A number of new companies offering services to Mexican business owners and investors have been popping up in US cities. Mexican investors are seeking safe places to invest their money outside of their violent country. The young Mexican executives at East Coast Opportunity (ECO) have set up their offices in Miami's Brickell financial district to draw investors from their country and other parts of Latin America. ECO uses the money from their foreign investors to buy distressed properties, which are then refurbished, sold or rented out.
History has shown that Mexican investors focus primarily on US border cities such as Houston or San Diego but the executives at ECO say they have noticed Mexican business owners or investors relocating to or investing in South Florida. ECO believes that South Florida will be popular for Mexican investors who are interested in a new city that is not already saturated by other Mexican entrepreneurs. Despite the current violence, the Mexican economy is booming thanks to high oil prices.
"Miami is very important for us because we see it as the gateway to the United States for Latin America and Europe," said ECO executive Mario Alonso. "It's probably the second or third most important financial center in the United States. A lot of foreign money is coming here."
According to the Miami Herald, Mexican direct investment in the US reached more than $31 billion in 2008, compared to $7.7 billion in 2005. While there is no overall estimate of just how much money has been invested in South Florida by Mexican investors, ECO executives say they manage about $30 million.
If ECO's projections are correct and South Florida does see a rise in Mexican investors, will Mexicans become the new Venezuelans?
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