WIRE MAGAZINE
MIAMI REAL ESTATE CINEL’S CORNER: WHAT’S NEWS? THE CULTURAL GROWTH OF MIAMI
MARKET FROM OUR PERSPECTIVE
A PROFESSIONAL ADVICE: ACQUISITION RULES & IMMIGRATION
E. MARINELLA: THE HISTORY OF THE ELEGANCE
A WINDOW ON THE WORLD
SEPTEMBER 2017
SEPTEMBER 2017
SUMMARY 02 CINEL’S CORNER: WHAT’S NEWS?
05 THE CULTURAL GROWTH OF MIAMI
07 REAL ESTATE MARKET FROM OUR NETWORK PERPECTIVE
10 E. MARINELLA: THE HISTORY OF THE ELEGANCE www.wireinternationalrealty.com
12 THE PROFESSIONAL’S ADVICE: ACQUISITION RULES & IMMIGRATION
18 A WINDOW ON THE WORLD
24 OUR OFFICES
SEPTEMBER 2017
CINEL’S CORNER From now on, we have launched this new initiative that we have decided to call Wire Magazine, a tool that will enable us to provide our users with our knowledge and know-how. For our society, this is the achievement of a new goal, and we desire to explain Angelo Cinel, Co-Founder & CEO del Gruppo WIRE briefly the reasons this consideration. Today, WIRE Consulting is in a growth phase which mainly involves two elements: on the one hand our customers, on the other our partners. This situation has prompted us to create a new communication tool that could respond to the need for information and the curiosity of our network. After all, our work comes from the know-how we own and this magazine will be nothing but a showcase of our way of working. Therefore, this showcase will have the form of a monthly online magazine, of which each number will be dedicated to one of the locations in the world where we work - remember that today Wire is operating in over 70 locations around the world. The fundamental section for sharing our knowledge will be the area dedicated to professionals' opinion working in the field. They will give technical information - legal and fiscal - on the place being examined.
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SEPTEMBER 2017 In addition to this, another important novelty is that each issue will present some brands that represent the excellence in their industry in the international arena and that have decided to believe in our project. This September issue is dedicated to the city of Miami, a city much loved by Wire and where it has been operating for more than 18 years. For this reason, we have not only described the current trend in the real estate market and gave information from a local law firm, but rather we dedicated a section to the cultural transformation that the city of Miami is experiencing these days, who wants to declare to the world and to itself its new open nature as a "living city�.
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SEPTEMBER 2017
TWO BEDROOMS FLAT ICON SOUTH BEACH MIAMI BEACH – SOUTH BEACH
Stunning 2/2 fully furnished and decorated for sale. City view 180 degrees overlooking ocean, bay and all south beach. Internet access, Sonos sound System, I-pad wall remote that manages music all around the unit. Wine cooler, Nespresso machine, washer and dryer, Master bathroom has a TV in front of the tub etc... impeccable equipped! Great Amenities, 2 pools, concierge, exclusive gym, assigned parking space, private dining, pool bar, board walk to South Pointe and Park. A must see!
Price: $ 1’900’000 www.wireinternationalrealty.com
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THE CULTURAL GROWTH OF MIAMI If we look at Miami's recent past, we can see a vacation town that over the years, thanks to its proximity to South America, turns into a business city, and thus a financial hub. In this way, it becomes the most important hub in the United States between North and South America. After passing this first step, the city now lives a second moment of change where it becomes a “living city". Miami invests a great deal on itself to show that it is no longer a city “between north and south�, but a city that has a lot to offer and therefore a city to stop and live. Indeed, within this change there is an extraordinary cultural growth that concretises with the opening of the city to events and initiatives of the highest level that concern all the arts. The central event of the cultural life of Miami is however Art Basel, one of the most important international contemporary art fairs in northern Europe, which was born in 2002 in the wake of the Basel Art Fair.
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The Art Basel Miami Beach, which draws in the city's finest international contemporary art representatives and collectors from all over the world, takes place at the Convention Centre with an exhibition area of ​ 50.000 square meters. Miami is thrilled during the Miami Art Week before Art Basel Miami Beach and fills the city of satellite fairs, events, exclusive exhibitions and parties. An important part of Miami's artistic life is also the colourful Wynwood neighbourhood, called El Barrio until a few years ago because it is predominantly Puerto Rican. Thanks to a series of financial and artistic initiatives, Wynwood has been transformed from an industrial area to one of the most important destination for street artists. Today, colourful with stunning murals, it has ended up hosting over 70 galleries and museums. Miami is at the forefront for all arts. For example, it hosts one of the largest dance companies in the United States: Miami City Ballet, which counts more than 50 professional dancers and performs on international tours. The city is filled with museum, theatres and structures ready to welcome new artistic initiatives. Miami's cultural ferment is unquestionable and many wonder whether states are now second only to New York. An investment in Miami is therefore an investment in an environment that is constantly growing.
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SEPTEMBER 2017
REAL ESTATE MARKET FROM OUR NETWORK PERSPECTIVE To provide you with more information about the Miami market we have asked our Real Estate Broker on site, Romina L. Saaied, to comment the present situation. "Rental market is growing and rental prices are becoming higher as the demand grows�. In fact, Miami real estate market is clearly growing since in 2017 sales increased by 3.7% over the previous year, for two consecutive quadruples. "Investors who bought during the crash of 2007 still have leverage on their properties� doubling the value of their investment, but even today the market presents many good opportunities. As for the safest areas to buy, "Miami Beach will always have the first position." In Miami, the average property price is more than $ 6,000 per square meter. In addition, Miami attracts international customers from around the world.
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Romina L. Saaied Real Estate Broker Wire International Realty
www.wireinternationalrealty.com
SEPTEMBER 2017
Russian customers prefer to make investments in the Sunny Isles. Here, the average brick price is 6.700 $/m2, higher than the average in Miami and the same as in the Brickell area where they mainly buy Brazilian and Argentinean. The Miami market also lends many Chinese buyers, while many Turkish investors prefer to buy holiday homes to rent them. A property of 471.420 $ can be rented to more than 3.300 $ per month "When it comes to lending, banks are being pushed to pass mortgage liability to the public by lending with less restrictions and more flexible terms, interest rates are climbing little by little creating a feeling of need among the borrowers�.
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THE HISTORY OF THE ELEGANCE The history of E. Marinella brand dates back to 1914 when Eugenio Marinella decided to inaugurate a shop in Piazza Vittoria, on the elegant Chiaia Riviera in Naples, a place where high society representatives loved to take their long walks in front of the sea. Eugenio Marinella was aware at that time men's fashion was influenced mostly by English's one, so he turned his 20 sqm store into a small corner of England. He also regularly went to Manchester area in order to personally choose the fabric, colourful and always different. Expert tailors crated hand-made customised shirts and ties (the latter will become the product symbol of E. Marinella over the years) by affirming with time the trademark E. Marinella as a worldwide icon of elegance. The second generation of the Marinella family collected the witness with the same care and passion: Eugenio's son, Luigi, continued to increase the reputation of the brand at international level, following the paternal career also in managing customer relations: the shop in Piazza Vittoria is a place where courtesy and respect come before everything else, where every morning at 6.30 the doors are opened to receive people with a cup of coffee, "sfogliatelle" (typical sweet in Naples) and a smile on the lips. The same philosophy is practiced every day by Maurizio, representative of the third generation, who today defines the history of the brand as a "miracle". E. Marinella has been able to replicate the same atmosphere in other stores around the world like Milan, London, Tokyo and Hong Kong. In addition to ties (the symbol of the brand for years) the collections also include shirts, bags, leather products, scarves, scents and helmets. E. Marinella's style can be considered a male status that has won many style icons over the years: among the most famous clients there are Luchino Visconti, Aristotele Onassis, Juan Carlos of Spain, Prince Albert of Monaco, Giorgio Napolitano and American President JFK and Bill Clinton, who received a gift tie from his wife Hillary.
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SEPTEMBER 2017
CONDO APARTMENT FOR SALE TEE TIME MIAMI BEACH – NORMANDY ISLE
Welcome to Tee Time Condominium! The boutique 12 units residences are located alongside Normandy Shores Golf Club. Tee Time is a new development that offers progressive living in an established community. Sleek finishes, classic architecture, vibrant landscaping, a sparkling swimming pool. Reserve now your corner of paradise!. The two buildings are composed of all two bedrooms units, which will be delivered in Spring 2017. On site Parking will be available for unit owners.
Price: $ 350’000 11
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SEPTEMBER 2017
THE PROFESSIONAL ADVICE: ACQUISITION RULES In order to have a better understanding of the Miami Real Estate market, we interviewed Antonio L. Roca, expert lawyer in real estate market. What are the key elements of the process to buy a property in Miami? First of all, there are three elements that you need for a successful investment: • Affiliation of a reliable real estate agent; • Advocate Intervention; • Creation of the corporate structure that accompanies the purchase.
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SEPTEMBER 2017 Normally, a 30-day period is between the first signing of the contract and the termination of the contract. The first 15 days are an inspection period. In fact, from on hand the seller does not have to give any credit for repairs and the property is purchased as it is. On the other hand, the buyer has the possibility to make inspections through an expert. In case there are problems, the contract can be rescinded within the first 15 days without penalty and with the reimbursement of the deposit. Even more, it is important to carefully structure the investment before you buy the property, assessing whether you need a corporate tool and, if so, what kind of company to create (LLC or Corporation) in order to be fiscally efficient for the investment. As inspections are carried out, the lawyer starts the cadastral search to verify that there are no unregistered changes, cadastral commitments or mortgage, and are being robbed in case of any such inconvenience. The deposit remains bound on a trust basis, guaranteeing the good end of the purchase. At the end of the cadastral search, the client sends the balance of the trust account. So when the lawyer has all the money he can pay any mortgages and make the seller feel good.
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SEPTEMBER 2017 Why to consult a lawyer during an immobilisation purchase and what is the escrow agent? Addressing promptly the lawyer is important because often "DIY" investments are made without realizing property issues or by adopting a company type that involves the investor with higher tax costs or inheritance fees. Attorney's presence not only protects the interests of the buyer / seller, but allows you to manage the practice so that no property with occult problems is purchased. In fact, in the United States, the lawyer performs functions that are carried out by notaries in Italy. This figure, called escrow agent, keeps the deposit on an escrow account, representing a trusted person in front of the state for the cash paid by the customers. He finally deals with the entire cadastre and record of the acts. What are the different types of companies for buying? There are two types of companies: LLC or Corporate. Both types are based on limited liability; the difference lies in the tax consequences. For example, Corporation expects higher taxation but, depending on how it is structured, succession taxes can be avoided. This occurs especially in the presence of important capital. So you have to move depending on the type of investment, to determine whether the company will be controlled by an Italian company or a natural person, what will be the tax consequences and how to benefit from bilateral agreements between Italy and USA to prevent double taxation. Specifically, LLC provides several tax breaks; when LLC shares are headed for natural persons and the property is resold at least one year later, you pay 20% on the capital gain. The inheritance tax varies from 18% to 47% of the value of the property. For the Corporate, the resale is paid from 20% to 40% on the gain generated. When corporate shares are denominated in a non-American company, the inheritance fees are zero
Attorney Antonio L. Roca
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SEPTEMBER 2017
ONE BEDROOM FLAT EUCLIDE AVENUE MIAMI BEACH – SOUTH BEACH
Very spacious one bedroom one bath unit in the heart of Miami Beach. Corner unit, lots of indirect light, 3 windows in living room. Great location 4 blocks to the Beach, one block to Flamingo Park, close to restaurants and clubs. It is a good choice for a vacation home. Low maintenance.
Price: $ 289’000 15
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SEPTEMBER 2017
THE PROFESSIONAL ADVICE: IMMIGRATION Those who are interested in investing in a business in the U.S. may want to consider the E-2 “treaty investor� visa, a type of visa for temporary workers. The E-2 visa allows someone from a treaty country (a country that the U.S. maintains a treaty of commerce and navigation with, such as Italy) to work in the U.S. who either invests a substantial amount of capital in a U.S. business, or works for an individual or company that invests a substantial amount of capital in a U.S. business. The requirements for obtaining the E-2 visa vary depending whether the principal applicant is the investor or the employee. The requirements of the E-2 visa are outlined below. The investor can be a real person or a corporation, and the investor must possess nationality from a country that the U.S. maintains a treaty of commerce and navigation with (treaty country). The investment must be substantial and must be sufficient to ensure the successful operation of the enterprise. The investment must also be in a real operating commercial enterprise; speculative or idle investment does not qualify. The investment must have the capacity to generate more income than just to provide a living to the investor and the investor’s family. The investor can demonstrate that the investment is not marginal by submitting a detailed business plan, U.S. or foreign tax returns, financial statements, and payroll summaries (e.g.: W-2s). If the investor is the principal applicant for the E-2 visa, the investor must come to the U.S. solely to develop and direct the investment in the business. If the investor is not the principal applicant and instead an employee is the principal applicant, the employee must be employed in a supervisory, executive, or highly specialized skills capacity. The employee of the investor must possess the same nationality as the investor, and both the investor and employee must possess nationality from a treaty country.
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SEPTEMBER 2017 The E-2 visa has several terms and conditions. The investor or employee may only work in the activity for which he/she was approved at the time the E-2 visa was granted. However, an E-2 employee may work for the company’s parent company or a subsidiary if the relationship between the organizations is established, the terms and conditions of employment have not changed, and if working for a subsidiary, the employment must require executive, supervisory, or essential skills. The investor/employee can apply for his/her spouse and children to accompany him/her, provided that the children are unmarried and under 21 years old. The E-2 visa is valid for up to 5, and may be extended indefinitely as long as the investment enterprise is still operating. There is no limit on the number of extensions. Because of the numerous requirements of the E-2 application, we highly recommend that anyone interested in an E-2 visa contact an immigration attorney. Attorney Michael Moreno
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SEPTEMBER 2017
A WINDOW ON THE WORLD
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LONDON – CHELSEA 1 BEDROOM FLAT 1° FLOOR 40 MQ £ 580’000
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NEW YORK – MANHATTAN PARK AVENUE 2 BEDROOM FLAT 2 BATH 12° FLOOR 90 MQ $ 1’275’000
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PALAZZETTO STERN VENICE – GRAND CANAL BUILT IN THE END OF THE XIX CENTURY, WITH AMAZING TERRACE ON THE GRAND CANAL 4 FLOORS 1500 MQ (The sales procedures are governed by Article 50 et seq. Of the Law of 20 March 1980, No 18 and subsequent amendments, by R.D. 23.05.1924, No.827, and by DGRV No.339 of 14 March 2016.)
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PARIS – VI ARRONDISSEMENT SAINT GERMAIN DES PRES DUPLEX 1 BEDROOM FLAT 1° e 2° FLOORS 46 MQ € 780’000
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BERLIN – FRIEDRICHSHAIN NEW DEVELOPMENT 1 BEDROOM FLAT 5° FLOOR 73 MQ € 361’100
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SEPTEMBER 2017
OUR OFFICES WIRE Consulting
WIRE International Realty
30174 Venice - IT Via Pescheria Vecchia, 1 +39 0412750993 info@wireconsulting.it www.wireconsulting.it
33139 Miami Beach, FL - USA 1000 5th Street, Suite 1305 miami@prestigeinternational.it
WIRE Consulting
10004 New York, NY - USA The Cipriani Building 25 Broadway, 9th newyork@prestigeinternational.it
20121 Milan - IT Via Gesù, 10 info@wireconsulting.it
WIRE International Realty
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WIRE International Realty
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SEPTEMBER 2017