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Follow on Google News | New currency restrictions for Venezuelans traveling to FloridaAmity Realty predicts potentially negative impact on Miami’s real estate due to new currency restrictions preventing Venezuelans from spending their money in Florida.
By: Amity Realty In the past, Venezuelans had the right to charge $2,500 to their credit cards and get $500 in cash for trips at the official, preferential rate set by the Venezuelan government. However, given the new currency restrictions implemented by the government, the limit that its citizens can charge on the credit cards in Florida went down to US $700 annually. These changes apply only to the Sunshine State and some other destinations such as the Dutch Antilles, Colombia, Costa Rica and Panama. Given the parallel economy experienced in their country, the citizens of Venezuela use these rules to take advantage from the government –approved auction rate to convert their bolivars, their national currency, into dollars. As bad as the latest 11.4 bolivars-to- Florida is thought to be home to more than 100,000 Venezuelans and these new rules are expected to hit hard Miami’s retail activity, hospitality facilities and especially real estate since Venezuelans have been a very strong group of buyers in South Florida for the last two decades. To get the latest on Miami’s residential and commercial Real Estate, contact Amity Realty at 786-220-2512 or by email: info@amityrealtyusa.com About Amity Realty: Amity Realty is an international network of real estate professionals in US and Europe with extensive experience in delivering unparalleled real estate service to a discerning clientele. Amity Realty in Sunny Isles Beach consists of passionate team of real estate professionals specializing in luxury waterfront residential and commercial properties in South Florida. For more information or to inquire about properties visit Amity Realty online at www.amityrealtyusa.com End
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