President Barack Obama’s recent executive action, designed to reform the immigration system, could help increase the rate of real estate development in Miami.
One of the iniciatives calls for the modernization of programs that aim to promote the inward investment and entrepreneurship, said Helena Tetzeli, corporate immigration lawyer.
“Part of the review will benefit programs such as the EB-5 visa or create similar entities”, Tetzeli said, referring to a visa that can lead to citizenship if a foreigner invests at least $500,000 in property approved by the United States and creates, at least 10 jobs here.
Developers of South Florida are increasingly using the EB-5 program to help fund a new wave of residential and commercial development. “Miami is the focus of foreign investment in Latin America and, to some extent, Europe also,” said real estate consultant David Dabby, of Dabby Group Advisors in Coral Gables.
The demand for EB-5 is so great that the city of Miami has recently created a Regional Center for Foreign Investment in Downtown Miami.
While the President is responsible for providing the framework for new policies, the Department of Citizenship and Immigration along with other agencies, are responsible for writing these regulations.
Some initiatives will be implemented in the coming months while others will be reflected in the future.
Taken from: Iuspa-Abbott, Paola. “Exec. Immigration Action Could Boost Miami Real Estate Market.” RSS. 26 Nov. 2014. Web. 10 Dec. 2014.