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. |
