Buying Miami pre-construction from abroad can feel exciting right up until the paperwork, deposits, and wire instructions start moving fast. If you are considering a condo in Brickell or the broader Miami market, you need more than a beautiful rendering and a launch date. You need a clear process that helps you protect your funds, understand your rights, and prepare for closing with confidence. Let’s dive in.
Why Brickell Matters
Brickell is one of the clearest examples of why international buyers are so active in Miami pre-construction. According to the Miami Downtown Development Authority’s Downtown Development of Regional Impact overview, Greater Downtown Miami now has nearly 40,000 condo units, with about 10,000 under construction. The same analysis notes that Brickell and Edgewater lead condo inventory.
That demand is also global. The DDA reports that 48% of new-construction condo sales were to international buyers, and 92% of those buyers came from Latin America. For buyers from Latin America, Brazil, and Europe, Brickell stands out as a market where a structured, well-managed purchase process matters just as much as the residence itself.
Start With the Reservation Process
In Florida, the reservation stage comes with important protections. Under Florida Statute 718.202, reservation deposits must be placed into escrow, and the escrow agent must provide a receipt to the prospective purchaser. That means your money should not simply disappear into a developer operating account.
The same law says the escrow agent must be independent of the developer. Qualified escrow agents may include banks, attorneys, brokers, and title insurers. Until the reservation deposit is converted into a purchase deposit under contract, the funds can be refunded in full on written request by either party.
This is one of the first places where process discipline protects you. Before you send funds, you should know exactly who the escrow agent is, how the deposit is being held, and how you will receive confirmation.
Know Your 15-Day Review Rights
Once you move from reservation to contract, the document package becomes critical. Under Florida Statute 718.503, buyers in a developer condo sale generally have a 15-day cancellation right after signing the contract and receiving the required documents.
Those documents are not minor details. They can include the prospectus or disclosure statement, the declaration, bylaws, budgets, leases, floor plans, covenants, and evidence of the developer’s interest in the land. If a later amendment materially and adversely changes the offering, that can create a new 15-day cancellation period.
This is why contract review should never focus only on price, view, and floor plan. It should also cover disclosures, timing, ownership details, budgets, and the language that affects your rights before closing.
Understand How Deposits Are Protected
One of the biggest concerns for international buyers is what happens to deposits during construction. Florida law gives a useful framework here. Under Florida Statute 718.202, all buyer payments up to 10% of the sale price must be held in escrow if the building is not yet substantially complete.
Payments above that 10% threshold that are made before completion must also be held in special escrow. They cannot be used by the developer before closing unless the contract allows it and construction has begun. Even then, the law limits use of those funds to actual construction and development costs, and excludes items such as marketing, advertising, and sales commissions.
If a contract permits these construction draws, the first page must contain a bold warning legend. For you, that means the deposit schedule is not just a payment calendar. It is also a risk-review issue that should be read closely before funds are released.
Track Construction by Real Milestones
Pre-construction timelines can stretch well beyond the original estimate. Florida law provides an important benchmark by defining completion of construction as the issuance of a certificate of occupancy or equivalent authorization under Florida Statute 718.202.
That matters because it gives you a concrete milestone to watch. Instead of relying on vague updates like “almost ready,” you can focus on the legal and operational point that signals the building is actually authorized for occupancy.
Timing also affects your future costs. If closing takes place more than 12 months after the offering circular was filed, Florida Statute 718.503 requires a current estimated operating budget at closing. In simple terms, association expenses and carrying costs can change before delivery, so your final numbers may not match the earliest projections.
Plan Beyond the Deposit Schedule
Many international buyers focus heavily on staged deposits and forget the final closing cash requirement. If you are financing, the Consumer Financial Protection Bureau says closing costs typically range from 2% to 5% of the home price, excluding the down payment. The actual amount depends on the property, loan type, lender charges, and location.
The CFPB explains that common closing charges may include appraisal fees, title insurance, government taxes, and prepaid items such as property taxes and homeowners insurance. It also notes that credits from a seller or lender may be available in some cases, but they are usually offset elsewhere, such as in a higher purchase price, higher loan amount, or higher interest rate, as described in the CFPB’s guidance on mortgage closing fees and charges.
The key takeaway is simple: your financial plan should cover more than reservation funds and construction deposits. You should also prepare for taxes, title-related costs, prepaid items, and final lender requirements well before closing is called.
Prepare Your Funding Path Early
International-buyer financing can be available, but program rules vary by lender. For example, HSBC’s international borrower program information states that a U.S. credit history is not required in its program, assets held in foreign-country accounts may help meet loan requirements, and purchase funds must be in a U.S. bank account.
That last point is especially important. Currency planning is not only about exchange rates. It is also about where your funds must land, how long transfers take, and whether the lender or closing professionals require a U.S. account before you can complete the purchase.
If you are buying from overseas, early coordination matters. You want your lender, title professionals, and transaction team aligned long before the final balance is due.
Protect Yourself From Wire Fraud
Wire safety is one of the most important parts of a secure pre-construction purchase. The CFPB warns about mortgage closing scams that use spoofed emails to send false wiring instructions, often right before funds are due.
Their guidance is direct. Confirm wiring instructions with trusted parties by phone or in person, do not rely on links or contact information inside suspicious messages, and contact your bank immediately if something goes wrong. For international buyers sending large deposits from abroad, this step is essential.
A safe rule is to verify every wire instruction through a known phone number you already trust. Never assume a last-minute email is legitimate simply because it looks polished or references your transaction.
Understand Taxes Before You Sign
Florida offers a tax advantage that attracts many buyers. According to the Florida Department of Revenue, the state does not impose an individual income tax, and it therefore does not impose a state capital gains tax on individuals. That is useful context if you are comparing Miami with other global markets.
Still, that does not mean ownership costs are simple. The Miami-Dade County Property Appraiser warns buyers not to assume property taxes will stay the same after a purchase, because a change in ownership can reset assessed value to full market value and increase taxes. The county also notes that tax bills are mailed in November and offers a tax estimator to help approximate future taxes.
If you are buying as a non-U.S. person, future sale planning also matters. The IRS explains FIRPTA withholding, which generally applies when a foreign person sells a U.S. real property interest. Because reporting, withholding, and taxpayer identification details can affect a future exit, title-holding and tax planning should be reviewed with U.S. counsel and a tax specialist before you sign the contract.
What a Strong Buyer Team Helps Control
With Miami pre-construction, the real value of an experienced team is often process control. That includes coordinating the reservation, confirming the independent escrow agent, monitoring the 15-day review period, helping align financing and title timelines, and making sure wire instructions are verified through trusted channels.
For international buyers, especially those purchasing from Latin America, Brazil, or Europe, this kind of coordination can reduce avoidable risk. In a market as active as Brickell, the right guidance helps you stay organized without losing sight of deadlines, documents, and funding steps.
That is where a boutique, multilingual, white-glove approach can make a real difference. If you want discreet guidance on Miami pre-construction opportunities and a carefully managed purchase process, connect with The Cofresi Group for curated support tailored to luxury new development.
FAQs
What makes Brickell relevant for international pre-construction buyers?
- Brickell sits within Greater Downtown Miami, where the Miami DDA reports strong condo inventory, a major construction pipeline, and a high share of international new-construction buyers.
What happens to a reservation deposit in a Florida condo purchase?
- Florida law requires reservation deposits to be placed into escrow with an independent escrow agent, and the buyer can receive a receipt for the deposit.
What cancellation rights do buyers have in a Florida developer condo contract?
- In most developer condo sales, buyers have a 15-day cancellation period after signing the contract and receiving the required disclosure documents.
What should international buyers in Miami know about pre-construction deposits?
- Payments up to 10% of the purchase price must generally stay in escrow before substantial completion, and amounts above that may have additional statutory protections and contract-specific rules.
What should international buyers in Miami know about wire fraud risk?
- The CFPB recommends verifying wiring instructions by phone or in person with trusted parties and avoiding email links or contact details from suspicious messages.
What should non-U.S. buyers in Miami know about taxes before signing?
- Florida has no individual state income tax, but property taxes may increase after purchase, and foreign sellers may later face FIRPTA withholding when they sell a U.S. property interest.
What should international buyers in Miami do before choosing title or ownership structure?
- Title-holding, financing, and tax reporting should be reviewed with U.S. legal and tax professionals before contract signing so your purchase structure matches your long-term plans.
