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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...