
- Primary corridor: Bogotá and Medellín capital flows to Miami-Dade, Doral, Brickell, Kendall, and increasingly Broward County.
- Buyer mix: business owners diversifying peso wealth into dollar assets; families securing a US foothold with future relocation in mind.
- Three-hour flights from Bogotá make property oversight practical, many owners visit quarterly.
- Spanish-language transaction support is widely available in South Florida, but loan documents still require careful review.
Financing without US credit
Foreign national loans are built for exactly this: 25–30% down is typical, with qualification on passport, visa status, and documented reserves instead of a US credit score. See foreign national loan requirements › Investors buying rentals can also use DSCR loans, which qualify on the property’s rental income.
ITIN
Most financed purchases and US tax filings require an Individual Taxpayer Identification Number. File Form W-7 with the IRS (passport required); many buyers complete it alongside the purchase with help from the title company or a CPA.
FIRPTA withholding on sale
When a foreign person sells US real property, the buyer must withhold 15% of the gross sale price and remit it to the IRS. This is a withholding, not the final tax. File a US tax return to compute the actual gain and claim any refund. Plan for it in your exit math from day one.
Moving money from Colombia
Colombia has a formal foreign-exchange regime: investment abroad must generally be channeled through authorized intermediaries (intermediarios del mercado cambiario) and registered appropriately. Work with a Colombian bank or brokerage experienced in investment-outflow compliance, the Declaración de Cambio paperwork matters. As with all foreign buyers, US lenders want seasoned funds in a US account and a clean source-of-funds trail. COP/USD moves can shift your effective purchase price, so many buyers stage transfers rather than moving everything at once.
Remote closings & power of attorney
You do not need to be in the US to close. The standard structure: a US bank account for wires, a power of attorney authorizing your representative, and a mail-away/remote closing coordinated by the title company. Lenders and title companies handle foreign-buyer remote closings routinely.
Managing from abroad
A Florida property manager handles leasing, maintenance, rent collection, and bill payment; you oversee from monthly statements. Interview 2–3 managers, verify their foreign-owner experience, and confirm how they handle security deposits and tax documents (1099-MISC / 1042-S).
Tax overview
Colombia taxes residents on worldwide income. US rental income and gains need Colombian reporting alongside US filings. A Colombia-savvy accountant should structure the purchase (personal vs. entity) before you sign anything.
Tax notes on this page are general information, not tax advice. Cross-border taxation is complex, consult a CPA or tax attorney licensed in the relevant jurisdictions before structuring your purchase.
Popular areas
- Miami, Doral, Brickell, and Kendall, the heart of the Colombian corridor.
- Weston, Suburban single-family favored by Colombian families relocating.
- Orlando, Investor condos with strong vacation-rental demand.
FAQ
Can Colombians get US mortgages without a visa?
Foreign national loans generally require a valid visa or entry status, tourist visas (B1/B2) commonly work. Each lender’s list differs; confirm before house-hunting.
How much down payment do Colombian buyers need?
Typically 25–30% for foreign national loans, with 6–12 months of reserves documented.
What happens with FIRPTA when I sell?
15% of the gross sale price is withheld for foreign sellers; file a US tax return to compute the actual tax and claim any refund.
Can my family use the property while it is rented?
Yes, with planning, but personal-use days affect the tax treatment of a rental property. Discuss the 14-day rule with your CPA.