Obama’s New Immigration Order May Boost Economy in Miami
Dec 17, 2014 December 17, 2014
Some of the recent executive actions that President Barack Obama enacted are changing a few policies, especially the immigration system, which could increase the real estate development in Miami.
The main executive initiative that is under reivew calls for the modernization and improvement of immigrant programs, which should boost investment and entrepreneurship in the United States.
“Part of the overhaul will expand programs like the EB-5 visa or create similar programs,” Helena Tetzeli, immigration attorney with Kurzban Kurzban Weinger Tetzeli and Pratt in Miami said. Foreigners may receive a visa if they invest $500,000 or more in approved real estate projects and they also create at least 10 jobs.
Developers in South Florida are already utilizing the EB-5 program to bring in funding for new residential and commercial developments.
“Miami is the focus of foreign investment in Latin America and to a certain extent Europe as well,” said David Dabby, real estate consultant with Dabby Group Advisors based out of Coral Gables, “So any [initiative] that brings more foreign investment to Miami is better for our economy.”
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