By Salcedo Attorney at Law

Upon us is a new year and with it comes the start of the 2022 tax season. If you were a foreign seller of U.S. real property in 2021 and were subject to the FIRPTA income tax withholding, you will now be able to apply and possibly get all or part of the withholding back by filing a U.S. tax return and requesting a refund. The amount of gain (or loss) realized, along with other factors such as whether the property was depreciated, will determine whether and how much you will receive.

There is an “expedited” procedure to obtain a partial or full refund of withheld FIRPTA funds, the application for a withholding certificate (Form 8288-B). However, due to the IRS’ well-known processing delays, our firm advises clients, especially those selling property in the second part of a calendar year, to simply remit funds to the IRS via the normal procedure (Form 8288-A).

As to the specific filing requirements, a NRA seller has to possess a U.S. tax identification number to apply for a refund and file Form 1040NR, the U.S. Nonresident Alien Income Tax Return. Note that if you remitted FIRPTA funds to the IRS and you did not have an ITIN at that time, a form W-7 should have been filed requesting that an ITIN be assigned to you. Make sure to inquire with your tax professional on the status of that request.

If you are unsure about the details or have lingering questions, the time to act is now. You should contact your Certified Public Accountant or other tax professional well in advance of the April deadline to avoid the classic bottleneck effect that can cause delays or unnecessary stress.

Fabio Giallanza is a partner with Salcedo Attorneys at Law P.A. He focuses his practice in corporate and commercial transactions. He holds an LLM in Taxation from the University of Miami

by Salcedo Attorneys at Law

At the beginning of this year, Congress passed a landmark piece of legislation, the Corporate Transparency Act (the “CTA”), which will require all new and existing companies organized under the laws of any of the 50 U.S. states to disclose to the Financial Crimes Enforcement Network (FinCEN) the following information related to their UBOs:

• Full legal name;
• Date of birth;
• Residential or business address;
• A unique identifying number from a U.S. or foreign passport or identification document issued by a state. Foreign UBOs will have to also provide a certified copy of their passport.

U.S. entities will have to update their UBO disclosure yearly. There are exceptions to the UBOs disclosure requirements for those entities deemed of low risk from a financial crimes perspective. These include entities with over 20 employees that reported over $5 million in revenue on their latest tax return, along with certain regulated entities that are already subject to disclosure requirements.

FinCEN will not make UBOs information public and, as a matter of fact, access to such information is strictly limited to law enforcement and bank compliance purposes. There are criminal penalties attached to the unauthorized disclosure of UBOs information.

Compliance with the Corporate Transparency Act will be required when the implementing regulations are adopted. Congress has established a deadline of one year for the Department of Treasury to issue such regulations. In April the FinCEN issued an advanced notice of proposed rulemaking and opened the door to public commenting for initial input on procedures and standards for reporting companies to submit information as to their beneficial owner as required by the CTA. In total, 241 comments were made by the commenting period expiration in May with comments heavily focused on what entities should be exempted and what entities fit into the definition of a “reporting company”.

In the meantime, as we continue to await developments, business owners should begin reviewing the CTA to determine whether their entity will qualify as a “reporting company” subject to its requirements. If so, then business owners will want to (i) begin gathering beneficial ownership information, (ii) review governance documents to confirm there are no confidentiality clauses or other obligations that will conflict with the requirements under CTA, (iii) consider revising governance documents to require owners to disclose the required information, and (iv) implement a process for meeting the CTA’s requirements.

Fabio Giallanza is a partner with Salcedo Attorneys at Law P.A. He focuses his practice in corporate and commercial transactions. He holds an LLM in Taxation from the University of Miami.

By Visa Business Plans

Visa Business Plans recently partnered with the Latin America and Caribbean Chapter (LACC) of the American Immigration Lawyers Association (AILA) to present the “Righting the Ship – The Path Forward” conference held December 2-3 in Santa Fe, New Mexico.

Marco Scanu, founder and CEO of Visa Business Plans, attended the event, which marked Visa Business Plan’s first face-to-face conference in nearly two years, and was delighted to be able to meet with friends in the business immigration world again.

Conference participants enjoyed presentations covering a variety of areas including what consular officers are really looking for, extraordinary ability and nationality interest visas, and post-COVID lessons, among other relevant topics.

Attendees benefited from various interactive presentations and panel discussions among some of the leading immigration lawyers and experts in the United States. They also made new connections with other professionals sharing the common goal of helping immigrants successfully navigate legal issues in the country.

The LACC addresses the needs of immigration attorneys whose work focuses on legal issues in the Latin America and Caribbean jurisdiction. Its mission is to educate, network, and create a cohesive membership throughout the jurisdiction.

Visa Business Plans, under Marco Scanu’s leadership, has been supporting AILA chapters worldwide since the company’s inception in 2010. Participating in these conferences allows Visa Business Plans to stay up-to-date on immigration trends that allows it to constantly adopt its business plans to make sure they cover the latest immigration requirements while remaining rock-solid to confront any challenge.

Marco Scanu is the founder of Visa Business Plans, a Miami-based boutique consulting firm. Visa Business Plans has composed over 6,000 business plans for visa seekers looking to enter the United States. Visa Business Plans also provides consulting services to businesses and entrepreneurs.

By Italian Citizenship Assistance

The year 2020 witnessed an an unprecedented surge of citizenship applications, which increased by 400% compared to 2019, as observed by the company Italian Citizenship Assistance, an international firm that helps hundreds of Americans with Italian heritage apply for Italian citizenship jure sanguinis (by descent). Although there are several paths to acquiring Italian citizenship (by marriage or by residency/naturalization), citizenship by descent remains one of the most popular paths.

You can apply for Italian citizenship by descent if your ancestor who was born in Italy was still alive in 1861 (which is when Italy was unified as a nation) and if he/she was never naturalized, or if he/she became a U.S. citizen after June 14, 1912 and after the birth of the child who was born in the U.S. Nevertheless, there are also a number of exceptions and other specific eligibility requirements for U.S. citizens. In order to apply for Italian citizenship by descent you need certified copies of your family’s vital records (i.e., birth, marriage, death and divorce certificates) and your ancestor’s naturalization records or proof that he/she was never naturalized. The records need to be authenticated with an Apostille, translated into Italian and submitted to the Italian consulate that covers the jurisdiction where you reside. When the consulate approves your application, you will be registered with the AIRE and you will be issued an Italian passport.

Some argue that the unprecedented surge of citizenship applications has its roots in the environmental, health and political issues worldwide in 2020, however, it must be said that Italian citizenship is also attractive for a number of reasons, namely low cost and high-quality universal health care, affordable university tuition fees, a competitive real estate market and the right to work, study and reside in any EU member state.

For further information on Italian citizenship by descent, by marriage or through residency please consult: italiancitizenshipassistance.com.

ICA also produces a very popular podcast (published on YouTube) on the subject of Italian citizenship, to watch the latest episodes please visit http://youtube.com/italiancitizenshipassistance

ItalianCitizenshipAssistance.com

info@italiancitizenshipassistance.com

1-323-892-0861

by Magniflex USA

Magniflex is proud to partner up with Casa Zanotta in New York, the house designed as a project place that gives tremendous value to authentic Italian luxury designs. The Zanotta House will be opening on September 24, and Magniflex will feature some of their top-quality mattresses and pillows for the house for their exclusive selection.

The Zanotta House is an unprecedented meeting point for designers and architects and is open to professionals, world of school, art, and theatre. It is the occasion for thematic events, demonstrations, and projects to be shared with the community. Zanotta and their partners will be able to host several events, throughout the year to give them the privilege to experience first-hand the design of the house and create endless business and networking.

Magniflex has partnered with the Zanotta House by offering luxury sleeping products from their exclusive selections of mattresses such as the; Toscana Cotton Grande Dual 12, and the Dolce Vita Comfort Dual 10. Pillows from the Toscana and Superiore Collection will also be offered.

Magniflex wants to give people different sleeping experiences to choose from. The Zanotta house has two bedrooms, each of them will have a different king mattress, and guests will not only be allowed to pick their preferred comfort level in the mattress but will also get to choose from five different pillow styles.

The Zanotta house is focused on strengthening the connection between a company and its network while bringing awareness to the Italian brands. It is presented as a “new sign” in a historical moment in which relationships between home and the city needs to be rethought with a more fluid approach.

Respecting people and evolving this connection between the home and city is what the Zanotta home will enhance during its time in New York.

By CMC Group Inc

Veteran Miami developers Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties prepare to break ground this week on Onda, a new boutique luxury condominium in Miami’s exclusive Bay Harbor Islands neighborhood. Designed by world-renowned architect Bernardo Fort-Brescia of Arquitectonica, the 8-story waterfront development, now rising at 1135 103rd Street, will boast more than 300 linear feet of bay frontage, a private marina, and sweeping views of Biscayne Bay and the Atlantic Ocean. Construction is expected to be completed in 2023.

News of Onda’s groundbreaking comes as the next wave of residential development in Miami takes hold, fueled by an uptick in demand from domestic buyers looking to relocate from major U.S. cities who are attracted to Florida’s desirable quality of life, lower business and living expenses, and tax-friendly policies.

More than 60% of Onda’s 41 luxury residences have already been pre-sold, with the majority of its buyers hailing from the U.S. Impeccably finished residences include two- to four-bedroom plus den layouts measuring between 1,809 and 3,535 square feet in size, with four penthouse residences measuring up to 5,073 square feet – two of which include private rooftop pool decks. Prices range from $1.8 million to over $9.5 million.

“We set out to create an ultra-luxurious intimate building with a handful of units and residents in one of the nicest waterfront communities in South Florida,” said Ugo Colombo, Founder of CMC Group. “Onda’s boutique exclusivity, commanding bay views, and top-quality finishes and materials will brand it as a standout property for a long time to come.”

“Onda will deliver a one-of-a-kind living experience that you won’t find anywhere else in Miami,” said Valerio Morabito, CEO of Morabito Properties. “Our unique location in Bay Harbor Islands offers residents the best of both worlds – the convenience of being connected to the energy of Miami Beach with access to an abundance of restaurants, shopping and entertainment options just minutes away, with the privacy that comes with living in a private family-oriented neighborhood away from the congestion.”

By Barakat+Bossa

Miami has a hot real estate market and many people are trying to get into it and profit. If you are looking to invest in property in the US you should beware of some of the scams that look to lure in off shore investors that can leave you without your money and even no property.

A typical sales pitch starts out with a statement from the scammer like “This is a great market and I can buy a distressed property at auction with a secret bidding process. We’ll then create an LLC (Limited Liability Corporation) that will be the owner so your government will not know your identity or that you are involved with ownership and protect you from tax and currency issues.” The scammer continues by saying “I know contractors that can fix it up to attract lots of buyers and we can sell it at a big profit very quickly. You can get a 30-40% return in 6 months to a year.”

This should set off alarms for you as an investor. Often someone discovers later that there is no connection between the LLC and the investor. Worse, the scammer takes the money and doesn’t buy a property. Or they disappear entirely thinking no one will try to get the money back. A rate of return of 30-40% is also very high even in a hot market like Miami.

While there are some great investment opportunities in Florida in real estate you need to protect yourself before you give anyone your money. Problems can be avoided from the start when you get an attorney involved. Legitimate companies or individuals that are offering to sell properties or other investments expect this and will not be averse to dealing with a lawyer. This will help ensure that you control the contracts, agreements and the company that’s buying property with your money.

Giacomo Bossa is an attorney/partner with Baraka + Bossa and specializes in Real Estate law.

By Canero Lammers Immigration Law Group

As of January 31, 2020, several presidential proclamations were implemented restricting the entry into the U.S. of travelers who were physically present in certain countries within the 14-day period preceding their entry or attempted entry into the country based on economic and public health considerations related to the COVID-19 pandemic.

Additionally, in March 2020, the Department of State (“DOS”) suspended routine visa services around the world and on July 14, 2020, DOS announced that US embassies and consulates entered a phased resumption of visa services and shall continue to provide only emergency and mission critical visa services. These Presidential Proclamations continue to be in effect maintaining COVID-related travel bans for the Schengen Area, United Kingdom, Ireland, Brazil, South Africa, and India. All proclamations shall remain in effect until terminated by the President.

On March 2, 2021, the Secretary of State reviewed the National Interest Exception (NIE) guide, confirming that the certain individuals are exempt from the travel ban. It is worth noting that unless otherwise stated, that if a person obtains a NIE, such exception shall be valid for 12 months from the date of approval and for multiple entries if they are used for the purpose under which they were originally granted.

A complete list of individuals who are exempt from the travel ban can be found here.

Sources:

1.- Department of State: https://travel.state.gov/content/travel/en/News/visas-news/extension-validity-for-nies-for-china-iran-brazil-south-africa-schengen-uk-ireland-india.html

2.- AILA Doc. No. 20091704 (posted 08/18/21)

By Berkshire Hathaway Home Services

• The median home price increased nearly 16% between Nov. 2019 and Nov. 2020.
• The number of homes listed for sale dropped 34.9% from January to November 2020.
• The average days on market fell from 57 days to 36 days in that same timeframe.
• Rental occupancy jumped to 94.7%.