Posted in Foreign Investment & Tax, Litigation & Arbitration In a previous post, I discussed Senate Bill 58 and House Bill 351, which were proposed bills that would have prohibited the application of foreign laws in family law disputes pending in the State of Florida unless the foreign body of law granted the litigants the “same” rights and protections as the Florida and U.S…. Continue Reading
Miami residents have a long history of escaping to cooler climates during the summer months. While the advent of central air conditioning has made regular visits to the north more of a luxury than a necessity, vacation homes in such exotic locations as North Carolina, Maine, Vermont, Massachusetts and New York remain as popular as… Continue Reading
The Florida real estate market remains a prime target for Canadian investment, with a particular focus on South and South West Florida. These Canadian purchasers are being credited with playing a role in the rebound of the Florida housing market, which has seen a 12% increase since its April 2011 low. Indeed, notwithstanding competition from South… Continue Reading
As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. Therefore, a U.S. taxpayer that earns only foreign source income will be subject to U.S. federal income tax on… Continue Reading
Posted in Foreign Investment & Tax, Litigation & Arbitration Senate Bill 58 and House Bill 351 Seek to Prohibit Florida Courts from Applying Foreign Laws in Family Law Disputes You may not have heard of the think tank called the American Public Policy Alliance (APPA), or its “American Laws for American Courts” initiative, which “was crafted to protect American citizens’ constitutional rights against the… Continue Reading
The Bilzin Sumberg Dodge Squad is getting set to square off against three other South Florida law firms in an upcoming dodgeball tournament to raise funds for the United Way of Miami-Dade. On March 13, we will vie for the title of Dodgeball Champion 2013 alongside Akerman Senterfitt, Carlton Fields and Greenberg Traurig at 5:30… Continue Reading
Posted in Foreign Investment & Tax The University of Miami School of Law recently completed its presentation of the 47th Annual Heckerling Institute on Estate Planning. The Institute, which has been held in Orlando for the last several years is the nation’s leading conference for estate planners. Thousands of attorneys, CPAs, and other professionals from all over the country were in… Continue Reading
Thank you for joining us for the inaugural session of the New Miami Breakfast Series. Public-Private Partnerships: Why They Are Growing in Popularity and Their Impact on South Florida The most flexible relationship between the government and a private contractor is a public-private partnership, commonly referred to as a P3, in which government and the… Continue Reading
With a new year comes a new beginning. While New Year’s Day is typically viewed as a chance to start fresh and make changes in our personal lives, for many people New Year’s Day in 2013 took a different tone. Instead of focusing on making New Year’s resolutions, many Americans were focused on the “fiscal… Continue Reading
Posted in Foreign Investment & Tax At the upcoming American Bar Association Section of Taxation‘s 2013 Midyear Meeting, Bilzin Sumberg Tax Partner Jeffrey L. Rubinger will speak on the topic of Foreign Investment in U.S. Real Estate. His talk will cover international tax planning for non-U.S. investors (including sovereign wealth funds) investing in U.S. real estate, including REITs. The ABA Section of… Continue Reading
Those who like to start their day with a cup of coffee and listening to the Marketplace Morning Report with Jeremy Hobson will be pleased that the show will be broadcast live from the WLRN Radio studios in Miami all next week. From January 22 - 25, WLRN Radio will host one of Public Radio’s most popular… Continue Reading
Only a week into 2013, and the new year in Miami is already off to a bright start. The Miami Herald expects cranes to begin popping up along the skyline in the first and second quarter as construction of new condos gets underway. It is anticipated that the construction sector, after posting 62 consecutive months… Continue Reading
We are pleased to announce that the results of our New Miami Investment Survey are out. Click to Download SurveyTo assess what other business leaders are thinking about the pace and nature of economic recovery in South Florida, we commissioned The Bilzin Sumberg New Miami Investment Survey. 200 top executives in the community provided their… Continue Reading
Miami’s real estate market has always been the topic of dinner table conversations – with the ebbs and flows of its success closely tied to the economy. Not surprisingly, as the economy starts to (slowly) pick itself back up, the conversations about investment and opportunity are also on the rise. Are we faring better…or worse?… Continue Reading
This is a guest post by Alyce Robertson, Executive Director of the Miami Downtown Development Authority. Demand for condo sales and rentals slated to exceed supply We have been tracking condo sales and rental activity in downtown Miami since the market bottomed out three years ago, and what we are seeing is a clear trend… Continue Reading
Posted in Foreign Investment & Tax The combination of a weak U.S. dollar and low interest rates has resulted in more foreign investment in U.S., and South Florida, commercial real estate. But one of the primary obstacles facing foreign persons who invest in U.S. real estate is the Foreign Investment in Real Property Tax Act (FIRPTA), more specifically Section 897. Under this… Continue Reading
Posted in Foreign Investment & Tax When Is a Statutory Benefit a ‘Treaty Benefit’? When the IRS Says So! Since Section 1(h)(11) was enacted as part of the Jobs and Growth Tax Relief Reconciliation Act of 2003, questions have been raised on exactly how to interpret the section’s legislative history. Under this provision, a dividend received by a U.S. individual taxpayer (directly… Continue Reading
The City of Miami is pushing for job creation and economic development through the establishment of an EB-5 immigrant investor regional center. The EB-5 program, initially created in 1990 by Congress, allows for foreign investors to invest and subsequently obtain an EB-5 visa. The visa grants 2 year resident status to qualifying investors and their… Continue Reading
Posted in Foreign Investment & Tax, Trade Income Tax Treaty Only Third Signed with Latin American Jurisdiction Since the U.S.-Chile Free Trade Agreement came into force in 2004, bilateral trade between these two countries has more than doubled. In fact, according to the Chilean Foreign Investment Committee, the United States is Chile’s second largest goods trading partner overall, and the largest foreign investor in… Continue Reading
Posted in Foreign Investment & Tax Banks’ Reporting Requirements Raise Privacy Concerns Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently, U.S. financial institutions are only required to report bank deposit interest earned by residents of Canada to the IRS. (It should be noted that such… Continue Reading
Posted in Foreign Investment & Tax One of the top reasons for moving to Florida, aside from the year-round sunny weather and the multitude of exciting things to do, is the homestead protection afforded to Florida residents. Article X, §4(a) of the Florida Constitution protects Florida homestead property from levy and execution by an owner’s creditors during the owner’s lifetime. Under… Continue Reading
Steven D. Lear, a partner in the Corporate and Securities department, is the Recording Secretary for the task force of the Florida Bar Business Section that is drafting the new Florida LLC Act. This is the first in a series of blog posts on the new Florida Limited Liability Company Act. Future posts will discuss… Continue Reading
Foreign Investment In South Florida Real Estate Heats Up According to a recent report, international buyers are driving sales at several large real estate projects in South Florida. The 200-unit Trump Hollywood sold out less than two years after lenders foreclosed on the 41-story oceanfront tower. In Miami-Dade County, all 1,800 units at Icon Brickell… Continue Reading
Posted in Foreign Investment & Tax Earlier this month, Denise Rich, the wealthy socialite, songwriter and former wife of pardoned billionaire trader Marc Rich, renounced her U.S. citizenship in order to expatriate from the United States and save money on taxes. With an increase in taxes expected to occur in 2013 and the multitude of foreign countries offering a desirable lifestyle (with… Continue Reading
