Temporary Protected Status Extended for Honduras and Nicaragua

According to the U.S. Citizen and Immigration Services Weekly Digest Bulletin, the Secretary of Homeland Security Jeh Johnson has extended Temporary Protected Status (TPS) for eligible nationals of Honduras and Nicaragua for an additional 18 months, effective Jan. 6, 2015, through July 5, 2016.

Current TPS Honduras and Nicaragua beneficiaries seeking to extend their TPS must re-register during the 60-day re-registration period that runs from Oct. 16, 2014 through Dec. 15, 2014. U.S. Citizenship and Immigration Services (USCIS) encourages beneficiaries to re-register as soon as possible once the 60-day re-registration period begins. USCIS will not accept applications before Oct. 16, 2014.

The 18-month extension also allows TPS re-registrants to apply for a new Employment Authorization Document (EAD). Eligible TPS Honduras or Nicaragua beneficiaries (or persons without nationality who last habitually resided in Honduras or Nicaragua) who re-register during the 60-day period and request a new EAD will receive one with an expiration date of July 5, 2016.

To re-register, current TPS beneficiaries must submit Form I-821, Application for Temporary Protected Status. Re-registrants do not need to pay the Form I-821 application fee, but they must submit the biometric services fee (or a fee-waiver request) if they are age 14 or older. All TPS re-registrants must also submit Form I-765, Application for Employment Authorization. TPS re-registrants requesting an EAD must submit the Form I-765 application fee or a fee-waiver request. If the re-registrant does not want an EAD, no application fee is required.

Applicants may request that USCIS waive the Form I-765 application fee or biometrics fee based on an inability to pay by filing Form I-912, Request for Fee Waiver, or by submitting a written request. Fee-waiver requests must be accompanied by supporting documentation. USCIS will reject the TPS application of any applicant who fails to submit the required filing fees or a properly documented fee-waiver request.

DHS To Implement Haitian Family Reunification Parole Program

According to the U.S. Citizen and Immigration Services Weekly Digest Bulletin, starting in early 2015, the Department of Homeland Security (DHS) will begin implementation of a Haitian Family Reunification Parole (HFRP) Program to expedite family reunification for certain eligible Haitian family members of U.S. citizens and lawful permanent residents of the U.S. and to promote safe, legal and orderly migration from Haiti to the United States.

Under this program U.S. Citizenship and Immigration Services (USCIS) will offer certain eligible Haitian beneficiaries of already approved family-based immigrant visa petitions, who are currently in Haiti, an opportunity to come to the United States up to approximately two years before their immigrant visa priority dates become current.

“The rebuilding and development of a safe and economically strong Haiti is a priority for the United States.  The Haitian Family Reunification Parole program promotes a fundamental underlying goal of our immigration system – family reunification.  It also supports broader U.S. goals for Haiti’s reconstruction and development by providing the opportunity for certain eligible Haitians to safely and legally immigrate sooner to the United States,” said Deputy Secretary of Homeland Security Alejandro Mayorkas.  “The United States strongly discourages individuals in Haiti from undertaking life-threatening and illegal maritime journeys to the United States. Such individuals will not qualify for the HFRP program and if located at sea may be returned to Haiti.” 

Legal authority for the HFRP program is provided under the Immigration and Nationality Act which authorizes the Secretary of Homeland Security to parole into the United States certain individuals, on a case-by-case basis, for urgent humanitarian reasons or significant public benefit.  This is the same legal authority used to establish the Cuban Family Reunification Parole program in 2007.

USCIS is not currently accepting HFRP program applications, and potential beneficiaries should not take any action at this time.  USCIS will provide full program details before the end of this calendar year and stakeholder engagements will take place shortly thereafter. In early 2015, the Department of State National Visa Center (NVC) will begin contacting certain U.S. citizens or lawful permanent residents with approved petitions for Haitian family members, offer them the opportunity to apply to the program, and provide instructions on how to apply. Only individuals who receive a written notice of program eligibility from NVC will be eligible to apply.

Under the Haitian Family Reunification Parole program, Haitians authorized parole will be allowed to enter the United States and apply for work permits but will not receive permanent resident status any earlier. 

Sarasota Immigrants Can Find Professional Legal Advocate with Greg Band

About Greg Band

Greg Band is a Sarasota native.  He obtained his undergraduate degree at the University of Pennsylvania where he was a Varsity letterman in Tennis.  His Juris Doctor is from the University of Florida Law School where he served on the law review – a distinguishing honor for law students.  After UF, he obtained a Masters in Tax Law from New York University School of Law.  His practice areas include estate planning, probate, asset protection, charitable giving, taxation, and business law.

Estate Planning and Probate

Sarasota immigrants often present unique and complicated estate planning issues.  With many professionals and business owners coming from overseas and retaining their overseas assets.  It takes a highly capable and dedicated attorney to know how to find the right individual solutions.

Mr. Band understands the unique situations of immigrants when it comes to estate planning.  His experience includes work with high net worth individuals with multinational assets.  Band Law Group has a sophisticated and creative trusts and estates practice with decades of experience in helping clients transfer wealth in a tax efficient manner.  Their attorneys assist individuals with traditional estate planning documents such as wills, revocable trusts, residence trusts and insurance trusts.  They also regularly structure and implement more complex techniques including:

• Charitable planning; 
• Estate freezing strategies such as installment sales to grantor trusts, grantor retained annuity trusts (GRATs) and self-canceling installment notes;
• Generation-skipping transfer tax planning;
• Planning for business succession;
• Valuation techniques designed to produce lower tax values upon transfer through the use of family limited partnerships or limited liability companies. 

Individual & Corporate Taxation

The complex and far-reaching US Tax Code can be daunting for anyone, especially immigrants.  The IRS taxes US residents and citizens on worldwide income and can tax non-resident aliens on income gained in the US.  It takes a highly specialized and experienced attorney to navigate the law.

Greg Band’s firm has extensive experience in handling a broad range of tax matters for businesses, executives and owners of businesses, including the following:

• Structuring tax-free reorganizations, including tax-free spinoff transactions.
• Structuring the purchase and sale of businesses and the financing of business transactions for regular corporations, subchapter S corporations, and venture capital funds.
• Structuring real estate and real estate financing transactions with partnerships and limited liability companies, including real estate syndications and like-kind exchange transactions.
• Planning estate and business succession, including advice to owners of businesses about strategies for transferring the ownership of their business to family members and/or successor management so as to minimize income, gift and estate taxes.

Elder Law

Many immigrants come to Sarasota in their golden years, attracted by the ideal climate and abundant sunshine.  Immigrants’ latter years also present many unique legal challenges made more complicated by their far-flung assets and competing national laws.

Greg Band’s elder law practice focuses on the diverse and unique needs of senior citizens.  They work with clients to help them address current issues and anticipate evolving needs as they grow older:

• Guardianship and Conservatorship
• Retirement, Survivor and Pension Benefits
• Incapacitation and Disability
• Livings Wills 
• Social Security Disability Claims and Appeals

Contact Information

To assist in these and other areas of legal expertise, Sarasota immigrants can contact Mr. Band and his associates via:

• Phone: 941-917-0505
• Email: gband@bandlawgroup.com

LED USA Provides Energy Savings to Businesses Nationwide

Founded by a Florida immigrant, LED USA is a new Florida enterprise that provides commercial lighting solutions with the goal of reducing costs and environmental impacts for your building.  ImmigrationSarasota.com recently spoke with Ric Robideau of LED USA to learn more.

Discover LED USA on Facebook. Click on the image.

The company was formed in April 2014 by Giovanni Giannini, an architect from South Africa.  Ric, an electrical engineer who’s worked on projects for Tervis Tumblr and other major corporations in Florida, is the projects manager.

Ric and Giovanni noticed a problem.  Commercial building owners were wasting money on outdated and inefficient lighting (lighting costs can reach up to 70% of a building’s electric bill).  Moreover, owners were going to have to switch their lighting eventually as the government is actually phasing out incandescent and fluorescent lights.  But there were few providers with the expertise and business savvy to properly help them.  They decided to become the solution.

For their first project, they took on the landmark Palm Towers in downtown Sarasota.  Palm Towers was using a combination of fluorescent and incandescent lighting.  With a free energy audit, LED USA found that the building could save $.9 per lightbulb.  In addition, LED USA found they could introduce smart technology to further lower energy costs.  They estimated the retrofit would cost $60,000 but the savings would begin immediately; $39,000 in savings per year to be exact.  In only 2.1 years the savings would pay for the initial investment.  What’s more, LED lights have a warranty of 10 years so the savings would continue.  By the end of 10 years the building should save a net of about $312,000 on its energy bills.

LED USA has also performed an energy audit on a nearby restaurant.  The bill for that retrofit would come to $3,000 but the savings would start at $4,300 per year; producing an even quicker return than the Palm Towers.

Today, LED USA is quoting companies on projects of up to $250,000.

LED USA rests on the quality of its products.  They offer GE or Cree LED lights, which meet the highest underwriting standards.  There’s no compromise on the amount of light.  In fact, some would argue that switching to LEDs improves the light quantity and quality in a building, as these before and after photos show.  

LED USA is also a LEED qualified lighting provider, the most widely-recognized environmental vetting a company can achieve.

Financing is available for projects up to $3 million.  Even with financing charges, companies still see positive cashflow after their building starts saving energy.

For more information feel free to contact Ric (ric_ledusa@verizon.net) or Giovanni (LEDGiovanni@verizon.net).

Immigrant Students Can Find Enhanced Resources at DHS Website

Reposted from DHS bulletin.

Numbers and origin of international students in US from January-April 2014.  Image by Charles Reed

The Department of Homeland Security (DHS) launched an enhanced Study in the States website Monday with four new features.  The features enable the Student and Exchange Visitor Program (SEVP), housed within U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI), to convey pertinent information to stakeholders about the international student process in a clear and interactive manner.

The new features include: 

• An interactive glossary
• An “Ask a Question” section
• An enhanced School Search page
• A mobile-ready version of Study in the States

“Being an international student is a complex process that involves several government agencies, and the new Study in the States tools will help students and schools easily find the latest news, information, interactive guides and videos they need,” said SEVP Director Lou Farrell.

The revamped site also features streamlined navigation and a blog geared to international students and school officials. Users can translate the site into multiple languages.  

The Study in the States website serves as an information hub for the international student community.  It brings together the various federal agencies that play a role in implementing our student visa and exchange visitor programs, including ICE, U.S. Citizenship and Immigration Services (USCIS) and U.S. Customs and Border Protection (CBP).

Study in the States was launched by former Homeland Security Secretary Janet Napolitano in 2011, as part of a larger DHS initiative to enhance economic, scientific and technological competitiveness by finding new ways to encourage the most talented international students to study and learn about expanded post-graduate opportunities in the United States.  This initiative includes a focus on streamlining the student visa process, enhancing coordination among government agencies and keeping international students better informed about student visa rules and regulations.  

SEVP monitors approximately one million international students pursuing academic or vocational studies (F and M visa holders) in the United States and their dependents. It also certifies schools and programs that enroll these students.  The U.S. Department of State monitors exchange visitors (J visa holders) and their dependents, and oversees exchange visitor programs.

Both use the Student and Exchange Visitor Information System (SEVIS) to protect national security by ensuring that students, visitors and schools comply with U.S. laws.  SEVP also collects and shares SEVIS information with government partners, including CBP and USCIS, so only legitimate international students and exchange visitors gain entry into the United States.

HSI reviews potential SEVIS records for potential violations and refers cases with potential national security or public safety concerns to its field offices for further investigation. Additionally, SEVP’s Analysis and Operations Center reviews student and school records for administrative compliance with federal regulations related to studying in the United States.

NEW Florida Business Opportunity on Anna Maria Island

Today we learned about a new business opportunity for Florida immigrants who are searching for good investments that can help them qualify for an E-2 or EB-5 visa.  It comes in the form of a 3,088 sq-ft restaurant on a barrier island near Sarasota with a cozy 3-bedroom apartment above – makes for an easy commute.

STOCK image of restaurant interior. Contact the broker for real photos.

The details:

• 3,088 SF restaurant with full bar (4-COP) located in Holmes beach, with gulf views.
• Additional 1,400 SF 3BD apartment above.
• Sale price: $475,000.
• Rent would be $5,000 per mo. (including the apt. above) plus Tenant pays
• Property taxes, insurance & Maint. (about $13,000 yr)
• The restaurant did about $500k for 2013 (open only for dinner 7 nights)
• Cash flow: $183,000.
• If you deduct the expense of rent and NNN charges ($73,000) the net to a new operator would be about $110k.
• Real estate is also for sale for $1.3M

Interested parties should contact Mr. John Caragiulo, an experienced business broker, at jcaragiulo@hembreeco.com.

As always, the attorneys at Jaensch Immigration Law Firm stand ready to advise you on making any investment with the goal of securing a temporary E-2 or immigrant EB-5 visa.

Events and Opportunities for Germans in Florida Including Possibility of Working at German Parliament

German immigrants in Florida might be interested in the events and opportunities shared with us by the German consulate.  We’ve copied the description of an internship opportunity at the German consulate below.

Please take a look at the full Event Newsletter from June 6, 2014 here.

Would you like to work at the German Parliament?

The German Bundestag invites you, in cooperation with the Freie Universität Berlin, Humboldt-Universität Berlin, and Technische Universität Berlin, to apply for an International Parliamentary Scholarship (IPS) to spend five months in Berlin. The IPS program is aimed at highly qualified young men and women who will return home after the program with the determination to play an active and responsible role in shaping their countries’ democratic future. The German Bundestag, the German Parliament, offers young people the opportunity to get to know the German parliamentary system and political decision-making processes and to gain practical experience of parliamentary work during a 15-week work placement with a Member of the Bundestag. The scholarship-winners are chosen by the German Bundestag’s independent selection panel. The program takes place from March 1 to July 31, 2015. The selection interviews are held in the United States.

Requirements:

-US citizenship

-University degree

-Very good knowledge of German

-Knowledge of German politics, society and history

-Under the age of 30 at the start of the scholarship

Scholarship:

-Free accommodation

-Insurance and travel expenses

Deadline for applications: June 30, 2014.

Additional information is available online at:

http://www.bundestag.de/bundestag/europa_internationales/internat_austausch/ips/

90-year-old Sarasota Immigrant Becomes Citizen

Congratulations to Don Fisher for recently completing the naturalization process and becoming a U.S. citizen at the age of 90.  Don first moved to the U.S. in 1984 and had E-2 Treaty Investor visa status from 1987 to 2010.  After six consecutive E-2 visas Don married a U.S. citizen and became a permanent resident in 2010.  

At age 90, Don is believed to be the oldest client in the 30 year history of Jaensch Immigration Law Firm to become a U.S. citizen.  We took a picture of Don in the office with his Naturalization Certificate.

Don says the following about the process, “it was a challenge, but we did enjoy the chase.” 

Congratulations again to Don Fisher!

-P. Christopher Jaensch

Q&A for Diversity Visa Applicants Attempting to Log into Entrant Status Check Website

This post is related to our earlier post about the issues the Kentucky Consular Center has been having with the Entrant Status Check website.  The technical problem with the Entrant Status Check system has led to many questions.  We contacted the Kentucky Consular Center for answers and are posting them below.

How will I know if I have been selected?

• The only proof that you have been selected to process further in the DV-2015 program is a notice with your name on it that states you have been selected.  When you log into the Entrant Status Check (ESC) on the dvlottery.state.govwebsite you will see one of two responses:
• If you see a message that says you were selected, and it includes your name, you have been selected to process further in the DV-2015 lottery.  Please review the website at www.dvselectee.state.gov for full instructions on how to proceed.
• If you see a message that says you were not selected, you have not been selected to process further in the DV-2015 lottery.  You may enter again next year.  This message will not include your name.

When I logged in, I got a message saying I was not selected, but there was no name on the screen. What does that mean?

• That means you were not selected.  If you were not selected for further processing, you will receive a standard message that applies to anyone who was not selected.  It will not have your name on it.

 I saw a selection notice, but it had someone else’s name on it. What do I do? 

• If you log into the ESC now and see a notice that says you were selected, but it is addressed to another person, this does not mean that you have been selected. You should contact KCC at KCCDV@state.gov for further information.  Include your name and confirmation number, and tell KCC at what time you tried to log in to the ESC.  (If this happened to you on May 1, there is no need to tell KCC. If it happens to you now, please let us know.)

Will these results change?  Should I check back again later to see if I was selected in the future?

• These results are final.  We do not anticipate that there will be any additional names selected for DV-2015. 

 I am having problems logging in, or I am confused by my results.  Can KCC tell me if I was selected?

• KCC cannot tell you if you have been selected for further processing.  The ESC is the only means by which you may check your status.

If you are unable to log into the ESC, please check to be sure you are entering your confirmation number correctly.  Some letters and numbers look similar to one another.  If the ESC web page is experiencing a high volume of requests, it may work very slowly and some connections may time out.  If this happens to you, please try again later. 

If you have lost your confirmation number, please try to retrieve it using the “forgot confirmation number” link on the ESC website.  If you cannot retrieve your confirmation number by providing the information required, there is no way for you to check your status.

If you have read all of this information and still have questions, please contact KCC at KCCDV@state.gov.  Include your full name and, if you know it, your DV case number.

75% of International Students Come from Asia

Reposted from USCIS Press Release

Summary: International student enrollment up 2 percent at US schools, 75 percent of students from Asia

Photo by Charles Reed

WASHINGTON – The Student and Exchange Visitor Program (SEVP), part of U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI), released “SEVIS by the Numbers,” a quarterly report of international students studying in the United States, Wednesday. The report is based on data from the Student and Exchange Visitor Information System (SEVIS), a Web-based system that includes information on international students, exchange visitors and their dependents while they are in the United States.

As of April 1, almost 1.02 million international students were enrolled in nearly 9,000 U.S. schools using an F (academic) or M (vocational) visa. This marks a two percent increase from January. Seventy-five percent of all international students were from Asia, with 29 percent from China. Saudi Arabia and India had the greatest percentage increase of students studying in the United States at 10 and eight percent, respectively, when compared to January statistics. The top 10 countries of citizenship for international students included: China, India, South Korea, Saudi Arabia, Canada, Japan, Taiwan, Vietnam, Mexico and Brazil.

The April report also included key insight into which international students pursue STEM (Science, Technology, Engineering and Mathematics) coursework. Sixty-seven percent of international students studying STEM fields were male. Forty-three percent of all international STEM students studied engineering. Seventy-eight percent of international students from India studied STEM fields, while only eight percent of international students from Japan studied STEM fields.

Other key points from the report include: 77 percent of SEVP-certified schools had between zero and 50 international students; 72 percent of international students were enrolled in bachelor’s, master’s or doctoral programs; and California, New York and Florida had the most SEVP-certified schools. A school must be SEVP-certified before it can enroll international students.

The full report can be viewed here. Report data was extracted from SEVIS April 1. It provides a point in time snapshot of data related to international students studying in the United States. Data for the previous “SEVIS by the Numbers” was extracted from SEVIS Jan. 15.

SEVP monitors approximately one million international students pursuing academic or vocational studies (F and M visa holders) in the United States and their dependents. It also certifies schools and programs that enroll these students. The U.S. Department of State monitors exchange visitors (J visa holders) and their dependents, and oversees exchange visitor programs.

Photo by Charles Reed

Both agencies use SEVIS to protect national security by ensuring that students, visitors and schools comply with U.S. laws. SEVP also collects and shares SEVIS information with government partners, including CBP and U.S. Citizenship and Immigration Services, so only legitimate international students and exchange visitors gain entry into the United States.

HSI reviews potential SEVIS records for potential violations and refers cases with potential national security or public safety concerns to its field offices for further investigation. Additionally, SEVP’s Analysis and Operations Center reviews student and school records for administrative compliance with federal regulations related to studying in the United States.

Learn more about SEVP at www.ICE.gov/SEVP.

IMPORTANT: Re Diversity Visa

To All Diversity Visa entrants who attempted to log into the Entrant Status Check (ESC) website on May 1, 2014.

For a brief period on May 1, the ESC website experienced a technical problem. As a result, some people who logged into the site to check the status of their applications were shown the wrong information. If you logged into the ESC website on May 1 and saw a notice of selection that did not include your name, or if you saw a notice that you were not selected, you must re-check your status to find out whether or not you were selected.

You must see a notice that is addressed to you by name as proof of selection to process further in the DV-2015 program. We regret any confusion this technical problem may have caused.

Please note that the Kentucky Consular Center (KCC) will not send you unsolicited e-mail that includes your confirmation number or that asks you to provide any personal information. You must log into the ESC website to check your status. If you have further questions about the ESC website or the content of this e-mail, you may contact KCC by e-mail at KCCDV@state.gov. The KCC telephone number is 606-526-7500 (7:30 a.m. until 4:00 p.m. EST).

Guest Post: Tax Planning for Canadians Purchasing Property in Florida

This post is a summary of an article written by Attorney Michael Wilson and Attorney Heather Cooper and posted on the Williams Parker blog. Click the link (CanadaUSArticle) to read the entire article.

We are not tax attorneys.  Any questions about US tax law should be directed to a qualified US tax attorney.

Attorney Michael Wilson of Williams Parker

Tax Planning for Canadians Purchasing Property in Florida

Canadians make up a large portion of Florida home-buyers and immigrants and we are happy to welcome them.  It is imperative to note, however, that making the transition to the US or entering the Florida property market requires careful planning and preparation.  One does not simply walk in.  Choosing an immigration strategy is one factor that must be considered when moving to the US.  Tax planning is another.

Overview:

US citizens and residents are taxed on WORLDWIDE income.  Income is divided into two categories: ordinary and capital.  Foreigners can become US residents for tax purposes through several ways, even if they do not hold any US immigration status.

“A Canadian can become a U.S. tax resident if they obtain U.S. citizenship, become a lawful permanent resident (i.e., green card holder), or satisfy the “substantial presence” test, which looks at the number of days spent in the United States. The substantial presence test can be a trap for the unwary that spend too much time in the United States. If a Canadian becomes a U.S. tax resident, they will have the same tax obligations as any U.S. person (including the requirement to file an annual tax return with the IRS reporting all worldwide income).”

The US also taxes non-residents on income gained in a US trade or business and on passive income sourced to the United States.

Rental income from property in the US is generally sourced to the US and taxed by the US.  The US-Canadian tax treaty does not provide any relief for double-taxation of rental income, which is something to be very aware of.

Income from the sale of US real estate is also sourced to the US and subject to US taxation.  Like income from rental property, there is no relief in the US-Canadian tax treaty for income from the sale of US real estate and such income may be taxed in Canada as well.  The “Foreign Investment in Real Property Tax Act” (“FIRPTA”) regulates taxes on income from the sale of US real estate by foreigners.

Estate tax, which is 40% in the US, is another important consideration for Canadians who wish to buy real estate or immigrate to the US.  Any US real estate is subject to estate tax.  However, non-residents may be able to structure their assets so that they fall entirely outside the scope of US estate tax.

While there is no state income tax in Florida, there is sales tax and this can be levied against proceeds from rental property.  In addition there are various local taxes that may also need to be considered.

Holding Structures for Investments in US Real Estate

Direct Ownership:

• Simplest structure
• Rental income: 30% flat withholding tax unless net basis election
• Disposition income: may be eligible for 20% capital gains tax; otherwise, taxed up to 39.6%
• FIRPTA withholding applies on disposition
• Foreign owner must file U.S. tax return reporting any income
• Estate tax applies
• No limited liability

U.S. Partnership Planning Highlights:

• More administrative requirements than direct ownership
• Rental income: 30% flat withholding tax
• Disposition income: may be eligible for 20% capital gains tax; otherwise, taxed up to 39.6%
• FIRPTA withholding applies on sale of property or on sale of partnership interests
• Foreign owner and U.S. partnership have annual tax filing obligations
• Estate tax likely does not apply

LLC Planning Highlights:

• More administrative requirements than direct ownership
• Limited liability for owners
• Rental income: 30% flat withholding tax
• Disposition income: may be eligible for 20% capital gains tax; otherwise, taxed up to 39.6%
• FIRPTA withholding applies on sale of property or on sale of LLC interests
• Estate tax may apply
• Canadian tax planning concerns

U.S. Corporation Planning Highlights:

• More administrative requirements than direct ownership
• All income subject to corporate income tax (up to 35%) plus Florida corporate income tax (5.5%)
• Income is “double-taxed” (corporate income tax plus tax upon distribution to shareholders)
• FIRPTA withholding applies on sale of property (but only when proceeds are distributed to foreign shareholders) or on sale of corporation, but not on direct sale of property
• Corporate tax return required every year
• Estate tax applies

Canadian Corporation Planning Highlights:

• More administrative requirements than direct ownership
• Rental income: 30% flat withholding tax
• Disposition income: subject to corporate income tax (up to 35%) plus Florida corporate income tax (5.5%)
• Income is “double-taxed” (branch profits tax) at 5%
• FIRPTA withholding applies on sale of property at 35% of gain but not on sale of stock
• Estate tax does not apply

Canadian Partnership Planning Highlights:

• More administrative requirements than direct ownership
• Rental income: 30% flat withholding tax
• Disposition income: may be eligible for 20% capital gains tax; otherwise, taxed up to 39.6%
• FIRPTA applies on sale of property or on sale of partnership interests
• Foreign owner and U.S. partnership have annual tax filing obligations
• Estate tax likely does not apply

Trust Planning Highlights:

• Increased expenses and administrative complexity
• More options for minimizing tax liabilities

Multi-Tiered Structure Planning Highlights:

• Increased administration over multiple entities
• Increased expenses associated with multiple entities
• More options for minimizing tax liabilities

Reposted from AILA National: Information for Venezuelan Asylum-Seekers

Reposted from AILA National Youtube Channel.

Foreign Residents In Need of Loans Find Help

We recently learned that Sabadell Bank, a Spanish bank with offices in Florida, is offering some mortgage products and loans where credit record and income are not checked, which is useful for new permanent residents or nonimmigrants.  Here are the details:

JUMBO & SUPER JUMBO PRODUCTS

*         5/1, 7/1 & 10/1 ARM’s STARTING AT 2.875%, 3.125%, AND 3.375% RESPECIVELY WITH NO POINTS AND NO PREPAYMENT PENALTY

*         NO PRICING ADD ONS FOR LOAN AMOUNTS THAT ARE SUPER JUMBO’S, (WE CLOSED A 20 MILLION DOLLAR LOAN IN MIAMI SAME PRICING)

*         NO PRICING ADJUSTMENTS FOR REFINANCE OR CASH OUT REFINANCE.

*         HIGH NET WORTH CLIENTS CAN USE LIQUID ASSETS TO QUALIFY, (TWICE THE AMOUNT OF THE LOAN AFTER CLOSING IN LIQUID ASSETS AND WE HAVE A VIRTUAL NO INCOME QUALIFIER)

*         30 YEAR FIXED AVAILABLE FOR PURCHASES AND NO CASH OUT REFINANCES, CURRENTLY STARTING AT 4.75%, 1.5 MILLION MAX

*         15 YEAR FIXED OK FOR CASH OUT REFINACES UP TO 20 MILLION DOLLARS RATES STARTING AT 3.375%

*         NO LIMIT ON CASH OUT REFINACES  (CLOSED A REFINANCE WITH 4.9 MILLION DOLLARS CASH OUT)

*         BRIDGE LOANS AVAILABLE FOR 24 MONTHS INTEREST ONLY @ 4.00%.  SUPER JUMBO OK

*         NO MINIMUM CREDIT SCORE FOR APPROVAL

*         NO ESCROWS AND NO CHARGE FOR WAIVING ESCROWS

CONSTRUCTION LOANS

*         PREFERABLE FOR LOAN AMOUNTS OF ONE MILLION DOLLARS PLUS.

*         CAN BE USED FOR FOREIGN NATIONALS THAT CAN DOCUMENT WEALTH IN LIQUID ASSETS

*         24 MONTH CONSTRUCTION PERIOD

*         ONE TIME CLOSE AS A 10/1 ARM

They also have some loans for foreign nationals looking to buy vacation homes or principal residences (and not investment property).  Here are the terms if you know anyone from abroad looking to buy a home here:

FOREIGN NATIONAL LOANS

*         60% LOAN TO VALUE FOR LOAN AMOUNTS UP TO 3, 5, OR 10 MILLION DOLLARS OR HIGHER

*         EASIEST QUALIFIER IN THE INDUSTRY, 2 BANK REFERENCES AND VERIFY LIQUIDITY AT TWICE THE LOAN AMOUNT

*         LIQUID ASSETS DO NOT HAVE TO BE U.S. ACCOUNTS OR MOVED TO THE U.S. (The advantage of being an international bank)

*         REQUIRES A SABADELL ACCOUNT WITH 6 MONTHS PITI (principal and interest payments)

*         NO CREDIT REPORT AND NO INCOME VERIFICATION

*         3/1, 5/1, 7/1 AND 15 YEAR FIXED.  STARTING AT 3.00%, 3.75%, 4.50% AND 4.75% RESPECTIVELY

In short, if a borrower can show they have double the amount of the desired loan in liquid assets (e.g. bank and investments accounts) in the U.S. or abroad, then the bank will be interested in giving a loan.  Generally the loan to value is 60/40.  This means that the borrow must put down 40% of the purchase price or the actual appraised value, whichever is lower.

The contact person in Sarasota is Charles Campbell (charles.campbell@sabadellbank.com).  The west coast program is managed by this bank official in Naples: (douglas.rushing@sabadellbank.com).

Florida Supreme Court Rules Unauthorized Immigrants Cannot Be Admitted to State Bar

Unlike California, the Florida Supreme Court has decided not to admit unauthorized immigrants to the State Bar.

Read the full decision: FL Supreme Bars Unauthorized Immigrants.