Foreign National Mortgage in West Palm Beach: What to Check Before You Buy

Short answer

Foreign nationals can finance a West Palm Beach second home or investment property through foreign national programs from non-QM lenders, which generally do not require a U.S. Social Security number or U.S. credit history and document income and assets from your home country. Two local checks come before the contract: Florida's 2023 law (SB 264), which restricts purchases by people domiciled in seven named countries, and FIRPTA withholding of 15% when a foreign owner later sells. QMS Lending is a bilingual broker that compares foreign national lenders; all loans are subject to credit approval.

Foreign national loans in brief

Our Miami foreign national guide covers the program in depth: who counts as a foreign national borrower, down payment and reserves, condo reviews and closing from abroad. The short version: these are non-QM loans, each lender sets its own rules, the property is a second home or an investment, and you should expect a larger down payment than a U.S. buyer would make. Rates vary daily; call for today's pricing.

This page covers what is specific to West Palm Beach and Palm Beach County: who is buying, what the local numbers look like, the Florida law that limits some foreign buyers, and the tax items that change your carrying cost and your exit.

Palm Beach County's international buyers and West Palm Beach prices

MIAMI REALTORS' 2025 international report (August 2024 to July 2025) recorded $123 million in foreign-buyer purchases in Palm Beach County by its members, up 31% from the year before. Among those Palm Beach buyers, Argentina led at 34%, then Brazil at 13%, with Jamaica, Canada, Colombia, the Dominican Republic and Finland at 11% each.

In the City of West Palm Beach, third-quarter 2026 Florida Realtors data published by MIAMI REALTORS shows (as of October 2026):

• Townhouses and condos: median $316,000, average $593,995, on 186 sales; 89 were paid in cash.
• Single-family homes: median $599,500, average $1,382,096, on 222 sales; 110 were paid in cash.
• Condo supply: 8.0 months of inventory and a median of 77 days to contract, compared with 4.1 months of supply for houses.

About half the buyers paid cash, so a financed offer has to look solid. A full pre-approval from a foreign national lender, with your funds already traced, competes better than a pre-qualification. The higher condo supply gives buyers more room to negotiate and more time to review the building. If the price puts your loan above $832,750, see our West Palm Beach jumbo page.

Florida SB 264: which foreign buyers are restricted

In 2023 Florida passed SB 264, now Florida Statutes 692.201 to 692.205. Most foreign buyers are not affected, but some are, and the penalties are serious. As of October 2026, the statutes say:

• The seven 'foreign countries of concern': the People's Republic of China, Russia, Iran, North Korea, Cuba, the Venezuelan regime of Nicolás Maduro, and Syria.
• Who is a 'foreign principal': among others, the governments, officials and political party members of those countries, companies organized or based there, and any person domiciled in one of those countries who is not a U.S. citizen or lawful permanent resident. The test is domicile, not citizenship alone.
• The 10-mile rule (s. 692.203): a foreign principal may not buy real property on or within 10 miles of a military installation or a critical infrastructure facility. Critical infrastructure includes airports, seaports listed in state law (Palm Beach is on that list), power plants, water and wastewater treatment plants and similar sites that use fences, barriers or guard posts to keep out unauthorized people.
• China (s. 692.204): the Chinese government, the Chinese Communist Party, Chinese entities, and people domiciled in China who are not U.S. citizens or permanent residents may not buy real property anywhere in Florida, except under the residential exception below. A violation is a third-degree felony.
• The residential exception: a person covered by either section may buy one residential property of up to 2 acres if it is not on or within 5 miles of a military installation, the buyer holds a current verified U.S. visa that is not limited to tourist travel or official asylum documentation, and the purchase is in that person's name. The property must be registered with the Florida Department of Commerce within 30 days; late registration carries a civil penalty of $1,000 a day.
• Affidavit at closing: the buyer signs an affidavit under penalty of perjury stating that the buyer is not a prohibited buyer, or is buying under the exception.
• Forfeiture: property bought in violation can be forfeited to the state.

Palm Beach International Airport is in West Palm Beach and the Port of Palm Beach is next door, so for a covered buyer much of the area can fall inside a 10-mile radius. Whether a specific parcel is affected depends on facts only a lawyer should confirm. If you are domiciled in any of the seven countries, or are unsure, consult a Florida real estate attorney before you sign a contract. QMS Lending is a mortgage broker, not a law firm, and this is not legal advice.

Documents for a West Palm Beach foreign national file

Each lender has its own list, but a typical file asks for:

• Passport and, where you have one, your U.S. visa. If SB 264 could apply to you, the type of visa matters, since the residential exception requires a visa not limited to tourist travel.
• Foreign bank statements showing your down payment, closing costs and reserves, with large deposits explained.
• Proof of income: an employer letter with position, tenure and salary, or a letter from your accountant if you own a business.
• Credit references: an international credit report where available, or letters from banks in your country.
• A U.S. bank account to receive wired funds and pay the mortgage.
• Certified translations of documents in Spanish, Portuguese or another language.

Then the property documents. For a condo, the lender reviews the building through the association's condo questionnaire, its reserve study and any special assessments. Many associations also limit leasing or require board approval of buyers and tenants, so read the declaration before you count on rental income. If you plan to rent, a DSCR loan for foreign nationals qualifies on the rent; it is a business-purpose loan, not for a home you live in.

Taxes: no homestead on a second home, and FIRPTA when you sell

Florida's homestead exemption applies only to a permanent residence, so a second home or rental pays tax on its full assessed value. Using 2026 proposed rates from the Palm Beach County Property Appraiser, a West Palm Beach parcel adds up to about 20.4 mills, and downtown parcels inside the Downtown Development Authority district pay 2.0000 mills more.

Example only: a $316,000 condo, the city's Q3 2026 median, at about 20.4 mills is roughly $6,400 a year in property tax; downtown, at about 22.4 mills, roughly $7,100. With a $237,000 loan (75% of the price), Florida's closing taxes on the mortgage are $829.50 in documentary stamps ($0.35 per $100) and $474 in intangible tax (2 mills).

FIRPTA on resale: when a foreign person sells U.S. real property, the buyer generally must withhold 15% of the amount realized and send it to the IRS on Forms 8288 and 8288-A. One exception: no withholding is generally required when the amount realized is $300,000 or less and the buyer is an individual who plans to live in the property. A buyer or seller can apply for reduced withholding with Form 8288-B.

Example only: selling that condo later for $400,000 to a buyer who does not qualify for an exception would mean $60,000 withheld at closing, unless a withholding certificate lowers it. The withholding is not necessarily your final tax, but it ties up cash, so plan your exit with a U.S. tax professional before you buy.

How QMS Lending helps international buyers in West Palm Beach

We start with a short call in Spanish or English, by phone, video or WhatsApp. You tell us the price range, the property or building if you have one, where you live and how you earn your income. We come back with the foreign national lenders that fit, what each one needs, and whether a DSCR or jumbo structure makes more sense. If SB 264 might apply, we tell you to see an attorney before you sign, not after.

QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, founded in 2018, with access to 100+ lenders and led by Michael Fernandez, NMLS #1491775. Bilingual team; 4.9 stars across 200+ Google reviews. You may qualify; all loans are subject to credit approval and program guidelines. Equal Housing Opportunity. Call 305-425-1990 or see our West Palm Beach mortgage broker page.