Who buys and where
- Buyer mix: second-home buyers seeking a Miami base plus investors diversifying euro wealth into dollar rentals.
- Direct and one-stop flight connections via Madrid make ownership practical.
- Many Spanish buyers purchase new development, developer financing and reservation structures differ from resales.
- EU passport holders navigate US entry smoothly, but visa status still governs loan eligibility.
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 Spain
Euro transfers are the easy case: SEPA wires from a Spanish bank to your US account are fast and cheap, with no Spanish exchange controls to navigate. The considerations are US-side: lenders want funds seasoned in the US account and documented source of funds (sale of Spanish property, savings, business income). For large amounts, compare your bank’s EUR/USD rate against specialist FX providers, banks often pad the spread by 1–2%. Keep transfer confirmations for the lender’s paper trail.
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
Spain taxes residents on worldwide income and wealth (including the patrimonio tax in some regions). US-Spain treaty provisions soften double taxation, but the interaction, especially around the Spanish wealth tax on US property, needs a Spain-US tax advisor before purchase.
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, Brickell and Edgewater new development draws Spanish second-home buyers.
- Miami Beach, Luxury condos with a European-buyer tradition.
- Tampa, Value alternative with strong rental fundamentals.
FAQ
Do Spaniards need a visa to buy US property?
Anyone can buy US property regardless of visa status. Financing is where status matters, foreign national lenders typically want a valid visa (B1/B2 common). Cash buyers face no such requirement.
How are euro transfers taxed?
The transfer itself is not taxed; what matters is documenting source of funds for the lender and reporting obligations in Spain.
Can I rent the property while living in Spain?
Yes, most Spanish owners use a Florida property manager. Rental income is US-taxable; report it in Spain too, with treaty credits.
What is FIRPTA for Spanish sellers?
15% withholding on the gross sale price for foreign sellers, reconciled on a US tax return. Plan for it in your exit math.