ORLANDO, Fla. – July 2012 – The Center for Competitive Florida, a division of Florida TaxWatch that evaluates the state’s fiscal policies, performed an analysis of foreign homebuyers in Florida. It finds that approval of a Silver Visa (or Retirement Visa) by U.S. officials would not only increase demand for Florida real estate, but it would also inject up to $25 billion into the state’s economy.
According to the report’s authors, Florida far surpasses every other U.S. state in the number of foreign homebuyers. Over the past four years, the state had more than twice the market share of runner-up California.
Since Florida already commands a large share of the international buyer market, TaxWatch analysts claim that approval of a Silver Visa would have an out-sized impact on the state. Under a Silver Visa program, retirees may live in the U.S. full-time under a special immigration status for people who no longer plan to work, which a Silver Visa would not allow. Currently, the U.S. has no Silver Visa program, but many countries do, including the United Kingdom and other European countries.
According to an earlier TaxWatch analysis, approval of a Silver Visa could add more than 100,000 jobs in Florida over 10 years.
The complete TaxWatch analysis is available online.
© 2012 Florida Realtors®