Miami Is the Russian Riviera

Depardieu Aside, the Rich Aren’t Moving to Russia: "According to the Russian Central Bank, more than $80 billion flowed out of the country in 2011, more than twice the rate of 2010. Some say the Central Bank's numbers are artificially high. But at best, more than $36 billion left the country in 2011. Wealthy Russians have become some of the biggest buyers of real estate in New York, Miami and London. They say privately that they are concerned about political stability in the country as well as growing corruption. While the country's official tax rate is 13 percent, many wealthy Russians say they are also solicited for much higher fees for political protection. . . . . " Read more: Why Miami Is Becoming the Russian Riviera --  "Miami is one of the most beautiful locations in the world to have a first, second, third, or fourth home," Eber said. "I think a lot of people right now put their dollars into hard assets, and real estate here, I think, compares well to everywhere else in the world."


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