September 13 th, 2011 Sheraton Ft. Lauderdale Airport Hotel SPONSORS:
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Alfredo Gonzalez Greater Fort Lauderdale Convention & Visitors Bureau
9 th Largest Economy in the World Canada s Tourism Impact Largest market to Florida 2010/ 2011 3.1 million visitors from Canada in 2010 650 millions dollars spent in Florida in 2010 US is Canada s number one trading partner Unemployment around 7% Source: U. S. Department of Commerce, Visit Florida
Top City of Origin 1. Toronto 2. Montreal 3. Quebec City 4. Vancouver 5. Calgary 6. Ottawa 7. Bagatville 8. Hallifax
Purpose??? 1. Leisure Travel 78% 2. Business Travel 12% 3. VFR 8 % 4. Convention 2 %
Activities 1. Beaches 2. Shopping 3. Dining 4. Visit Historical Places 5. Sightseeing 6. Art Gallery/Museum 7. Concert/Play/Musical 8. Cultural 9. National Parks
Air Service 1. Air Canada 2. Air Transat 3. WestJet 4. Sunwing Airlines 5. Thomas Cook 6. CanJet 7. Spirit Airlines (Niagara Falls & Plattsburgh USA)
Air Service Winter Schedule (weekly figures for non-stop) 1. Toronto 50 flights 2. Montreal 46 flights 3. Quebec 7 flights 4. Ottawa 12 flights 5. Halifax 2 flights 6. Bagatville 2 flights
Travel Trends 60% Canadian visitation between January to April Quebec province has more drive visitors Cuba, Dominican Republic and Mexico losing ground Parity with US Dollar making (all) US products more attractive Canada almost unfazed by global economic downturn
Publications Toronto Star Globe and Mail Toronto Le Journal de Montreal La Presse de Montreal Vancouver Sun Calgary Herald Ottawa Citizen Le Journal de Quebec
Questions? Alfredo Gonzalez Vice President of Tourism and Intl. Business Greater Fort Lauderdale Convention & Visitors Bureau 100 East Broward Blvd. Fort Lauderdale, FL 33301 Tel: 954-767-2446 agonzalez@broward.org www.sunny.org
Randall L. Sidlosca, Attorney Arnstein& Lehr LLP
Foreign Investors in South Florida What do you need to know about Immigration if you are doing business with Canadians Randall L. Sidlosca
WHAT YOU NEED TO KNOW BEFORE MAKING THAT LONG TRIP ABROAD
Non-Immigrant Visas What visas are available to your clients?
E-1 Treaty Trader Visa Requires a U.S. Company owned or controlled by a citizen of a treaty country The company must engage in trade between the United States and the treaty trader s country The trade can be in goods or services The trade must be substantial
E-2 Treaty Investor Visa The company must be owned or controlled by a citizen of a treaty country The individual investor must invest a substantial amount of capital in the company The investment must not be marginal in nature or solely for purposes of making a living
L-1(A) Visa Intra-company Transferee Executive or Manager overseas (at least one year with Company) Transfer to United States affiliate or subsidiary Transfer of Executive/Manager to United States subsidiary or affiliate in an Executive/Managerial Position
L-1(A) Visa Six (6) year cap on the visa. L-1(A) can easily be converted to Green Card. The U.S. Company must be a subsidiary or affiliate of the foreign company
TN Visa Visa based on Free Trade Agreement Free Trade Agreements with Canada and Mexico Free Trade Agreement with Chile Visa is now issued for a two (2) year period Visa can be renewed indefinitely Applicant must still prove not an intending immigrant
Immigrant Visas
EB-5 Employment Creation Visa $500,000 in a Targeted Employment or Rural area Targeted Employment area must have unemployment which is 150% of the national average Rural area must meet certain population requirements
EB-5 Immigrant Visa $1,000,000 investment if not in a targeted employment or a rural area Investment must create at least ten (10) fulltime positions The residency accorded is temporary or only valid for a two (2) year period
EB-5 Immigrant Visa After the two (2) year period, the investor must prove that the business is still active and ongoing. The investor must also prove that the business still employs at least ten (10) full-time employees.
EB-5 Regional Centers This investment vehicle is the hottest trend in South Florida. If you invest in a regional center, you can obtain temporary residence with as little as a $500,000 investment.
Yacht Cruise in U.S. Territorial Waters
Sale of Assets Abroad
What do you say at a port of entry.
No No s during CBP Inspection What does a prospective purchaser of real estate say at the port of entry? If entering as a tourist (B-2) or a visa waiver entrant, the stay must be temporary.
Inspection Procedure for United States/ Canadian Ports of Entry Immigration and Customs Inspection for most Canadians traveling from Canada to the United via air occurs in Canada Pre-flight inspection. Immigration and customs inspection for Canadians entering the United States at a land border crossing occurs at the port of entry
Top Six Answers that will get you deported 1. Don t say that you are purchasing real estate and plan on living in the United States permanently 2. I plan on living with my Cuban American girlfriend in my new condo at the Jade 3. I am a Condo Vulture and want to purchase distressed properties and live in Miami
4. I am a Canadian Citizen and currently live in Toronto. I want to live on South Beach and work on Lincoln Road. 5. I want to purchase a restaurant on Brickell and live and work in Miami. 6. I am an individual with a high net worth and I want to live in my recently purchased home in Coral Gables
Hypotheticals Canadian citizen wants to purchase a condo in South Florida. Will this investment afford him/her the opportunity to obtain an immigration benefit? Canadian citizen wants to spend the winters in South Florida. Is this permitted under the current non-immigrant visa regulations?
FIRPTA Foreign Investment in real property tax act Rates of Withholding The transferee must deduct and withhold a tax equal to 10% (or other amount) of the total amount realized by the foreign person on the disposition. The amount realized is the sum of (1) The cash paid, or to be paid (principal only), (2) the fair market value of other property transferred, or to be transferred, and (3) the amount of any liability assumed by the transferee or to which the property is subject immediately before and after the transfer. The amount realized is generally the amount paid for the property. If the property transferred was owned jointly by U.S. and foreign persons, the amount realized is allocated between the transferors based on the capital contribution of each transferor.
Question and Answer Randall L. Sidlosca Arnstein & Lehr LLP 200 South Biscayne Boulevard Suite 200 Miami, Florida 33131 305-428-4517 rlsidlosca@arnstein.com
Thank You!!! Merci Beaucoup!!!! Muito Obrigada!!!