Miami, Florida November 1, 2011
Miami-Dade Business Platform of the Americas Steve Beatus The Beacon Council 2 2 2
Centered in the Western Hemisphere, It is Considered a Premier Global Business Center EUROPE NORTH AMERICA ASIA AFRICA LATIN AMERICA & THE CARIBBEAN MIAMI-DADE
Miami-Dade Population: 2,500,625 GDP: $111.5 billion
Miami-Dade • GDP = $111.5 billion • Greater than 17 States in the U.S. and several countries in Central America and the Caribbean. • A truly global business center with a strong, diversified economy • More than 1,200 multinational companies • Regional headquarters including Burger King, Royal Caribbean Cruise Lines, Lennar, Ryder, & Telefonica
Miami-Dade Number of Foreign Born Residents in Miami-Dade County by Region • Half of the county’s 2.5 million residents are foreign born and about 2/3 speak a second language in addition to English. Source: U.S. Census Bureau, 2010 Census
Tax ComparisonsMetropolitan Areas Personal Income Tax (%) Corporate Income Tax (%) Sales Tax (%) 8
Cost of Living Comparison For Selected Major Urban Areas • U.S Average 100.0 • New York (Manhattan) 204.2 • Boston, Massachusetts 136.1 • San Francisco, CA 171.2 • Washington, D.C. 141.7
Miami-Dade’sInternational Infrastructure 38 State Licensed Foreign Bank Agencies 44 Bi-national Chambers of Commerce • Foreign Trade Offices 73 Foreign Consulates
Virtual Connectivity • NAP of the Americas • Located in Downtown Miami, one of the world’s largest datacenters and internet exchange points • Telefonica Datacenter • Located in Doral, a leading provider of global corporate communications for multinationals
Physical Connectivity Miami International Airport • Has more flights to Latin America and the Caribbean than any other U.S. airport • Serves 45 non-stop domestic destinations and 70 non-stop international destinations • Ranks 1st in international cargo and 3rd in international passenger traffic • Miami Intermodal Center (MIC) – Connects MIA with Mover train, rental car center, Metrorail, Tri-Rail, Amtrak, Metrobus and Greyhound
Physical Connectivity Port of Miami • #1 container port in Florida and 11th busiest in the U.S. • Handled 7.4 million tons of cargo volume in 2010 • “Cruise Capital of the World” • Handled 4.1 million cruise passengers in 2010 • Handles more than 20 shipping lines calling on approximately 100 countries and 250 ports around the world
Physical Connectivity Port of Miami (cont’d) • 50 FT Deep Dredge Project will make it a “First Port of Call” for “New Panamax” ships by 2014. • Major $1 Billion tunnel connecting Port of Miami and McArthur Causeway for direct access to east-west I-395/Florida State Road 836 & I-95. • Construction of large inland port by restoring connection between Port of Miami and Florida East Coast Railway’s yard in Hialeah.
Real Estate Markets - Industrial Miami-Dade Industrial Vacancy Rate and Average Rents for 2nd Quarterof 2011 Source: CB Richard Ellis, MarketView, Second Quarter 2011. 15
Real Estate Markets - Office Miami Dade Office Vacancy Rates and Average Rents for 2nd Quarter of 2011 Source: CB Richard Ellis, MarketView, Second Quarter 2011 16
What is The Beacon Council? • The Official Economic Development Organization for Miami-Dade County. Founded in 1985. • A public-private, non-profit corporation that focuses on job creation and economic growth. • Accredited Economic Development Organization (AEDO) by the IEDC - 1 of only 29 worldwide. • 400 Corporate Members
Sector StrategyTargeted Industries of Miami-Dade • Aviation • Life Sciences • Communications / Media / Culture • Financial Services / Insurance • International Commerce • Professional Services • Supply / Logistics / Marine • IT / Telecommunications (ICT) • Fashion-Lifestyle
Beacon Council ServicesThe Beacon Council Offers the following free and confidential services: Market Research Access to Incentive Programs Business Costs Information Access to Labor Training Site Selection Assistance Permitting Facilitation
ADDITIONAL SUPPORT PROGRAMS • Recruitment and Training Support • State of Florida Quick Response Training (QRT) • State of Florida Incumbent Worker Training (IWT) • South Florida Workforce (SFWF): Employed Worker Training Program and On-the-Job Training Program • South Florida Workforce (SFWF): Workforce recruiting, screening and testing • Florida Manufacturers Extension Program (MEP): Mobile Outreach Skills Training (MOST) program • Public Sector Support • Local Miami-Dade County Elected Officials • Miami-Dade State Delegation • Governor 23
The Beacon Council For additional information, please contact: Steve Beatus email@example.com 80 S.W. 8th Street, Suite 2400 Miami, FL 33130 Tel. 305-579-1343 / Fax. 305-579-7580 www.beaconcouncil.com
EB-5 IMMIGRANT INVESTORS Deirdre Nero Attorney at Law NERO Immigration Law, P.L.
BASIC LEGAL REQUIREMENTS • Capital Investment of US$1,000,000 in a new commercial enterprise or an approved Regional Center • US$500,000, if • Rural Area • Targeted Employment Area (TEA)- High Unemployment Area (150% of National Average) • Creation of 10 Jobs • US Workers: U.S. citizen, permanent resident or other immigrant authorized to work in the United States. This definition does not include the immigrant investor; his or her spouse, sons, or daughters; or any foreign national in any nonimmigrant status (such as an H-1B visa holder) or who is not authorized to work in the United States • Full time employment (min 35hr/week)
Capital Investment Requirements Capital means cash, equipment, inventory, other tangible property, cash equivalents and indebtedness secured by assets owned by the alien entrepreneur, provided that the alien entrepreneur is personally and primarily liable and that the assets of the new commercial enterprise upon which the petition is based are not used to secure any of the indebtedness. All capital shall be valued at fair-market value in United States dollars. Assets acquired, directly or indirectly, by unlawful means (such as criminal activities) shall not be considered capital for the purposes of section 203(b)(5) of the Act. Note: Investment capital cannot be borrowed.
Job Creation Requirements • Create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor’s admission to the United States as a Conditional Permanent Resident. • Create or preserve either direct or indirect jobs: • Direct jobs are actual identifiable jobs for qualified employees located within the commercial enterprise into which the EB-5 investor has directly invested his or her capital. • Indirect jobs are those jobs shown to have been created collaterally or as a result of capital invested in a commercial enterprise affiliated with a regional center by an EB-5 investor. A foreign investor may only use the indirect job calculation if affiliated with a regional center.
New Commercial Enterprise • All EB-5 investors must invest in a new commercial enterprise, which is a commercial enterprise: • Established after Nov. 29, 1990, or • Established on or before Nov. 29, 1990, that is: 1. Purchased and the existing business is restructured or reorganized in such a way that a new commercial enterprise results, or 2. Expanded through the investment so that a 40-percent increase in the net worth or number of employees occurs
New Commercial Enterprise • Commercial enterprise means any for-profit activity formed for the ongoing conduct of lawful business including, but not limited to: • A sole proprietorship • Partnership (whether limited or general) • Holding company • Joint venture • Corporation • Business trust or other entity, which may be publicly or privately owned • This definition includes a commercial enterprise consisting of a holding company and its wholly owned subsidiaries, provided that each such subsidiary is engaged in a for-profit activity formed for the ongoing conduct of a lawful business. • Note: This definition does not include noncommercial activity such as owning and operating a personal residence.
Regional Centers • Regional Center-any economic entity, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment. • Authorized Investment Vehicle • Can Count Direct and Indirect Employment Creation • Must still prove every case that jobs will be created, directly or indirectly • Approval is not automatic • Investment is NOT US Government Approved • No need to be actively working in the business where investor is a Limited Partner • There are currently 189 approved Regional Centers, 21 of them in Florida. • REMEMBER: Regional Centers are approved by the US government – NOT the investments themselves – each filing for each investor stands on its own merits
STEPS/PROCESS • Filing of form I-526 Petition at USCIS (30 to 240 days; average 6 months) • Approved I-526 Petition Processed at National Visa Center (3 – 6 Months) • NVC Sends Petition to US Consulate abroad for Final Interview (3 – 6 Months) • Timing may vary depending on which consulate • If the Investor is in the US the case may be processed as an Adjustment of Status (AOS) in the US • Work authorization (EAD) and if qualified, travel documents (Advanced Parole) will be issued to the investor and her or his qualifying family in about 90 days after filing the AOS (Form I-485) • The processing time of the AOS will take about 9 months or more.
STEPS/PROCESS • 2-Year Conditional Residence (CR) • Continued Investment and Employment Creation • Submit Application for Removal of Condition 90 days before 2nd year anniversary and not later than the 2nd anniversary of the CR • Divorce from spouse or marriage or aging out of children after CR will not stop removal if all else is OK • Estimated processing time 6 months or more • Eligible to Apply for US Citizenship after 5 years from date of Conditional Permanent Residence • Conditional Permanent Resident and Permanent Resident Expectations: • Reside in the US • Pay taxes as a US Citizen.
FAMILY MEMBERS • Case will Include: • Principal investor • Investor’s Spouse • Investor’s Children unmarried and under 21-year old (At Time of Admission into the US after Consular processing or Final Interview where adjustment of status approved in the US) • Spouse and older children can work • Children Can Go to Public or Private Schools
Most Common Issues • Lawful Source of Funds • Trace of Investment Money – Every dollar must be legal and accountable • May be loan or gift from family, friends or company. • Origination of loan or gift funds MUST be proved to be from a lawful source • Bank loans – not secured by the investment do qualify • Ability to maintain business and active management • Ability to prove 10 full-time legal employees • Investment has to be at risk • No guarantees are given or are permitted by law
Points to remember MUST get independent business and tax advice Must conduct own due diligence Immigration Lawyer advises only on immigration law and practice issues and will file the cases By law investment is at risk with NO guarantees.
For more information, please contact: Deirdre Nero, Esq. Immigration and Nationality Law NERO Immigration Law, P.L. 121 Alhambra Plaza, 10th Floor Coral Gables, Florida 33134 Telephone: 305-351-1079 Fax: 305-675-7749 E-mail: firstname.lastname@example.org Webpage: www.neroimmigration.com