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Go Global – Retiring To Florida?
This may not be as easy as you think!
By Patricia Tan
Despite some migrations northward, Florida still enjoys a reputation as THE place to retire. Retirees are drawn to the Florida lifestyle. The ability to lead an active, outdoor life year round, take advantage of our beaches and cultural attractions and of course enjoy the tax advantages we offer, are all key considerations when someone decides upon their retirement destination. However, if the retiree is not a U.S. citizen or green card holder, the decision to spend their later years in the sunshine state is not an easy one as far as immigration laws are concerned.
As I write, the United States does not offer a retirement visa to foreign nationals. U.S. immigration programs do not allow retirees, who have the financial ability to support themselves, to reside in this country full time, and in so doing contribute to our economic recovery.
There are limited options for foreign nationals to reside in the United States. Most require a significant investment of financial resources and time, and even then only allow for a limited stay, or have a requirement that the visa holder is actively engaged in a business activity. This is not a good fit for the retiree who may have significant financial resources, want to be here full time for leisure, and does not want to engage in any business activities.
As an international REALTOR®, I work with real estate buyers from all over the world. I am often asked about visa requirements and refer clients to a specialized immigration attorney. One of the attorneys I work with refers to the myriad of visa options available as “Alphabet Soup”. They start with A and go through to Z, but nowhere in that soup of almost 100 different visas will you find a retirement visa.
In the absence of a retirement visa, many foreign would-be retirees look to the EB-5 investor visa which is the closest fit to their needs. This visa requires a minimum investment of $500,000 or $1,000,000 in an enterprise that will create jobs for U.S. citizens. Generally speaking it will provide the investor with the right to reside in U.S.A. full time, but some retirees may not be willing or able to make this level of financial investment.
As a leading state for retirement, Florida would stand to gain tremendously from changes in immigration law to support a retirement visa. Historically, Florida has been one of the fastest growing states, and this population growth had underpinned our real estate market for many years. The things that draw people to our State have not changed, and a retirement visa would help us leverage those attractions to increase the number of people retiring here.
It is evident that Florida’s real estate market is a key contributor to our economy and financial health. In fact, Florida real estate sales and leasing account for around 17% of the State’s GSP (a measure of the total value of goods and services produced in a state), while this figure is only about 12% when you look at national statistics.
A retirement visa would be especially important for Florida because we have three times more than the national average of foreign real estate buyers. Those people buying second homes today are our retirees of tomorrow.
Here on the Gulf Coast we have traditionally seen people retiring from the Midwestern states, and more recently New York, New Jersey and the New England area. Many of our retirees also come from other countries, but their ability to enjoy Florida is severely restricted by current immigration laws which, generally speaking, may limit their residence here to six months in any one year. Changes to those laws, by establishing a retirement visa could be used to stimulate demand for real estate and revive our economy more quickly. A retirement visa would contribute new dollars to the county, state and national economies.
Patricia Tan was born in England, and moved to Sarasota in 1997. Her career afforded her the opportunity to live and work in many countries around the world, including Australia, Hong Kong, Singapore, Malaysia, Indonesia, Germany, France, Belgium, Netherlands and the United Kingdom. She spent five years as a Director of an American real estate franchise in England in 1990s. Patricia has served as Chairperson of Sarasota Association of REALTORS®’ International Council, and serves on Florida Association of REALTORS®’ International Operations Committee. She currently works as International Sales Director for Prudential Palms Realty. Patricia may be reached at 941-487-5107 or patriciatan@prudentialpalmsrealty.com [2].
Copyright © 2010 REAL Magazine
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