If the legislation passes, many Canadian citizens may be able to spend up to eight months per year on Holiday in the Naples, Florida. Already contributing more than $6.5 billion each year to the Florida’s economy, this legislation would only increase Canadian fueled income into Naples Gulf Access real estate.
Senator Rubio, speaking on the matter, stated “[t]ourism is a crucial part of Florida’s booming economy, creating and supporting thousands of jobs all across the Sunshine State. This bill will be a huge boost to our state’s economy by allowing the millions of Canadian snowbirds who visit Florida each year to stay two months longer.” This legislation has enormously positive implications for the real estate market in Naples, especially Naples Gulf Access real estate. If Canadian citizens are permitted to remain in the United States longer, they are more likely to consider investing in real estate in the Sunshine State.
To move the legislation forward the Senate would have to pass the bill and then send it to the House for approval. After these two steps, the bill would go in front of the President who may be required to sign off as well.
The details of the bill are such that Canadian citizens over age 50 who own or rent a U.S. residence to remain in the country for up to 240 days each year. While the vacation period is increased, the bill prevents Canadians on Holiday from working for American employers or seeking public assistance.
VISIT Florida states that approximately 3.5 million Canadians visit Florida annually. Currently, any Canadians who remain in the Country beyond six months are required to pay federal income tax.