IMMIGRATION THROUGH INVESTMENT
In 1990, the United States government created an entirely new program of immigration through investment, designed to attract people who want to invest in America in return for residency and, if desired, American citizenship.
Under the law, the immigrant investment program allows a great deal more flexibility and freedom than any previous investment programs. For instance, the new program does not require immigrant investors to manage their investment on a daily basis. Rather it requires them to "engage" in a new business enterprise, meaning they can manage it if they wish, but also in accordance with the new law pursue other professional or personal ventures if they wish to be less involved in their investment. Immigrant investors have a choice of how much personal time and effort they want to invest in their new enterprise-as long as they fulfill the program's two primary requirements, which are:
1. The immigrant must invest a minimum of $1,000,000 of capital in a new enterprise, or $500,000 in an area of high unemployment or a rural area.
2. The new enterprise must benefit the U.S. economy, as well as create full-time employment for at least ten United States workers, not including the investor's spouse or children.
Once these investment requirements have been fulfilled, and certain requirements pertaining to biographical and medical data are met, the investors, spouses and their unmarried children under the age of 21 receive lawful permanent resident status in the United States on a conditional basis.
While in a "conditional" permanent resident status, the investors and family are entitled to the same benefits of other lawful permanent residents. They include:
1. The investor and family are entitled to live and work anywhere in the United States, so long as the investor continues to engage in the commercial enterprise established.
2. The investor and family are entitled to travel outside of the United States on United States travel document.
3. The investor and family are considered as lawful permanent residents for educational benefits such as admission to state universities.
4. The time as a conditional permanent resident is counted towards United States citizenship, if the investor eventually chooses to become a citizen.
The next step occurs after 21 months. Provided the immigrant investor is engaged in a business enterprise, and other visa conditions are met, he and his family may apply for removal of the conditional status, retroactive to the initial date of immigration.
And finally, after five years of lawful permanent residency, again providing all requirements are met, the investor, spouse and family may apply for U.S. citizenship. Once that is granted, they are Americans!
-Palma Yanni, Esquire
This memorandum is not intended to provide legal advise on individual cases. Rather, it is intended as an overview of the general process, and the steps necessary for most foreign investors to come to the United States. Due to the complexities of the immigration process, it is recommended that you seek specific advice from an experienced immigration attorney.