Encouraging economic data from The USA was contained in the latest jobless figures which showed the jobless rate falling to a three-year low, with an extra 212,000 people finding jobs. (Some credit going to the EB5 visa program). These figures have helped drive the unemployment rate down to 8.5% but a number of politicians have stressed that more needs to be done.
With the Presidential elections due later in the year, there is substantive political pressure to further reduce the jobless figures and the EB5 visa remains one method that effectively creates new jobs for American workers and does NOT have a cost to the American tax payer.
The EB5 visa works on the basis that immigrants to the USA can be granted permanent residency status for themselves, their spouse and their unmarried children under 21 in return for investing $500,000 in what is termed a Regional Center program. The United States Citizenship and Immigration Service (USCIS) has to date approved over 200 of these centers.
The performance of the regional centers has varied considerably; some have already created thousands of jobs benefiting the US economy, where others have collapsed achieving very little and potentially losing some or all of the investor funds.
For those of you planning to move to the USA and seeking independent impartial advice on the various regional center options the EB5 regional center program is expected to be extended at some stage during 2012, although there has been some discussion as to whether the required investment level may be raised above the current $500,000 level.
For more information on how the EB5 visa can obtain permanent residency in the USA for you and your family please contact Chase Brodsky on +1-561-771-1330 or via email at Chase@WhichEB5.com or register for EB5 visa information here.
As immigrants to the USA we have become used to the fact that when watching an advertisement on TV so many claims are made it can be hard to distinguish fact from fiction, or to determine the true reality of any product.
Unfortunately the American tendency to make so many puffed up claims and to promote the sales angle covers many things you may buy in America, including some of the Regional CenterEB-5 programs.
This sales approach is particularly unfortunate because of what is at stake for families trying to identify the most appropriate program to match their requirements. Not only are they investing $500,000 but get it wrong and the family could face deportation after two years in the USA.
There are a number of sales claims we have identified in the past that are simply not true, for example:-
A program guaranteeing the return of your investment – USCIS itself states the investment has to be at risk.
A program stating it has quicker processing times at the I-526 stage – USCIS has confirmed to us all programs are treated equally.
A program stating it was confident it would not be closed despite investigations being carried out at the time by USCIS – USCIS did close the program.
A program stressing the security of the commercial property market – However commercial property prices in many areas of the USA have fallen substantially over the past few years and may continue to fall.
These are a few of the examples we have come across in our ongoing research into the many regional center programs on offer. That is not to say everything is bad, there are a number of well proven programs available that have delivered on all their promises and these have generally subscribed very quickly.
As many of you are aware, I am a first generation immigrant and profusely proud to be “An American”. Yesterday the USCIS launched a campaign to increase U.S. Citizenship by encouraging Legal Permanent Residents (Green Card holders) to become citizens of this great country. One of the tools they are using is a video staring new immigrants who share their experiences on becoming U.S. Citizens. Watch the video then share this with everyone you know.
U.S. citizenship means a better life. BORN IN THE PHILIPPINES. I chose opportunity. BORN IN MEXICO. I chose freedom. BORN IN VIETNAM. I chose responsibility. BORN IN CHINA. I chose to become an U.S. citizen. BORN IN THE UNITED KINGDOM I’m a proud American.
Share this with everyone you know so that they might one day enjoy the benefits of becoming an American Citizen.
I don’t usually write about personal experiences in this blog but I must make an exception and tell you about my weekend trip to Martha’s Vineyard to lunch with members of the U.S. Senate.
This weekend I had the pleasure of being invited to have lunch in Martha’s Vineyard with a group of very influential people. Among the group that numbered about forty were Senator Chuck Schumer D-NY, Senator Jack Reed D- RI and Senator Robert Menendez D-NJ (Senator Menendez went on to appear on NBC’s Meet The Press the next day).
Apart from the chance to visit such a beautiful, very hot, destination, a destination that has been frequented by political figures for many years, I was looking forward to having the opportunity to speak with the Senators in a more intimate atmosphere than the usual meetings I have attended from time to time in Washington and to presenting some ideas for improving the effectiveness of the EB-5 program.
The weekend started with a flight from Florida to Boston, a city I have not visited for any length of time before. Arriving a day before the meeting with the Senators I was able to see some of the historic sites of Boston. I particularly enjoyed the State House as it was from here that the British ran the colony well before a famous Tea Party (For those of our readers who are new to American History, this Tea Party has absolutely nothing to do with a current movement you may hear about on the news) signaled the beginning of the end of British rule here in the USA. Being born in the U.K. and later becoming a naturalized American, this was of great interest to me.
Air Conditioning on a Cesna
As the lunch meeting in Martha’s Vineyard was set for 12.00 mid-day on Saturday I had arranged to fly from Boston to MV on Cape Air. The experience flying on an 8-seater, 30 year old Cessna is something quite unique. Just how unique? I have inserted a photo showing the air-conditioning on this flight!
In case it is hard to see I should just explain that the pilot is holding open the window while we are making our way to the take-off point; this allows the passengers to breath! To be fair, the temperature outside was approaching 40 degrees Celsius (100 F). I must also point out that not only were the flights on Cape Air smooth and professional in every way, they were quite enjoyable once one has overcome the typical thoughts associated with self preservation.
Arriving early in MV I had an opportunity to explore a little. I was taken aback by the beauty of the place and can understand why it is the chosen summer destination for so many.
As the lunch party started to arrive I was led to my seat on a table just to the right of Sen. Chuck Schumer D-NY. Leading the speeches was Senator Robert Menendez D-NJ who presented a well balanced delivery covering many topics of importance. Sen. Schumer also spoke eloquently on multiple subjects. Interjections by other guests followed and questions from some of the attendees were also voiced.
I took the opportunity to speak with Sen. Menendez regarding my involvement in, and passion for, the success of the EB-5 program.
My main focus was on the desire for premium processing for the I-526 immigrant investor petition. With premium processing available for many other types of petitions it does not make any sense to me that we make perhaps our most desired class of immigrant, those investing $500,000 to $1,000,000 into the U.S. economy, wait up to four months to know if their petition has been successful. I did emphasize that the staff of the USCIS EB-5 unit have done an outstanding job for us, the EB-5 stakeholders, and we would like to implement an improvement to the program that would also benefit that department. This move alone would, in my opinion, lead to increased use of the visa, more certainty for the applicant, an increase in international investment in the U.S. economy and of course greater job creation. Sen. Menendez was sympathetic to my point and suggested I follow-up with his Chief of Staff (Danny O’Brien) with further details and proposals.
I then had an opportunity to speak with Sen. Jack Reed of Rhode Island. Once again I voiced my enthusiasm and desire to keep the EB-5 program heading in the right direction. Along with the need to implement premium processing we talked about the potential benefits to the State of Rhode Island of establishing a Regional Center there. The Senator appeared interested in exploring this further and suggested we bring the point to his attention once the Governor’s race in RI has been settled.
I must say that I felt it very beneficial to have an opportunity to meet with and discuss these topics with such distinguished guests. If we, as advocates of the EB-5, can make representations to those with an opportunity to champion the concerns of EB-5 applicants in Washington I believe it is what we must do to preserve both the integrity of and future success of the EB-5 program.
I concluded my trip to New England with a visit to Harvard on Sunday morning. At least now I can say “I went to Harvard” even if it was only for a day!
Not that life has ever been simple for H-1B workers, but with the economic downturn things have become even more difficult for them. Many H-1B workers had resigned themselves to the fact that, due to the long quota backlogs in the EB-3 green card category, and even in the EB-2 category for workers with advanced degrees, when the workers are from India or China, they will be stuck for the better part of a decade in a job with a sponsoring employer who might be treating them like an indentured servant. Now, with all of the layoffs, the probability is increasing that many H-1B workers will lose their H-1B status and green cardsponsorship along with their job. This can have catastrophic consequences, particularly for those who have already used up their six years of H-1B eligibility, and are not eligible now to transfer their H-1B visa to a new employer. In such a case, if the worker is not eligible for a different type of work visa, then he or she would have to leave the U.S. for one year in order to restore H-1B eligibility.
Another problem arose for those H-1B workers working in the financial sector. Congress imposed more burdensome additional obligations and restrictions on financial institutions that received TARP funds and employ H-1B workers. Among those restrictions are the requirement to pay new U.S. employees more than they pay H-1B workers and the requirement not to make any layoffs 90 days before or 90 days after filing a petition for an H-1B worker. In the current environment in which employers are looking to lay workers off and pay them less, some employers prefer to dump H-1B workers in order to maintain more freedom of action in how they deal with the rest of their staff. Meanwhile, there are more and higher qualified American citizens and permanent residents unemployed, who were previously employed elsewhere and available for hire only at a higher salary.
New college graduates are going out to try to find a job in this hostile environment. The only good news for new college graduates who need to get an H-1B visa is that there is less competition for H-1B visas, and so H-1B visas were available for over 8 months last year, as opposed to being exhausted on the first day, as they were in previous years. The unfortunate reason behind the greater availability of H-1B visas is the employers’ lack of interest in hiring H-1B workers. Many employers see no reason to pay the expenses of the visa application process or to deal with the additional hassle, particularly when, as previously mentioned, many highly qualified U.S. citizens and permanent residents, who were previously employed elsewhere, are now available for hire.
H-1B workers and students alike have found relief from the dangers, uncertainties, and dependence of seeking permanent residence through sponsorship by an employer. They have found such relief by immigrating under the EB-5 program based on investment in a regional center, which frees them from relying on an employer and enables them to obtain conditional permanent residence in less than one year, or, in some cases, less than 6 months. As a result, these EB-5 immigrants can compete for career opportunities or run their own business on equal terms with U.S. citizens and permanent residents. In other words, the EB-5 immigrants have the freedom to live their life in the U.S. as they wish.
Experience and a lack of regional center bias are important traits to consider.
Potential immigrants from all over the world are finding themselves seeking out advice from immigration attorneys. There are certain qualifications that can guide investor visa applicants seeking out the right representation.
One of the potential pitfalls in finding an attorney is locating one that is truly independent. It is not uncommon for an attorney to also advise regional centers in addition to immigrants.
The potential conflicts of interest that can arise for immigration attorneys was a big topic at a recent American Immigration Lawyers Association conference in California. Many speakers emphasized the potential for ethical issues that can be created when attorneys provide advice about particular regional centers.
To find an immigration attorney without concerns about conflicts of interest, potential EB-5 visa immigrants should consider:
• The implications of selecting a regional center that requires investors to use a certain attorney
• If a particular attorney also advises the center he or she is recommending
• If an attorney who is offering advice on a particular regional center has actually visited that center
• The actual number of I-526 and I-829 petitions the attorney has processed
For potential immigrants, the choice of an attorney is very important. It is vital that the chosen professional have experience with immigration and particularly with with the EB-5 process as well.
A few regional center programs highlight, as a positive indicator, the point that some of their investors are US citizens who although not requiring a visa still decide to invest on the same terms and share the same investments as EB-5immigrant. This raises other questions which need to be answered such as:
Is this a historic position going back several years, and in the current economic climate is this still the case?
How many new American investors made investments in the past six months?
Presumably the American investors focus was investment, however, from the alien EB5 immigrant perspective, job creation is a critical factor otherwise they risk losing their green cards at I-829 stage (removal of conditions),
It is critical for the potential EB-5 immigrant to make sure all is as it seems – for more information contact us.
Today is Thanksgiving here in the USA and almost everyone is at home today with the family. This is, to many, the most American of holidays. One that you, should you decide to become an American some day, will no doubt find is a tradition of huge importance to your American neighbors.
We won’t take any more time today as we , like almost everyone else in the USA, will be celebrating or giving thanks for everything American that we enjoy.
Have a very special day and if you have thoughts of living in the USA let us know how we can help you. We are, after all, first generation immigrants ourselves.
Today we look at an Irish family who had significant agricultural holdings in Ireland and wanted to provide an elevated standard of living for their family by relocating permanently to the U.S.A.
The family had been monitoring the progress of the EB-5 visa for several years. They had originally purchased property on the east coast of Florida and taken lengthy holidays/vacations to see how they would adjust to the American way of life. They then purchased other properties for rental, taking advantage of the bottoming of the property market and to build an earnings portfolio for eventual relocation.
They required a visa route that offered permanent residency and green cards for all the family, and wished to increase their property portfolio once resettled in Florida.
After a detailed briefing with us they decided the EB5 pilot program was the most appropriate option and looked into the various programs in more detail. They emphasized that they required a program which had not suffered from long processing delays caused by requests for further evidence by the USCIS (RFE’s), they also wanted a program that had previously complied with job requirements and had a clear and specific exit strategy.
After investigating the alternatives and narrowing it down to two options they opted for an infrastructure project which to date has a 100% track record of approval. Following clarification on a number of issues they invested $500,000 – plus regional center administration and attorney fees.
The family decided to sell their business and property assets in Ireland which provided them with total net worth well in excess of the required figure. The I-526 approval took three months and the couple were then interviewed at the U.S. Consulate and granted visas.
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.
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 on the subject of the EB5 investment visa green card program 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. Which EB5 is a service of Ireeco LLC 1515 N.Federal Hwy. Suite 300 Boca Raton Florida 33432 USA Telephone: +1-561-771-1330.
