Focus Latin America: Latin American Developers Turn to Florida Attorneys for HelpMay 28, 2013 – In The News
Randall Sidlosca was featured in the Daily Business Review article, “Focus Latin America: Latin American Developers Turn to Florida Attorneys for Help.” Full text can be found in the May 28, 2013, issue, but a synopsis is below.
Miami attorney Randall Sidlosca often represents wealthy Mexican and Venezuelan families and executives looking to move to Florida. Putting the legal advice aside, Sidlosca often talks about Miami’s best neighborhoods, schools and banks.
“We try to guide the client with personal advice,” he explains. “We also make introductions to certified public accountants, physicians … we provide a one-stop shop for foreigners who want to transition their families to the U.S.”
Sidlosca, an immigration lawyer, recently helped a “high net-worth individual from Venezuela” apply for an EB-5 visa so he could move his parents, sisters and brothers to Miami.
Under the EB-5 program a foreigner must invest at least $500,000 in a U.S.-approved business or development project that would create or preserve a certain number of jobs in the country. The visa grants temporary U.S. residency to the investors and their families and can open a path to citizenship.
However, this visa also has a downside.
“The con is the capital is tied up for five to six years,” said Sidlosca. “And the return on the capital investment is usually minimum. It can be anywhere from a half percent to three percent per year.”
Assisting With Visas
Some of Sidlosca’s Mexican clients are able to relocate by obtaining an E-1 treaty trader visa, which allows foreigners from a country with which the U.S. maintains a treaty of commerce and navigation to enter the U.S. and open a corporate subsidiary.
“We are seeing that happen more and more,” Sidlosca elaborates. “An upcoming country for this type of transfer is going to be Argentina. All of the sudden, it has shown a great interest in opening subsidiaries in the U.S.”