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Residence for investors who create employment

ITIPress.org - Flavio Alfie / Attorney specialized in Immigration Law, admitted to the Louisiana State Bar and Buenos Aires Bar Association. He is a partner at Alfie & Alfie, P.A Immigration and Consular Law Firm.

The Immigration and Nationality Act allows for conditional residency for persons who, after November 29, 1990, invest at risk or are actively in the process of investing at risk $ 1,000.000 (or in certain areas of U.S $ 500,000) in a new commercial enterprise that creates full-time employment for not less that ten U.S. workers and engage in the management of the business through day-to-day managerial control or policy formation. 

What constitutes a new commercial enterprise under the regulatory frame?

The definition of commercial enterprise includes a broad spectrum of business relationships provided they are all for profit business operations.

A new commercial enterprise includes:

1)  A company formed after November 29, 1990. This provision allows the investor to qualify by creating a new company, or by investing in an existing company formed after November 29, 1990.

2)  A company formed prior to November 29, 1990 if since that date (a) has been expanded so that a substantial change in the net worth or number of employees occurred (40% increase in either net worth or number of employees), or (b) has been restructured or reorganized so that a new commercial enterprise results.

What constitutes investment?

Investment can be cash, equipment, inventory, other tangible property, cash equivalents, and indebtedness secured by assets owned by the investor, provided that the investor is personally and primarily liable and tat the assets of the new commercial enterprise are not used to secure any of the indebtedness.

It is important to remark that the investor must show the source of funds and that they are legitimate.

Amount of investment

Under USCIS rules, the required investment amount for investments is $ 1 million. Notwithstanding, for targeted areas, the minimum capital investment required is $ 500,000. A targeted employment area is defined to include rural areas or areas experiencing high unemployment.

Job-creation Requirement

The enterprise must benefit the U.S. economy and must create ten full-time jobs. Exceptions to this rule are made only for investment in “troubled businesses” defined as businesses that have been operating for at least two years and have incurred a net loss of at least 20% of their net worth. Those investments are not required to create 10 new jobs but the investor is required to show that the number of existing employees is or will be maintained as existent prior to the investment.

Multiple Investors

In a multiple investor situation, each investor seeking permanent residence must show that invested the required amount and created 10 full-time jobs. USCIS will recognize any reasonable agreement between investor concerning the identification and allocation of qualifying positions.

Employment creation investors are granted conditional residence for 2 years. To remove the conditional status, the investor must file a petition with USCIS within 90 days before the 2nd anniversary. The petition must contain facts and evidence that the investor met the capital investment required by the regulations and created or can be expected to create within a reasonable period 10 full-time jobs for qualifying employees.

Flavio Alfie
Alfie & Alfie, P.A.
13899 Biscayne Boulevard Suite # 300
North Miami Beach, FL 33181

phone: (305) 341-3530
fax: (305) 940-8355

alfieandalfiepa@bellsouth.net

 "Everyone who has achieved financial independence will tell you that - at least in the early days -- you have to work smarter and harder. The price of success must be paid in full, and it must be paid in advance. There are no shortcuts." - John Cummuta, Financial Advisor, Author, Speaker

 

 

 

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