EB-5 Visa (USA)

Anyway ever apply for this visa? Wondering how difficult this will be as a foreigner investing in US.


MTR

 

No but if its a path to becoming a "US designated person" (eg green card holder) could cause taxation & other problems, for example many banks in Europe want nothing to do with US citizens or residency card holders (Australia the same? not sure, but you may find some Australian accounts need to be closed). I know every year I have to affirm I have no connection to the US or its residency visas in order for my accounts not to be forcibly closed. If you become US tax resident you are subjected to all sorts of reporting requirements and taxes including death duties. When I worked there for a year I just bounced in and out every few months on a B1 visa.

 

I have permanent residency in the US and still have bank accounts open in Australia. I also have a couple of credit cards, and a super account.

Banks just needed a forwarding address and contact details. We were open and honest with our banks prior to leaving Australia and they were fine about it....and have continued to be so.

 

I know of people who have thought about it.......and it stopped there. I know it is getting increasing more competitive to obtain with increasing Chinese investment.

U.S. runs out of investor visas again as Chinese flood program

 

Ok but be aware that the Australian institutions will be sending all your details to the US government. If they are not they are liable for huge fines. Many European banks want nothing to do with US citizens and tax-residents anymore, too risky for them.
'I was terrified we'd lose all our money': banks tell US customers they won't work with Americans

 

not sure why this would impact unless trying to avoid tax.

 

thanks

 

not sure what will be required, other than if you have $1m invested in USA you can apply for this visa.

 

What benefit does it have? Makes loans easier to get?

 

It isn't just about investment.....but also employing people on a full time basis. It is aimed at foreign investors wanting to set up shop in the US. I understand that the program is regularly audited to ensure that visa holders are honoring their commitments.

 

The article is about US ex-pats not filing their tax returns on income earned abroad.

Look.......I may not agree with it......but it is law of the land. The US demands its citizens to report all earnings, regardless if of where you reside. My husband, a US citizen, filed his tax return every year we lived in Australia for some 18 years.

Most ex-pats don't owe taxes anyway and just need to do the obligatory filing. As the article says:

"Americans living overseas can exclude $100,000 a year of income from US taxes, according to David McKeegan, an international tax expert."

I don't understand the whining in the article. If you don't like it, renounce your citizenship.

In relation to foreign investment in the US. I believe the same applies. If you don't like the laws of the land, you can decide to invest elsewhere........or just do what you are supposed to do and file a tax return.

 

Its the hassle of having to comply with another tax regime with resident status. I don't know why you would want to subject yourself to this if you don't plan on actually living there.

I've filed tax returns in 3 countries in the last 18 months, in 3 different languages (English, German, Spanish) its a nightmare. The latest one, Spain, is costing me thousands in professional accounting fees to comply, only a professional can do it, you are not allowed to do it yourself. The tax returns for non-residents are far, far simpler than the resident ones, its not like Australia where the return is the same.

Yes I know a few US citizens who have to this this. They also had to close their bank accounts a few years ago when the banks decided US citizens were not welcome anymore.

 

that's the idea, you need a credit score/rating in US to secure the bank loans, with rates at 3% very attractive.

Another US investor mentioned I should apply for this visa, so I will see how it goes.

My understanding is you do not need to employ people?? I will keep researching this

 

But that is my point. If you don't want to subject yourself to it, don't invest or gain residency/citizenship in a country different from your place of birth.

As an individual, I may not like it but I cannot change the law based on my opinion. I have to know the consequences of my actions and then decide.

I essentially have 3 options. 1. to invest or live in a foreign country and then abide by their rules. 2. decide not to invest or live there......or 3. illegally try to hide what I am doing and this isn't an option that I would pursue.

So.......the bottom line is decide and then don't complain about your decision.

 

According to US Immigration website, under that particular visa, the job creation requirements are:

Job Creation Requirements

• Create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor’s admission to the United States as a Conditional Permanent Resident.
• Create or preserve either direct or indirect jobs:
  • Direct jobs are actual identifiable jobs for qualified employees located within the commercial enterprise into which the EB-5 investor has directly invested his or her capital.
  • Indirect jobs are those jobs shown to have been created collaterally or as a result of capital invested in a commercial enterprise affiliated with a regional center by an EB-5 investor. A foreign investor may only use the indirect job calculation if affiliated with a regional center.

About the EB-5 Visa

 

2 year queue.

 

If you're serious about pursuing it, I recommend getting advice from an immigration attorney in the US. I tried applying for permanent residency myself and my application sat in limbo for months, even though my husband is a US citizen and therefore, my children have dual citizenship. Immigration would not provide me with advice as to why my application wasn't being processed until I engaged an attorney. The initial consultation is relatively inexpensive. From memory, it was under a $100. My application did not move until I hired an attorney. It wasn't until I hired an attorney, that Immigration bothered to tell me that they needed more info from me. It took nearly 2 years from my initial application.......but about 9 months was wasted because initially, I tried to do it myself.

 

Yes that was my point too... but you´ve three things there - investment/residency/citizenship.

My only point is you can invest in a country and not be a resident, this is usually the preferred option. I´m just saying why take out residency visa or citizenship if there are no other benefits for you (ie you dont want to live there) ? Residency usually comes with high cost.

 

Are you able to msg me your attorney?

 

I'll post it here in case anyone else is interested. I used these guys: San Antonio Texas Immigration Lawyer – The Lozano Law Firm

I had my initial consultation with the Alfred Lozano....and later dealt with Elizabeth. Their assistant Janete, is awesome. All up, I think I paid about $2,500 and for the amount of work they did chasing up on my behalf......as well as attending immigration meetings with me and for me, they were worth every penny.

I initially came in on a temporary visa because the process was taking too long and my kids needed to start school. My attorney organized that, as well as arranging paperwork for permanent status, which was granted a few months after arriving.

According to their website, an E-2 visa may be an easier route than an EB-5.

Message me if you need more info.

An advantage of the E-2 visa is that it allows for substantial investments that are less than the $500,000 and $1,000,000 thresholds required for an EB-5 visa. While E-1 and E-2 visas are nonimmigrant visas, an individual temporarily in the country who later invests more than those minimum amounts required for an EB-5 may be able to petition for lawful permanent residence. As with EB-5 visa holders, E-1 and E-2 applicants may also bring their spouses and unmarried children under 21 with them through derivative visas.