A recent article in the Economist magazine (December 19th 2009) looked at this question in some depth and made some interesting points; including the observation that one of the greatest strengths of America is that people want to live there. A recent immigrant was quoted as saying “America is a land that offers the chance to be whatever you want to be, it is a place where nearly any immigrant can find a niche. In America you can say what you think.”
The article points out that as America is so big and diverse that immigrants have an incredible array of choices. The proportion of Americans who are foreign born is 13% and nearly all Americans are descended from people who came from somewhere else in the past couple of centuries. No matter where an immigrant comes from he can find a cluster of his ethnic kin somewhere in America.
America has 50 states with 50 sets of laws. In America people with unusual hobbies are generally left alone.
Alejandro Mayorkas of the United States Citizenship and Immigration service is quoted as saying “People come to America either because they yearn for freedom or because they are fleeing something – be it a war or a culture that irks them “.
For more information on immigrating to America on the EB-5 investment visa contact info@whicheb5.com
For those of you looking for families who have EB-5 visa experience and have subsequently settled in America, or are looking for facts on regional centers or attorneys who have the greatest experience of EB-5 options, there is now a wide range of detailed information available to you.
As the EB-5 program has now been operating for several years there are a numbers of families who have experienced the entire cycle. They originally obtained their I-526’s, had conditions removed via the I-829, have lived in the US long enough to apply for citizenship, and have had a return on their original $500,000 investment or are due to in the next few months.
Their experience on the return on their investments are particularly interesting for those considering the EB-5 option as some investing in particular centers received back less than they originally invested; others are likely to receive back at least the $500.000 they initially invested plus interest.
It is also interesting to analyze the relative experience of the sixty plus regional centers that have been approved by the USCIS to offer regional center EB-5 programs. Again there are significant differences when using different criteria to measure results. All of which are important for potential EB5 investors to consider.
If you are seeking feedback of either immigrants experience of the EB-5 or the experience of the various regional centers it would be worth contacting WhichEB5 who have carried out research in these areas. Visit Which EB5 now for full information.
For the past few days we have been looking at the reasons why the EB-5 visa has been of interest to particular groups of immigrants – Today we look at a case study taken from one of our previous 100+ investors that relates to a couple who achieved their life-long dream to retire permanently in the USA.
A British couple who had spent many happy holidays with their children in Orlando Florida over the past twenty years had been looking at ways they might be able to retire permanently but were concerned that their only options apparently related to the E2 and L1 visas which either did not allow, or offer, the security of immediate permanent residence. They were also concerned that the immigration Attorneys they spoke to focused only on the legal aspects but were not really listening to their personal requirements including their wide ranging concerns on living their retirement in America.
After a meeting with Andrew Bartlett they decided to look at the EB-5 pilot program in more detail and with the husbands retirement in sight they decided to invest $500,000 in a limited partnership project in an approved and proven regional center. The program was for the improvement of a commercial warehouse project in a developing area of a major US city, the building has subsequently been renovated and leased generating a rental income of $30,000 a year.
The couple decided on a clean break from the UK, selling their British home and the rental properties they also owned which provided them with total net worth well in excess of the required (by the US government) million dollar figure along with ongoing retirement income from their years of employment.
The I-526 approval took several months and the couple were then interviewed at the U.S. Consulate in London and granted immigrant visas.
Following a further briefing with us covering key issues such as medical insurance, doctors, driving tests, shipping of their possessions and the pros and cons of different locations, they relocated to Venice Florida on the basis of the things to do, the quality of life and very competitive housing costs.
The couple have subsequently had their I-829 removal of conditions granted and have settled into the Florida way of life playing a lot of tennis and golf and making friends (making them more active and busier than they were in the UK) – Their grown up children and families visit them at least twice a year and they return to the UK when their grandchildren are on school holidays.
We have continued to keep in touch and checked out issues that have cropped up with them for the benefit of new investors, a key one being the exit strategy of the program they opted for in the light of the world downturn and subsequent attractive projects coming on the market.
If you are planning to retire permanently to the USA and are interested in the EB5 regional center pilot program you can contact us here.
The truth of the matter is that choosing the right regional center really does matter, a lot. Not only is your immigration and residence at stake, but the rest of your life is relying on your choosing the right regional center to back you. After all, this is a serious investment of a very large sum of cash, and that can never be taken lightly. At the very least you want to protect your principal investment; and keep in mind the performance of the regional center could well have an impact on the removal of conditions from your green card. This is investing in America, and should be treated with all the seriousness of any investment that you would consider making.
So what does the right regional center look like? At its most basic, the right regional center is one that has:
• USCIS approval and designation as an active regional center
• A proven track record, not only of investment and business success, but of visa approval, too
• Or, if a new center, a solid, strong business plan and the knowledge to back them and you throughout the entire immigration process
• The personnel and expertise that is necessary to efficiently and smartly operate a RC, and manage profitable investment projects
More than this, though, a regional center has to fit your own personal goals and interests. It has to help you achieve the end-goal of legal permanent U.S. residence, but in a way that is comfortable and workable for you. It must meet your reasonable expectations for return on that investment. Going a step further, your choice in a regional center should satisfy your own personal standards, and be as perfect a fit as you can achieve given the options available to you. When you have accomplished that, you have really put your money to work for you.
Over the last week I have been traveling America continuing my quest to meet with representatives and/or attorneys representing regional centers. I am digesting the content of my notes from this trip and will be looking for points that affect our client’s choice of EB-5 Regional Center. We will feature many of these observations here on our Which EB-5 blog in the coming weeks.
Some of my early observations still come back to the same important questions:
1. How safe is the job creation methodology, will my Green Card become permanent?
2. What is the exit strategy – How will I get my investment back and when?
3. What are the implications of a regional center requiring the client to use a designated attorney and does that create a conflict of interest?
4. How do relatively new regional centers compare to those with a track record?
5. Does the geographic location of a regional center have an impact on the client’s choice of where to invest? Should it?
6. With so many new EB-5 regional center choices becoming available, what is the best way for a potential immigrant investor to choose where to invest, who to trust?
As we progress through 2009 our clients around the world will undoubtedly be bombarded with creative advertising offering all sorts of exotic camera shots of fantastic looking destinations all in an effort to promote any one particular regional center. Don’t let that glamour cloud your judgment. Forget the sales spiel; focus on the cold hard facts, some of which may be a little cloudy!
Despite what you might be told by employees or representatives of regional centers I have one sage piece of advice: Don’t be hasty! Even if you are told that spaces are limited, or time is running out (both of these statements may be perfectly true). Make sure you are entirely happy with your decision before you sign agreements or part with your funds. A very wise and wealthy friend once said to me “If it’s a good deal today, it will be a good deal tomorrow”.
Keep watching this space for updates. Contact me directly for a chat or with questions if you want help with your EB-5 visa choices.
Many calls, messages and emails this week from potential EB-5 investors concerning the strength or otherwise of the U.S. economy and its potential effect on the future of the EB-5 visa.
It is important that potential EB-5 investors see exactly how they US economy can have an effect, positive or negative, on thier choice of Regional Center project.
As an immigrant myself, (I’ve been resident since 1991) who arrived in America during an economic downtown, I can say that this one is different. (Slight understatement there) What I can also say is that overwhelmingly, the American people, through history, have shown an amazing resilience to adversity. That said, we have a lot to put right. But then so does the rest of the world.
I do believe, that despite the current economic climate, and the bickering in Washington over A.I.G bonuses, we are just beginning to see the first signs that a bottom is in sight. But please don’t take my word for it. Below is the first video in a set of two (the second one out tomorrow) which show an amazing alignment of views from a) perhaps the worlds most powerful banker, chairman of the Federal Reserve Ben Bernanke and b) perhaps the worlds most prominent, long-term successful businessman Warren Buffet (second most welathy man in the USA) head of Berkshire Hathaway.
Take a look at the video from Federal Reserve Chairman Ben Bernanke (I assure you it’s worth your time) and note the specific points of light he sees. We will then compare these to the points that are raised by Warren Buffet in tomorrow’s video and you will see why I beleive the USA will lead the rest of the world out of this current downturn.
Feel free to contact us with comments and concerns using this blog, Twitter or Skype.
David and Fran Hodgkinson retired from local government consultancy posts before relocating to the USA four years ago via the EB-5 visa pilot program. They spent several months thoroughly researching options and felt it was imperative they immigrate via a green card route rather than any temporary visa. They felt after stressful high pressure jobs, relaxation in the sun with their dogs was the key consideration rather than having to set up and maintain a business in The USA, which is a requirement of other visa options.
Fran had retained great memories of America after student days as a camp councilor with BUNAC and the thrill was reawakened on holidays to Florida, including Disney.
Having looked at a shortlist of property options in Florida, they chose a ranch style home with 6 acres of land in Myakka several miles outside Sarasota as the ideal move from their home in a small town. Having personally cleared their land of scrub to design their garden, they feel their Florida lifestyle has given them even more than they expected.
They have been very happy with their decision to immigrate via the regional center program. The conditions of their green cards have been removed (successful I-829) and they are coming up to the stage where they could apply for US citizenship. They feel their particular selection of regional center has worked well from an investment perspective.
For detailed help in choosing a regional center contact Which EB5
I had a very interesting conversation today with a leading international accountant on the tax implications of relocation to the United States, we focused on the proposed tax changes currently the buzz in Washington DC – We also covered the tax considerations for applicants of the EB-5 investment visa from various countries.
It is important to cover all these points when considering a move to America as so often we are called in as troubleshooters to assist Clients who have been inadequately advised by a regional centre or their immigration attorney on the importance of international tax law and its affect on immigrants.
These subjects are very important to you if you are planning to take up residence in the USA.
For further details and/or a referral to a suitable professional contact Stephen Parnell at Which EB5
WhichEB5.com, its owners and associates, do not function as attorneys or legal counsel and do not attempt to interpret immigration law and do not provide or offer legal advice or legal services or investment advice. Anyone considering an Investment based Visa should seek independent professional advice. The information on this site is intended to be general and should not be relied upon for any specific situation. Any reference to designated regional centers on this website is posted as reference material only. For legal advice, please contact one of our attorneys. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each person.
