The importance of Visa Waiver in the real estate market

According to the megatravel destination search engine Kayak, Miami was the second most desired place this summer for Chileans, after Rio de Janeiro (Brazil). It is that the climate, the beaches, the shopping and the world-famous amusement parks are just some of the attractions of this city and its surroundings.

And it is that the Visa Waiver came to replace the cumbersome process of processing a Visa to the United States at its embassy in Chile, especially when one only wanted it to make a pleasure trip to that country. The US Visa Exemption Program that has been granted to Chile since 2014 through the ESTA System (Electronic System Travel Authorization), allows Chilean citizens to enter the North American country without carrying a traditional Visa for a maximum period of 90 days, for tourism, business and transit. It is an electronic travel authorization that is valid for two years.

Precisely this electronic authorization has been one of the reasons why more and more compatriots are opting for a second home in Florida. According to the latest annual report from the Miami Association of Realtors, foreign homebuyers invested $6,8 billion in residential properties in South Florida in 2022, up 34% from $5,1 billion in 2021. Of these, 6% correspond to Chileans.

Year after year real estate investment from Chile is increasing, especially after the social outbreak and the pandemic. In 2022 it grew more than 400% compared to the previous year.

For this reason, when the permanence of the Visa Waiver is discussed today, as a real estate industry we cannot sit idly by, since the damage that will be done not only to this market, but to others such as tourism will be quite great. In addition, it could devalue the investment that many Chileans have made with effort and with the expectation of generating income through leases to their own compatriots.

Hopefully the Chilean Foreign Ministry is a staunch defender of this privilege. Yes, it is a privilege, because only our country has a Visa Waiver among Latin Americans. So all the more reason we must defend and care for it. Do not let a few who abuse it harm the vast majority that we contribute to American society and economy.

Carlos Balart,

CEO of Miamiinmobiliario.com