Immigrant related Frequently Asked Questions
I am from England. I want to invest money
and open a business. I also want to get a green card later.
What are my options?
Requirements
for Immigrant Investors:
The new law makes available approximately 7.1% of worldwide
visas per year (10,000 visas) for immigrants seeking to invest
(after November 29, 1990), or who are actively in the process
of investing, in a new business in the United States with
a capital of at least one million dollars, so long as the
business benefits the U.S. economy, and provides at least
ten full-time jobs for U.S. workers.
Targeted Employment Areas
The amount of investment may be decreased to no less than
$500,000 if the business established is in a rural area or
area of high unemployment, called ``targeted employment areas.''
Three thousand of the ten thousand available visas are set
aside for these "targeted employment areas."
Application Process
The alien investor may file the Form I-526 (Immigrant Petition
by Alien Entrepreneur) (dated 12/02/91) on his own behalf
with the INS. Since the final regulations have been issued,
these petitions will now be reviewed and decided. The fee
for the investor petition is $350, due to the complexity of
the review of these applications.
Getting a Green Card:
The investor is granted conditional permanent residence for
two years, and can petition for removal of the condition at
the end of that period by showing compliance with the statutory
conditions.
The alien investor must write a petition to the INS ninety
days before the end of the two year conditional residence
in order to ask that the conditions on the alien's residence
be removed, and showing that the conditions of the residency
have been met. The alien investor does not need to be present
in the US at the time of the filing, but may be required to
return for an interview if one is scheduled.
If the petition is not submitted, the alien begins unlawful
presence the date of the expiration of the conditional residence.
The alien is then subject to the three to ten year rule of
inadmissibility to the US from their date of departure.
Petition to Remove Conditional Residency
The alien must submit the INS Form I-829 (Petition by Entrepreneur
to Remove the Conditions), a copy of the alien registration
receipt card (Form I-551) for themselves and their family,
supporting documentation and the filing fee of $345.
Supporting Documentation:
The petition must be accompanied by proof that the enterprise
was established by the alien, that the requisite amount of
capital was being invested in that enterprise, that the enterprise
was sustained throughout the entire period of conditional
residency, that ten full-time jobs have been or will be created
in a reasonable amount of time, or that if the alien invested
in a troubled business, the number of pre-investment employees
remained constant over the entire period of conditional residency.
A copy of the original I-526 is also helpful in the submission
of the I-829.
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