WHAT REAL ESTATE AGENTS NEED TO KNOW Copyright, Goldman & Loughlin, PLLC, 2014

Thomas W. Goldman, Esq. Senior Partner, Goldman & Loughlin, PLLC An Immigration Only Law Firm Offices: Bradenton, Sarasota, Naples and Orlando Tampa Offices (Of Counsel, Maney & Gordon, PA)

Foreign National Homeownership Since the real estate bust, foreign buyers are flooding the market Favorable exchange rates Weaker prices In some cases, record low mortgage rates* $82.5 billion (8.9%) of $928 billion spent on US real estate, April 2011 – April 2012 Increase of 24% from previous year *Forbes.com 8/10/12, Morgan Brennan3

WHERE ARE SALES OCCURING? Florida California Texas Arizona New York Hawaii Nevada

WHERE ARE THEY COMING FROM? CANADA # 1 24% of F/N sales Most searches on Realtor.com CHINA #2 11% of F/N sales Others? Argentinians Brazilians Venezuelans Colombians French South Korea

CANADIAN BUYERS NORTHPORT- BRADENTON-SARASOTA TAMPA-ST. PETE- CLEARWATER CAPE CORAL-FT. MYERS ORL-KISS-SANFORD 72% of global homebuyers 72.3% 67.4% 46.1% Inman News, "Charting US Real Estate Desires of Canadian Buyers”

HOTSPOTS FOR FOREIGN BUYERS 1. LAKELAND- WINTERHAVEN, FL 2. CAPE CORAL-FORT MYERS, FL 3. ORLANDO- KISSIMMEE-SANFORD, FL 4. NORTHPORT- BRADENTON- SARASOTA 5. MIAMI-FORT LAUDER- DALE-POMPANO BEACH, FL

HOT SPOT S FOR FOR EIGN BUY ERS 6. PHOENIX-MESA- GLENDALE, ARIZ. 7. MANHATTAN NY 8. HONOLULU, HAWAII 9. TAMPA-ST. PETE- CLEARWATER, FL 10. LAS VEGAS-PARADISE

WHY ARE THEY COMING? SHEDDING EURO DOLLARS AND INVESTING IN AMERICAN REAL ESTATE NEW MILLIONAIRES/BILLIONAIRES IN RUSSIA, CHINA, SOUTH KOREA MOVING MONEY TO MORE STABLE FINANCIAL MARKET

Visas, Green Cards and Citizenship All may purchase real estate – even illegals Purchasing property does not give legal status -Property value of $500,000 -Agents traveling to foreign countries Lenders: more evidence of financial stability; money on deposit; down payment larger

Visas vs. I-94 cards Visa: Permission to travel to the US May be for 5 yrs. 40% overstay Other types: H1b; artists, scientists, athletes, entertainers I-94: States the amount of time a person can stay in the US B2 up to 6 months; F1 for duration

QUALIFYING FOR PERMANENT RESIDENCE/ US CITIZENSHIP TWO OR TEN YEARS COMING TO THE US WITH LPR STATUS GAINING PERMANENT RESIDENCE THROUGH ASYLUM LPR STATUS THROUGH RELATIVE PETITIONS MARRIAGE TO US CITIZEN AFTER 3 YEARS OTHER SITUATIONS AFTER 5 YEARS MAY LOSE CARD

UPSIDE DOWN? 10 YEARS OR MORE NEW LAW: DREAMERS PROVISIONAL WAIVER PROSECUTORIAL DISCRETION

VISA WAIVERS 27 COUNTRIES – 90 DAYS CANADA 6 MONTHS PROBLEMS AT THE BORDER ENTERING US TO MARRY AND BUY A HOME

E2 VISA E2 Treaty Investor - Advantages: long term, renewable; Spouse and children benefit; investors from 75 countries - Disadvantages: Only certain countries; terminates when business not viable; no homestead exemption or federally insured student loans

L1 Visa L1 Intra-company Transfer - Advantages: May last 7 years, and can file for green card; spouse and children benefit - Disadvantages: Cannot transfer to company with same visa; limited to multinational companies

EB5 Visa EB5 Immigrant Visa Advantages: Live in any state; does not manage business; leads to a green card Disadvantages: minimum investment of $500k or $1m; once green card issued, taxed on worldwide income and must maintain presence in US

Thomas W. Goldman, Esq Offices: Bradenton, Sarasota, Naples and Orlando Tampa Offices (Of Counsel, Maney & Gordon, PA)