NEWS AND EVENTS
United States of America
For a long period of time the United States of America is considered one of the most appealing countries for business immigration. USA offer great possibilities for foreign business and investors.
The United State of America is a country of immigrants, and due to the large amount of immigrants, the country has had to implement very strict immigration policy. However in the year 1990 a new EB-5 Immigration program for Investors was implemented. Its aim is to attract foreign investments into the American economy. The Program in its turn allows a foreign investor and his family members to receive the permanent residence permit through investing money into creation of new vacancies on the territories with high unemployment rate.
Of the 10 000 investor-visas available annually, 5 000 are set-aside for those who apply under a pilot program involving Regional Centres approved by the United State Government – United States Citizenship and Immigration Services.
Requirements
In order to participate in EB-5 Program, a foreign investor should bring in capital into creating of a new business, or purchasing of an existent business; purchasing of an existent business with its expansion by 140% of the pre-investment number of job or its assets; or investing into ‘troubled business” which is a business that has been in existence for at least two years and that has lost 20 percent of its assets, while the number of existent employees cannot be decreased.
The investment amount should be equal to 500 000 – 1 000 000 US Dollars (depending on the region and correspondent unemployment rate). One more condition is creation of full-time employment for at least 10 American citizens.
A number of current projects of Regional centres created for EB-5 immigration program expansion: investment into developing and operating of retirement communities for senior citizens in the region; investment into financing of real-estate reconstruction, tourism and trade development, restoration of entertainment industry; agricultural expansion; construction of hotels and residential real estate on the territories affected by tsunami.
To date there are 28 designated Regional Centres in the United States – each with its own distinct industry and geographical focus.
Procedures and Time frame
Upon investing the money into the escrow account, an investor has the right to submit the Application to the United State Citizenship and Immigration Service. The authority has 6-8 months for the Application review. In case if refused, the invested money will be returned in full. Upon receipt of the approval to issue an immigration visa, the money transferred to the escrow account should be invested into the selected project. At the same time a foreign investor applies to the US Consulate in the home country and appoints the date for interview for further actual investor-visa obtaining. The visa gives a foreign national and his/her family members a conditional right to reside in the USA.
After 2 years of the visa issue, an investor should apply to the United State Citizenship and Immigration Service for removal of conditions. Herein state officials are authorized to carry out the investigation for confirmation of meeting all the requirements stipulated by the Program. When the results of the investigation prove that money is still invested and that 10 jobs have been created, a foreign applicant and his family members will have a status of permanently residing nationals that gives the equal rights with native US citizens (but for the right to vote and be elected).
Advantages of USA Residence permit
Permanent Residence permit allows a foreign national to stay and work on the territory of the United States of America. Besides, having a Residence permit, a foreign national has the possibility to travel on visa-free basis to the most countries (in this respect rights of permanently residing foreign national are equal with US nationals).
After five years of Residence permit receipt, a foreign national has the right to apply for USA citizenship. Here it should be stated that the US legislation stipulates the provision of dual citizenship.