IMMIGRATION HAS OPENED THE DOORS FOR INVESTORS TO COME TO THE UNITED STATES
Since 1990 permanent immigration benefits (green cards) were available for entrepreneurial non-citizens to come to the U.S. The non-citizen was required to invest or be actively in the process of investing one million dollars ($1,000,000) in a new commercial enterprise investment, which created at least ten jobs. The original law also required a degree of hands-on management of the enterprise.
Although this law provided immigration benefits for a few investors, it was not used frequently. The problems basically involved finding a suitable business that would justify a million dollar investment, create the jobs and require management levels sufficient to satisfy the statute and the needs of the investor. Additionally, investor cases were subject to the huge backlogs at the Immigration Service Centers. These inordinate delays caused many otherwise qualified investors either to consider other means of Immigration or not to proceed at all.
Since the law has been in existence, there have been significant changes which have softened some of those harsh requirements. For example, investment in certain areas of the U.S. would allow for (1) a reduction of the investment from one million dollars ($1,000,000) to five-hundred thousand dollars ($500,000); (2) indirect employment creation in certain Enterprise Zones; (3) the degree of hands-on management has been reduced significantly when the investor is a limited partner, and, (4) investor petitions have been given a priority within the Immigration Service.
There are some companies today who are marketing limited partnerships which require an investment of five-hundred thousand dollars ($500,000) plus approximately 5% to cover expenses and fees. These clearly qualify under the permanent immigration investor laws as they exist today. In fact, this writer met personally with the head of the office within the Immigration Service which adjudicates these cases and was told that there is a 100% approval rate.
The investor is required to show that the funds were obtained through lawful means, but the funds can either be gifted or borrowed.
Clayman, Tapper & Baram, LLC has had a long and successful history processing immigrant investor cases since the law came into existence in 1990. With the advent of these new vehicles which have recently become available, we hope to be able to bring many more people and their family members to the U.S. to live.
For more information, please contact Attorney Joseph M. Tapper.