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For Brazilians, Miami Real Estate Is All About Re-location, Re-location, Re-location
As London is to Moscow, so Miami is to Rio... Following the re-election of Dilma Rousseff - the center-left president that is generally loathed by Brazil's elites - the WSJ reports, rich Brazilians are relocating to South Florida en masse. As one attorney notes, "mainly they feel concerned about the instability of Brazil’s political environment; they don’t want to be the last ones to leave,” with Brazilians among Miami’s top three foreign buyers of high-price real estate, along with Argentines and Venezuelans, two other troubled economies. As one Rio broker exclaims, "Miami is the biggest Brazilian city outside of Brazil right now."
As The Wall Street Journal reports, nearly three million Brazilians live outside their country of 200 million, according to 2013 data from the Brazilian Foreign Ministry, about one-third of them in the U.S. Companies that monitor Brazilians doing business in Florida believe that about 250,000 to 300,000 Brazilians now live in the Sunshine State.
Brazilians also account for a majority of Miami’s tourists, 51% in 2013, and its cumulative investments, $1.7 billion, Miami statistics show.
and in recent months - since Dilma's re-election - the numbers of powerful Brazilians getting their capital out has soared...
“After the last election, we were talking to a lot of people concerned about getting their capital out of Brazil,” Ms. Robertson said recently in Miami. These people’s concerns, both in Rio de Janeiro and São Paulo, were “mostly about the politics.”
Brazil’s wealthy and powerful have been buying Miami luxury condos and indulging in Bal Harbour shopping sprees for decades. But in recent months a number of Brazilians have reacted to Ms. Rousseff’s re-election by seeking to lay down longer-term roots in greater Miami and, to a lesser extent, Orlando, New York and Boston.
Although exact figures aren’t available, Miami-based developers, real-estate agents, bankers, retailers and immigration lawyers say growing numbers of wealthy Brazilians are trying to move to the region, set up businesses there, and trying to obtain residency or citizenship for themselves and their families.
“Mainly they feel concerned about the instability of Brazil’s political environment; they don’t want to be the last ones to leave,” said Genilde Guerra, an attorney at Miami-based Kravitz & Guerra law offices.
...
José Antonio Parada has also joined the exodus. The day after Ms. Rousseff’s re-election, he resolved to fulfill his longtime pledge to move his family to Florida, where he already owns several investment properties, citing politics and security.
“I am very concerned about the [Brazilian] government’s proximity to other governments like Venezuela, Cuba,” the 48-year-old São Paulo currency broker said, adding that his São Paulo house was broken into twice—once when he was at home.
Notably things are differentg this time...
The latest wave of Brazilians migrants tends to differ from prior ones. During the ’80s and ’90s, unemployment and high inflation in Brazil pushed thousands of Brazilians to move to the U.S. Many took jobs as unskilled laborers and sent as much money home as possible.
Today’s Brazilian migrants are likely to bring their wealth with them. Like other Latin Americans, including Cubans, Colombians and Venezuelans, Brazilians have long regarded Miami as a safe place to park their money during periods of political and economic upheaval at home.
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Local Miami-ans - prepare to be priced out of the market even more... just ask Londoners...
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They're just running from one left-wing horror show to another.
They don't realize they are jumping out of the frying pan and into the fire. You might be able to hide your assets from the Brazilian .gov, but good luck hiding them thereafter from Uncle Sam. The coffee can or the mattress seems to work the best then. Or the bottom of the lake.
yup......and this fryng pan has one big fochin lid on it with the ultimate surveillance state in place
So Tyler thinks that Dilma Rousseff is a center-left president? LOL!
She's a far left corrupt communist pig! She and her leftist cronies have been feeding at the public trough!
When federal investigators first identified signs of corruption at Petrobras in 2009, Dilma Rousseff insisted Brazil's state-run oil company had nothing to hide. Prosecutors say engineering firms paid bribes to win Petrobras contracts, systematically overcharged it to the tune of billions of dollars and funneled a cut of the money to corrupt executives, vendors and political parties, including Rousseff's ruling Workers' Party. Rousseff says she did not know about the corruption, or participate in it, when she was Petrobras' chairwoman from 2003 to 2010.
http://www.reuters.com/article/2015/01/02/us-brazil-petrobras-rousseff-i...
Exactly. There is virtually no country in the Western hemi nowadays where a person's wealth is safe from State theft or expropriation.
It won’t surprise me in the future to find out that these Brazilians, say 50%, were running from prosecution of corruption, stealing from Brazilian savers, loan sharks, stealing public funds…. And I could go on.
Spot on.
These brazilian elites are bitching about mildly redistributive policies while the majority of their wealth was created by extracting "rent". Brazil is a protectionist nightmare which shielded its "captains of industry" from real competition for 50 years and allowed them to build monopolies.
About 40 percent of the working age population works on the public sector where salaries are massive and jobs are for life. Which causes a major disincentive to real production and innovation.
Absolutely spot on.
As I've often said about Brazil, it's surrounded by complex protectionist import taxes which keeps out foreign competition. (There is no amazon.com.br in Brazil). These import taxes disincentivise domestic companies from investing in R&D and better quality products. To add insult to injury, they jack up prices to just below the price of imported equivalents.
Result: Lack of choice and Brazilians pay thru the nose for 2nd rate domestic junk.
The_Prisoner
smacker
I am impressed. Great stuff. Refreshing reading great and correct analyses.
And I am Brazilian, not that you can tell it by my avatar name.
Cheers mate.
I will explain to you what is to be Brazilian.
Slave Isaura began.
In my case the 52-year-old, born in 1962, being Brazilian is knowing that for a political coup involving the CIA my country was 16 years in the military dictatorship, but that did not sell at all (is what Egypt is doing today) .
The CIA fuck because he put nationalist military in charge.
Being Brazilian is to understand that the government of Fernando Henrique Cardoso sold much of the infrastructure in the form of state enterprises to the Banksters.
Being Brazilian is to understand that the Lula Government and currently Rousseff (who was tortured by military trained in the "School of the Americas" by US) is the only solution for Brazil to continue in the BRICS.
Being Brazilian is staying home during Carnival and kicking butt in stupid gringos who want to rape our natural resources.
hehe.
Not quite. Brazil is a left wing horror show. America, if you're able to follow reality, even badly, is not. Corporatist, yes. A perfect place for rich Brazilians to stash their cash. Left wing, though? Ha!
Althought it may not seem like it from the outside, Brazil is actually just as corporatist as many other countries. It's a very closed economy run by rich oligarchs and big money who bribe Lefty politicians and milk the treasury in pork barrel sweetheart deals. Corruption is rampant, eg: Petrobrás is involved in a huge scandal. I see very little difference between Brazil's corporatism and say the US, except the sums involved and the methods employed in the US are more sophisticated.
Yeah, the US is better at it.
The Petrobras scandal was pretty ballsy. What's the 3% of tens of billions of dollars between friends?
Although I still contend that Brazil is much more to be considered 'Left' than the US is.
But your overall point is no doubt valid.
smacker
Good point. And you nailed it by finishing with “US being more sophisticated.”
Just would like to add this:
Despite—or perhaps because of—a lack of formal education, not the ignorant Brazilians are as clueless as the ignorant westerns that I have to deal with. These unsophisticated Brazilians are much more intimately aware of the nonsense from the right and left. Can’t explain how.
You're both correct.
That is why this article fills me with glee, for the Brazilian upper class, ehom made its money by scamming the Brazilian folk, are about to be picked apart by the Florida shysters.
Brazilians have a long history of political corruption and it used to be relatively simple, ie: politicos just dipping their hand in the public till and stealing the money. This is why Brazukas are wary.
Nowadays it's better hidden but still not surrounded by camouflage as we get in the West. Hence the current Petrobrás scandal which would be more difficult to uncover in the West especially in the UK which must be the world's master at subterfuge.
Dilma Rousseff's support mostly comes from the blacks/morenos and the North East who are the laziest and dumbest of them all and support her fake policies of increasing employment by running a domestic economy which is outdated and lacks modern productivity development. So you still have three people doing a job which could be done by one person. But there's no incentive to invest when the minimum salary is so low.
Change is very difficult to implement in Brazil due to powerful vested interests.
There is no double taxation treaty between the US and Brazil. The US is far from a perfect place for Brazilians to either stash their cash, although an argument can be made for a Brazilian moving somewhere other than the USSA, opening up a shell company in an offshore jurisdiction and then banking/investing in US real-estate or equities...
Your assuming it's all above aboard and not squirreled away in some bank in Brickell.
This is America, of course.
Stashing away money is business as usual in Brazil. The IRS views it differently, and once they move into that new property the are required to fill out FATCA forms EVERY YEAR for EVERY ACCOUNT, EVERYWHERE IN THE WORLD... and if they are dumb enough to hold a US green card, even if non-resident in the USSA for five years, then they are a US TAX SLAVE FOR LIFE and their estate is a US tax slave even in death, unless they want to pay the exit tax in addition to the capital gains and income taxes.
Only a dumb ass Brazilian would invest in owner occupied real estate in the USSA, and if they don't move into it, and stay in their mansion in Brazil then they owe full taxes in both Brazil and the USSA.
Animal, stay very still.
The Brazilians are much like the Russians.
Are a huge nation with a sense of citizenship that you have no idea.
In fact, Brazilians are worse than the Russians in a war.
Here in Brazil we speak the same language north of the south.
The Brazilian is extremely sarcastic, when you see a guy dying on Everest thinks "! Well done That imbecile was to test his life"
Military Training Required in Brazil. Every ten has military training (perhaps more to tell the police who did not serve Army).
Kkkkkkkkkkkkkkkkkkkkkkkkkk
Poor Brazilians head to New England, where 7-Elevens have Brazillian food aisles. No Miami condo for them.
Limbaugh: I almost got tricked into SNL appearance:
http://tinyurl.com/op8xhgs
Indeed. Dilma Rousseff is hardly just left of center. She claims to have given up her radical Marxist past but it is still her cult of personality. Everything "south of the border" is socialist crony-capitalism. The USA is just now catching up politically.
OT-6.9 earthquake shallow off Honshu Japan (or maybe Belarus border area)
How that Fukushima clean-up coming?
Gets cleaner with every wave.
Booty invasion.
And giant lips.
bruce would give his left teste to have a pair of the rich full sultry lips, uh ... brazilian chicks are hot
Interesting as many here want to "escape" the good old US of A.
If I had the wherewithal I would seriously consider Chile. Great climate, food, wine, freer markets than here. Earthquakes though.
Chile is a good option for a 'civilized country' with a lesser government, and for all the reasons you said.
You've got Michelle Bachelet back in there, now, though.
They've got good building codes, so the quakes are less of a concern.
SB .... don't cozy up to these resident socialists .... you're better than that .... they will never like you anyway .... Forward Zion !
You have absolutely no idea what my politics are.
You can surmise all you want.
Although it is not discussed as much as Australia and Brazil, Chile will also get hit hard by the end of the commodities boom cycle. Beware.
That's a good point.
They saved a lot of their money over the last decade,though. Should be able to weather the storm better than most of South America.
Colombia deserves a look. Santander and Boyaca are safe and beautiful provinces. Bogota is only a 3 hour flight from Florida. The government is not that socialistic (although Santos is weak compared to Uribe) and the economy is thriving. Great beer too. Try Poker, a local favorite.
Colombia deserves a look. Santander and Boyaca are safe and beautiful provinces. Bogota is only a 3 hour flight from Florida. The government is not that socialistic (although Santos is weak compared to Uribe) and the economy is thriving. Great beer too. Try Poker, a local favorite.
"You need people like me. You need people like me so you can point your fingers and say, "That's the bad guy." So... what that make you? Good? You're not good. You just know how to hide, how to lie. Me, I don't have that problem. Me, I always tell the truth. Even when I lie."
~Tony Montana
Good riddance.
Brazilian "Elites" = parasites
Tsunami & evacuation warnings after M6.9 offshore quake in Japan
http://rt.com/news/232923-japan-earthquake-tsunami-warning/
S&P up or down tomorrow?
Well, one good sized hurricane and Miami is done for.
Talk about Brazilians migrating, my wife's doctor says if she has one more face lift hers will be under her chin.
Steal money in your home country and migrate to the US where money laundering is practically a sport. It's for the children you know.
Welcome to America! You cheating low life mother fuckers. You'll fit right in.
Maybe the fact that Sao Paulo has little water and Petrobras is a mess are also contributing factors.
Maybe the water utility's decision to divert cash from capex to pay dividends to these very elites might have something to do with the water shortage.
That...and a drought.
Droughts are what water utilities MUST plan for.
But I understand that in Brazil a lot is just left to faith.
If any piece of land, no matter how remote or inhospitable, were to open up, that would be free of the thieving culture that states breed, I dare not imagine how stunningly wealthy its freedom seeking settlers would become, in very short order.
Well, you're a breath of fresh Martian lunar wind .... above you is the Mother List .... of ZH's best socialist minds .... and they're out in force .... when socialism fails !
Define socialism.
Dictatorship of the Mob .... a controlled riot .... Theft Incorporated .... Altruism, Anarchy and Assholes ?
Wow, almost exactly what I thought you'd say.
OK .... it's your turn .... POP QUIZ 111
Today, heavy state involvement in an economy, including complete dominance of some sectors. At least 45% of GDP, in terms of state spending. See France, Nordic countires.
Whenever the State .... consumes more than 10% .... of the GNP ?
Well, if that's your threshold there are not many places for you...
Let's see here, South Sudan, Somalia.....really anything on the Horn of Africa.....
Pakistan, I think, is about 11-12% of GDP.....another wonderful option.
Mexico, even, very low tax take of gdp.
Pakistan sucks about 10% of our GNP !
It's closer to about .01% of GDP, but I get your point.
It isn't the percentage of the theft
It is the theft that is the problem
Theft is, by definition, non-consensual
I believe most people would gladly, and consensually, part with a significant portion of their earnings for safety, a justice system, some sort of a safety net etc...
But consensually - something current states would never agree to since their main purpose is not providing services - it is theft for the ultimate benefit of a small elite
Gets them all that much closer to their beloved Disneyworld.
Disney has done more for America .... than the State department .... and Disney had to make a dollar !
The commercial and residential real estate market in Miami Dade is now a bigger bubble than 2005-2006. Russians, Brazilians, Venezuelans, Argentines and others are pumping massive dollars into the market. They do not care about "price" or "value". Their goal is preservation of principal, so real estate is viewed as "safe" with many all-cash buyers. Not all are criminals, narco-traffickers or corrupt politicians. Their world view is I'll never lose it all to nationalization (like the owner of Dia Dia in Venezuela) and hopefully I can live in comparative safety to Brazil or Venezuela. Maduro is a bigger disaster than Chavez.
They hate us .... because we have better toilet paper .... that may not be a problem in Brazil .... where sugar cane leaves are free !
Rio's Favelas .... are some of the most charming slums in the world .... they are going to be disappointed with our slums !
>mainly they feel concerned about the instability of Brazil’s political environment; they don’t want to be the last ones to leave
what's left to the rest of world, if brazil remains the biggest source of water and agri land
http://visa4brazil.com/why-brazil/why-relocate-brazil/
:)
Brazil should impose capital controls.
100% tax. For every dollar invested abroad the person has to pay one dollar into the Brazilian budget. Only for transactions, ending up in USA or EU.
Brazil is much more corporativist than USA, there is no comparison. Brazilian economic is very closed, government is very corrupt and imposes hard regulations and bureaucracy and act together with big dirty business men. USA is a PARADISE compared to Brazil in terms of crony capitalism.
It's about asset preservation and percieved quality of life issues.
Understand that Brasil is what you get when you have a society having the median education and moral compass of 5th graders .. i.e. inhabitants that are, in the main stupid, selfish, vain and venal or some combination of these. Sorry guys, it's true.
In any case, Dnª Dilma and her ilk are stuck in the 1960s and have made a life out of being hostile to private capital in any form so long as it's not their cut. It could also be said that the alternatives presented are stuck in the 18th century being comprised of highly entrenched and greedy dynastic types like Aécio Neves (a thoroughly useless fuck kind of like the Bushs). Any rational person who can operates to hedge the risk of the consequences implicit in a caving or terminally stagnant economy these morons have established, and why not Miami. No snow.
I know lots of people who are putting their resources anywhere outside of Brasil simply to avoid the clusterfuck they reasonably wish to avoid -- pandemic corruption, dysfunctional courts, flagging infrastructure, etc, etc..
Also consider that the cost of living in Miami, all else being equal, is cheaper than Rio, Sampa, Recife, etc. and the infrastructure probably won't crumble before their eyes.
In these economic refugees there are also a lot of very decent people and I am pleased to count them among my friends.
'The Boys from Brazil'
http://en.wikipedia.org/wiki/The_Boys_from_Brazil_%28film%29
Bom Dia bon bozundas!
You can bet that there financing is in US bonds and T-Bills. The debt is coming home to roost.
Parafuso,
I have spent a lot of time in Brazil during last 6 years and I wholeheartedly agree with your comments. However, I see the US of Am becoming rapidly similar...your "clusterfuck they reasonably wish to avoid -- pandemic corruption, dysfunctional courts, flagging infrastructure, etc, etc.." sounds increasingly like US to me. I do not understand this - to invest in a real estate bubble in Miami? I consider it stupid to invest in ANY big city nowadays - without food and water security...be it Sao Paulo of Los Ageles or Miami. There are wonderful places in Southern Brazil - fertile soil, ample of water, amazing natural beauty - I could go on and on. So "strategic relocation" to Miami is just plain stupid to me. I have doubled my money in Brazil during last two years and I have excellent "strategic relocation" projects here )) with pretty much guaranteed "double your money" warranty.
Troll argentino é o fim da picada...!
hehe.
The US is becoming like Brasil much faster than Brasil will ever approximate the US.
The concern of the honest people pulling out for wherever is the possibility of an outright confiscation of assets such as occurred in 1992. This is rational in view of actual experience. For those attempting to abscond ill gotten gains, well, fuck 'em.
Of all places in Brasil the south is certainlt the best organized. I often wonder if the day will come when they really do have the balls to seceed. It'd be easy if anyone had the initiative, but they'd rather swill pinga and bitch.... or move to Miami...or London or......
Do Not!
Is not it!
As your President sank the Middle Class, Rousseff and Luiz Inacio da Silva took 35 million hunger-line Brazilian !.
There was acenção of Brazilians to other social classes.
Who go to Florida to spend money I give thanks to God, are burning the US dollar that in two years will turn confetti balls next carnival.
The dollar is there and is collected in Reais here renewing our economy.
I like to see people coming here with iPads made in China and that work with GPS, most average Brazilians use Glonass with Lollypop which is an open system, Linux.
Few people use Ipad in Brazil (thank God)!
Kkkkkkkkkkkkkkkkkkkkkkkkkkk
Não deu para entender porra nenhuma no seu post.......