Foreigners Seek Miami Real Estate And U.S. Residency

Miami real estate is beginning to get a lot of attention from foreign nationals seeking permanent residency in the United States, according to a report yesterday by Monica Hatcher, a writer for the Miami Herald. The report states that Miami immigration attorneys confirm that wealthy foreigners are flocking here to apply for investor visas, which often lead to permanent residency, and eventual citizenship.

Whether that is good or bad news is left to be seen, but those visa applications have not turned into sales for the most part, as the Miami real estate market continues to reel. Only those who are willing to make substantial property and business investments are eligible for the visa, which has been available for more than 20 years, and is offered to foreign nationals who want to come to the U.S. for the purpose of creating jobs and developing business and real estate.

Randall Sidlosca, an immigration attorney with the Miami office of Fowler, White & Burnett, stated to the Herald that "Clients are coming to us primarily because of the economic opportunity they see in the market. It's mind-boggling to see the amount of interest. . . . It's rather good news. It could mean the market will turn around faster than in other parts of the state.''

Miami-Dade is presently part of a program instituted by the U.S. Department of Homeland Security, Citizenship and Immigration Services, whereby temporary residency in the U.S. is offered to foreign individuals who invest a minimum of $500,000 in a new or established business that is responsible for creating at least 10 full-time jobs.