Recently, President Barack Obama chose to rework the immigration system, and his plan has the potential to do some great things for real estate sales in the Miami area, at least according to some specialists. Helena Tetzeli, a corporate immigration attorney, says that President Obama wants to improve the current immigration programs so that they can help to improve investment and entrepreneurship among immigrants coming into the United States. It has the potential to expand the EB-5 Visa for immigrant investors, which allows foreign individuals to invest a million or more, or half a million if in a targeted employment area, so long as it creates or keeps at least ten jobs in the United States.
Real estate projects would certainly fall under this category for the EB-5 visa. It may also be possible to create other similar programs that could help to encourage immigration to the United States for investors who have an interest in real estate. Many developers in the region are already using the EB-5 visa as a means to help fund development in both the commercial and the residential areas.
Who Might Immigrate and Invest?
It seems as though much of the world has a focus on the Miami area when it comes to development and investment. European investors, as well as those from South America and China are looking for many different types of investments. Some want to work with developers, while others are simply looking to buy an investment property or two. By bringing more foreign investment to the area, it is better for the overall economy. Some developers have already been benefiting. Tibor Hollo, is a good example. The construction cost for the property is more than $800 million, but with the help of foreign investment, they are able to meet that number.
Each year, the country has a cap on the number of EB-5 visas it allows. This number is 10,000. Interestingly, in 2014, the country reached the cap easily, and many of the visas were for Chinese investors. This shows that there is a rather large interest in developing and investing in the country. Some of the other investors that love investing in the Miami area include those from Brazil, Argentina, and other countries in South America. Since the country met their visa cap though, it means that some of those other foreign developers may not have been able to make the investments they wanted.
More Changes Could Be on the Horizon
The new changes that are coming to immigration in the coming months and year could well add more avenues and options for investors who want to put money into development contracts. This should help to make it easier for all the out of country investors who want to work in South Florida and who were unable to do so because of the visa cap.
Miami and the surrounding area have a lot to gain from all of this foreign investment, and it will be exciting to watch how it all unfolds.