Hello, I am attorney, Ivan Piedrahita. I am an immigration attorney located in the greater Fort Lauderdale area. I will be giving an immigration presentation today.
Under the traditional EB-5 Immigrant Investor Program, the investment has to normally be $1,000,000 dollars. There are exceptions under which the investment can be $500,000. Under the traditional investment program, the $1,000,000 has to be invested by the investor in a new business enterprise. It can be invested in any type of active investment. Over the first $1,000,000 that is invested, financing could exist. The EB5 investor program has to create 10 direct jobs. Additionally, the investor can invest in an existing business enterprise if the investor is increasing the net value of the business by 40% or increasing the number of employees by 40%. Also, the investor can invest in an existing troubled business that has been in existence for more than 2 years and has lost more than 20% of its value in the last 24 months. If the investor’s case is approved the person would be granted 2 year conditional residency.Also, under the EB5 Immigrant Investor Program an investor can invest $500,000 in a Targeted Employment Area. A Targeted Employment Area is one that has an unemployment rate 150% over the national average or in a rural area with less than 20,000 people. Again they would otherwise have to meet the same requirements as the $1,000,000 investment program just mentioned. If the investor’s case is approved the person would be granted 2 year conditional residency.
Under the EB-5 Immigrant Investor Program there are a total 10,000 visas available. Of the 10,000 visas available 3,000 are allotted for the Immigrant Investor Pilot Program also known as Designated Regional Centers. The law allowing the Immigrant Investor Pilot Program is expiring on September 30, 2012. This law has previously been renewed, and we anticipate that it will be renewed again in 2012. I will speak more about Regional Centers in a moment.
These are some statistics on approved EB5 Petitions in the last few years, and as you can see the number of applications and approved cases has grown.
Under the Pilot Immigrant Investor Program or Regional Centers, 10 direct or indirect jobs must be created within the two year conditional residency period. Regulations also allow some flexibility for USCIS to remove the conditional residency and make it permanent based upon a showing that the forecasted “jobs will be created within a reasonable time.”
Florida now has many Regional Centers. Here you will see 14 regional centers around the state of Florida. These as well as all the other centers around the state of Florida are potential investment vehicles for foreign investors to invest and try to obtain residency in the United States.Procedures may vary from Regional Center to Regional Center if an immigrant investor wants to invest in a specific investment project. Normally, the Regional Centers will invite the prospective investor to meet with representatives of the Regional Center Project. They will give the investor a description of the project, wire transfer instructions, a reservation agreement and accreditation questionnaire. The immigrant investor will then be asked to wire a reservation deposit to a bank trust account. Then investor will then be asked to sign and return a subscription agreement and reservation agreement. Subsequently, the investor will receive a questionnaire, a numbered offering memorandum and operating agreement for the investor’s review and signature and the investor will be asked to return these documents. Upon accreditation acceptance, the reservation deposit and administrative fees that the investor has paid will become non-refundable. The investor will then be asked to remit the investment amount of $500,000 to a bank trust account within 30 days and the immigration case will begin to be processed.
So to recap, the person coming to the U.S. as an EB-5 visa applicant will be investing anywhere between 500,000 and 1,000,000 in a business enterprise. The person will be paying at a minimum an additional $50,000 in administrative fees. Therefore, we can assume that the investor is a high net worth individual. And we can also assume that an EB-5 visa applicant will probably have millions of dollars to invest in real estate.
In closing I would like to say that these different immigration options for your foreign clients are ways for you to secure their business. However, in the Regional Center context, unfortunately, Security and Exchange Commission Rules prohibit individuals including realtors who are not licensed under the SEC from receiving commissions from Regional Centers. So this becomes a dilemma for realtors who are not licensed under the SEC. The good news is that although you may not allowed to earn a referral fee from the Regional Centers, you are not responsible for the success or failure of the investment. Most importantly, depending on your geographic location, if a client wants to go in the direction of the Regional Center, then you have a potential client to buy property and real estate.If a foreign client wants to develop a business in order to obtain a visa, then you can point them in the direction of finding a business as well as directing them to an immigration attorney to help them. Your job is to present options to them, help them to get legal representation, and in the process you will get their real estate business. I hope this presentation today. has been informative, and if you or clients have immigration questions or needs feel free to contact me. I will be happy to help you and your clients in any way I can.
Here you will see my contact information in the event anyone would like to contact me and thank you for taking part in this webinar.
Jobs Creation Eb5 Visas
The Immigrant Investor
•(TARGETED EMPLOYMENT AREA)
•TWO YEAR CONDITIONAL
•10 DIRECT EMPLOYEES
•NEW BUSINESS ENTERPRISE
•HIGH UNEMPLOYMENT AREA
• TWO YEAR CONDITIONAL
•10 DIRECT US EMPLOYEES
•NEW BUSINESS ENTERPRISE
•EXISTING BUSINESS THAT IS
EXPANDED OR TROUBLED
Annual Allotment: 10,000
3,000 Visas for Regional Centers
Law Expires Sept 30, 2012
Visas are Currently Available
“5th Employment Based”
EB-5 Investor Immigrant
• INVESTMENT FUNDS ARE FROM A LAWFUL SOURCE
• INVESTMENT FUNDS MUST BE AT RISK
INVESTMENT MUST BE SUSTAINED
There are no other requirements such as age,
nationality, work experience, or entrepreneur
• Spouse may accompany
• Unmarried Children under 21 may accompany
• Conditional Residency Status for 2 years
• INVESTED OR IN THE
PROCESS OF INVESTING:
• NEW COMMERCIAL
• EXPANDING AN
• TROUBLED BUSINESS
Birch LEAF Miami 31, LLC Regional Center
Broward County Regional Center, LLC
Florida EB5 Investments LLC Regional Center
Florida Equity & Growth Fund Regional Center, LLC
Florida Overseas Investment Center RC
Gold Coast Florida Regional Center
Lake Buena Vista RC
Mirzam Investor Green Card Regional Center
Palm Beach RC
Palm Coast Florida Regional Center
Regional Center of South Florida
South Atlantic Regional Center (SARC)
South Florida Investment Regional Center (SFIRC)
Zzz Sample Regional Center
WHAT DOES THE EB-5 TELL
US ABOUT THE FOREIGN
PERSON WILL BE INVESTING BETWEEN 500,000 AND
1,000,000 IN A BUSINESS ENTERPRISE
WILL PAY AT A MINIMUM AN ADDITIONAL 50,000 IN
INVE STOR WILL HAVE A SIGNFICANT AMOUNT OF MONEY
TO INVEST IN REAL ESTATE