Tips for Foreign Buyers
In Miami Beach, we generally deal with international buyers and foreign clients that would like to own a second home or investment property in our beautiful city. Therefore, it is common for our clients to ask us for information on immigration and visa related matters as a potential foreign owner of Miami real estate.
We must preface this comment by stating that we are not immigration specialists, attorneys nor advisers on such matters, but we did conduct some research and were pleased to determine that there may be one realistic option for real estate investors with the financial ability to obtain U.S. residency.
The program is called the Regional Center EB-5 Program, or the “investment visa” program. This government program allows foreign nationals to own property in the U.S. and travel as they please. Additionally, the investment visa program allows the individual to obtain residency or a “green card” for themselves, spouse, and any unmarried children under the age of 21 years. The government allows up to 10,000 visas per annum under the program. In 2008, however, less than 1,000 visas were issued as few international investors are knowledgeable of the program.
So what is required? To obtain the privileges of this visa, foreign nationals must invest a specified amount of money, typically $500,000 up to $1 million, in a commercial business that is located in a geographical area classified as a “regional center” by the United States government. There are currently more than 40 regional centers and each is approved is approved for different types of projects. For example, the Los Angeles regional center invests in movie studios. In Miami, we have the newly formed South Florida Investment Regional Center that looks to fund projects in Miami-Dade and Monroe counties.
As with any investment, you need to conduct your due diligence on these projects and expected rate of return. It is also important that you have a professional accountant or financial advisor, and an attorney to review your details and provide guidance in this process. According to a local immigration expert, it should take 15 to 30 months from the time of investment to the receipt of your green card.
For additional information, please read the Citizenship For Sale article in the Florida Trend magazine.
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Hi, very nice post. I have been wonder’n bout this issue,so thanks for posting