Tokenized Miami real estate: a guide for Latin American investors

Miami is, according to the Miami Realtors association, the leading US destination for foreign home buyers, and many of those buyers come from Latin America. Tokenization changes how they can take part: instead of buying a whole apartment, the investor subscribes to tokens that represent a share of the company that owns it, a loan to that company or a right to the rental income. Drawing on the latest Miami Realtors international report, this guide explains who buys in Miami, what a token actually represents, under which law, which risks are specific to Florida property and what a developer needs to offer it.

Miami's international buyer, in figures

Between August 2024 and July 2025, foreign buyers purchased about 5,300 homes in the Miami Realtors market, which covers Miami-Dade, Broward, Palm Beach and Martin counties, for $4.4 billion. That is 42% more than the previous year and 15% of the area's existing home sales, compared with a 2% national average. Miami-Dade accounts for $3.2 billion of that figure.

Volume is recovering from its 2024 low, although it remains well below the 2018 peak. What has not changed is where buyers come from: Colombia and Argentina account for more than a quarter of purchases, and the top six countries of origin are Latin American except for Canada.

What does tokenization change for that buyer?

Three figures in the profile explain the interest. 69% live outside the United States, 66% visited Florida twice or less before buying, and 71% buy for vacation use, to rent out or both. These are investors who decide remotely and, in many cases, look for rental income. Half also pay cash for a property with a median price of $558,700, an amount that rules out many investors who could come in with less.

A tokenized offering responds to those three conditions: it splits the entry amount, delegates management to the owning vehicle and brings into a single platform what a direct purchase requires opening accounts, signing the closing and hiring a manager in the United States to do.

What does the investor buy with a real estate token?

Not the property. The deed is recorded in the county records in the name of a company, usually one LLC per project, and the token represents a right against it: membership interests, debt or a share of the rental income. As elsewhere in the United States, that right is usually a security, and offering it requires SEC registration or an exemption.

Florida adds Chapter 669, in force since July 2025, which governs control of electronic records such as a token without making the holder the owner of the asset. The details are in the Florida regulation guide, and the full structure, with exemptions and tax, in our guide on how to tokenize real estate in the United States.

Which legal route does an investor outside the United States use?

Regulation S. Sales made outside the United States, in an offshore transaction and without directed selling efforts in the US market, do not need SEC registration. In exchange, equity of a US issuer that does not report to the SEC cannot be offered or sold to US persons for one year, or 40 days if the token is debt. The platform has to know where each investor lives and apply their tranche's restrictions to their tokens.

If the developer also wants investors who live in the United States, the offering can combine Regulation S with Rule 506(c), which requires all of those buyers to be accredited investors verified by the issuer, or with Regulation A to open it to the public.

Which home-country rules does the investor need to check?

The US exemption is not enough. An offering aimed at investors in Colombia, Mexico or Argentina must also respect each country's public offering rules: who may offer foreign securities, to which investors and with what disclosure. Depending on the country, the offering may be limited to professional or qualified investors or rely on an authorized local intermediary. We summarize them on our tokenization pages for Colombia, Mexico and Argentina.

Which taxes should be planned for?

Tokenization does not change how the property is taxed in the United States. If the vehicle is an LLC taxed as a partnership, the company withholds on US effectively connected income allocated to a foreign member, at 37% for individuals or 21% for corporations, and whoever buys a foreign member's interest withholds 10% of the amount. On a direct sale of a real property interest, FIRPTA applies with 15% withholding. The investor usually files their own US return to settle what was withheld, and treaties between the United States and their country can change the outcome. That is why each investor's tax residence is collected at onboarding and the platform applies withholding on every distribution.

What risks are specific to a Florida property?

Three are worth reading in any Miami offering, tokenized or not:

• Condominiums: since the 2022 reform, condominium buildings of three or more stories have mandatory periodic structural inspections (section 553.899 of the Florida Statutes) and a structural integrity reserve study at least every ten years (section 718.112). If reserves fall short, the association can levy special assessments that reduce the rents reaching the token.
• Insurance: hurricane and flood insurance weigh on the costs of a coastal property and can change from year to year. The offering should show their cost and how it has evolved.
• Rental management: 71% buy for vacation use or to rent out, and each building and each municipality sets its own rules on short-term rentals. The offering's rental plan has to be compatible with them.

Dollars or stablecoins?

Subscriptions can be paid in dollars by transfer or in stablecoins such as USDC or USDT, and distributions can be paid the same way. Florida regulated stablecoin issuers in 2026, with effect from October 2026, and the federal stablecoin law takes effect no later than January 18, 2027. For a Latin American investor, a stablecoin avoids part of the cost and delay of an international transfer; for the issuer, it adds reconciliation between on-chain payments and the LLC's dollar accounts.

What should you check before subscribing?

• Which right the token represents and against which company: equity, debt or income.
• Who the issuer is, where the LLC is formed and in whose name the deed is recorded in the county records.
• Which exemption the offering uses, which tranche the investor belongs to and which resale restrictions apply to their token.
• The building's condition: inspections, reserve study, insurance and approved or expected special assessments.
• How rents are paid: in dollars, in stablecoin or in local currency, and which withholding each country applies.
• Who holds the token in custody and what happens if the investor loses access to their wallet.

What does a Miami developer need to offer it?

A law firm to choose the vehicle and the exemption, a tax adviser to design the withholding and a platform that applies all those decisions to each investor. Ours is white label: investor onboarding and KYC, accreditation checks when the exemption requires them, tax residence records, e-signature, payment in dollars by ACH or wire or in stablecoin, ERC-3643 tokens carrying each tranche's restrictions, and rent distributions with withholding. How it fits each exemption is on our tokenization in the United States page, and the general method on real estate tokenization.