Oceanfront in Kapoho! Like nothing else; watch the turtles from your house

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Finish and Save!

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A Potential Help for Canadian Investors: A New Visa?

i came across this great article pusblished by a Canadian law firm (Altro & Associates. www.altrolaw.com) and wanted to share it with you all. This could have a significant impact on our Canadian investors.
A new bill was introduced by two U.S. senators, designed to have foreigners spur on the struggling U.S. economy. Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) have introduced The Visa Improvements to Stimulate International Tourism to the United States Act (VISIT-USA Act). The new legislation proposes the two different variations of a 3-year non-immigrant residential visa. One of which is a “Canadian retiree visa”.

The VISIT-USA Act would create a new visa for Canadians citizens who meet the following conditions:

1. Over 50 years of age;

2. Own a U.S. property or proof of rental accommodations for the duration of their stay; and

3. Uses at least $500,000 in cash to purchase 1 or more residences in the United States. Each property must be purchased for more than 100 percent of the most recent appraised value; and

4. Maintains ownership of residential property in the United States worth at least $500,000; and

5. Resides for more than 180 days per year in a residence in the United States that is worth at least $250,000; and

6. Are not otherwise inadmissible;

Under current immigration law Canadians visitors cannot spend more than 180 days in the U.S. The new visa would extend the number of days Canadians could stay in the U.S. from 180 to 240 per year and would be renewable every 3 years. If this bill were to become law we may see a radical change to the migration patters of thousands of Canadian snowbirds.

At first blush Canadian boomers may be excited about the prospects of a year round golf season. A word of caution to retirees who will be lining up at U.S. immigration offices like teenagers at Apple stores: before making any moves it is critical to understand all the personal, financial and tax impacts of such a lifestyle.

The visa would not allow Canadians to work in the U.S. or obtain any U.S. benefits such as social security or Medicare. Canadians who will be increasing their time in the U.S. may lose their Canadian health care benefits. This means that private insurance becomes a threshold issue and is a must have for anyone considering the proposed visa. In addition, Canadians may wind up becoming tax residents of the U.S. and paying tax to the IRS on their worldwide income. While getting involved with the IRS sounds like a dicey proposition for most Canadians, this actually may be a good thing as U.S. income tax rates are significantly lower than Canadian income tax rates.

The Canada U.S. Tax Treaty has been designed in such a way that you can only be a tax resident of either the U.S. or Canada. Tax residency is a question of fact. Some of the key questions to ask to determine tax residency are:

Where do you spend the majority of your time?
Where does your immediate family reside?
Where is your socio-economic center?

Becoming a tax resident of the U.S. means you are becoming a non-resident of Canada for tax purposes. When a Canadian cuts ties with Canada from a tax perspective this may give rise to departure tax issues. Careful planning must be done in advance to analyze one’s assets with the objective of deferring, minimizing or eliminating departure tax issues.

U.S. tax residency has numerous advantages for Canadian retirees. Lower income tax rates on income and pensions, no OAS clawback and an opportunity to possibly withdraw proceeds from RRSPs / RRIFs nearly tax free are a few of the highlights. Once the dust settles, Canadians may find that they have additional after tax dollars to use and enjoy in their new sun filled retirement.

At this point it is not known if the VISIT-USA Act will become law but one thing is for sure, second to the Habs-Leafs hockey rivalry, this may be the most debated topic in South Florida this coming winter.

check out the bill at http://lee.senate.gov/public/index.cfm/press-releases?ID=7d71bb4f-3752-4e86-af5f-85ecc9c0c142
For any legal ramifications of moving or investing in the US for Canadian citizens, go to www.altrolaw.com

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Sunday October 9th 1-4pm Hawaiian Shores Rec. Open House Event

The team at Aloha Coast Realty will be holding open a number of houses in Hawaiian Shores Recreation Estates.

15-2811 Kaku Street, MLS 248281 $198,500

This beautiful home in Hawaiian Shores Recreation Estates is ready. With vaulted ceilings, lots of space and storage, a fenced backyard and many, many other improvements, you won’t have to do a thing when you move in.

There is a definite pride of ownership that shows throughout the house. The attention to detail and quality is clear from the high quality appliances to the crown moulding in the master bedroom. New high-quality laminate throughout the house is easy on the feet and easy to maintain.

15-2799 Ina Street, MLS 247651 $129,000

This three bedroom/2 bath home is set back off the street in this quiet well established residential neighborhood.

A family oriented home with open kitchen, vaulted ceilings in living/dining room, screened in porch for play room or guests, also the carport has been enclosed as additional living area/rec room and still serves as the laundry room or park a car in there still. Lots of light and air flow through the house which add to a Hawaiian style of living.

15-2768 Maiko Street, MLS 239197 $139,000

VERY MOTIVATED SELLER – New home, with great open floor plan and brand new appliances, upgraded fixtures, hardwood floors and more… you need to see this house to appreciate all it has to offer.

The new owner will also benefit from the Recreational center with a pool, tennis courts, children playground, picnic tables, etc.

Located minutes away from Pahoa Town. Public records do not match the actual level of completion. House finished, permitted and finaled. Adjacent carport with storage/laundry closet.

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Sales are UP on Maui

With historical low interest rates and a great inventory, real estate sales are showing signs of growth on the Valley Isle. Comparing January-August 2011 to January-August 2010, here are the latest figures published by Realtors Association of Maui – www.RAMaui.com:
Residential unit sales rose by 6% with an average sold” price up +5% at $792,210 and a total dollar volume up + 11% at $268,988,206.

Condo unit sales also registered a growth of +1% with an average sale price of $516,537, representing a -28% decline compared to last year.

The current absorption rate based on this month’s “Active” inventory divided by the number of August sales is: Residential: 10.4 months, Condo: 13 months.

It is obviously still very much a buyer’s market and with the additional foreclosure/short sales being added to the inventory, I see a continuing decrease in value until these properties are flushed from the inventory.

All in all, it’s a great time to buy. Make sure you get pre-approved with local lenders before you start shopping. Lenders requirements have changed over the past years BUT if you are credit worthy, you CAN get a loan… and again, the interest rates are in your favor! Contact Denis Fuster R(B) at dfuster@hawaiiantel.net or 808-640-5381. You can access additional information at http://www.ramaui.com/UserFiles/File/Stats/All-August2011.pdf

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