Foreigners Invest in Foreclosures to Get Green Cards

The opportunity of getting a green card has been prompting the rising number of Europeans and Latin Americans investing in foreclosures in Florida.

An investor visa offers an opportunity for foreign investors to facilitate their U.S. residency and eventual citizenship. It also offers foreigners the chance to work and live in the U.S. indefinitely.
Aside from getting enticed by low-priced foreclosure properties, foreign investors have also been encouraged by a pilot program launched by the U.S. Citizenship and Immigration Services in March which provides temporary residency to foreign nationals who invest $500,000 or more in an established business or newly-launched business that creates at least ten full-time jobs directly or indirectly.

Under regular rules, an EB-5 investor visa is given to a foreigner investing at least $1 million and employing directly at least 10 workers.  The lower investment requirement is expected to attract more foreign investments in target areas. Monroe and Miami-Dade counties are among the places chosen by the USCIS for its pilot program.

According to the USCIS, around 10,000 EB-5 visas are available per year, with 3,000 visas for the pilot EB-5 program this year. In 2008, less than 1,000 foreign investors were able to receive investor visas. 
An immigration lawyer working for Fowler, White & Burnett in Miami said his firm is getting more foreign clients because of lots of affordable investment opportunities in failed condos and unsold properties in Miami. He hopes the growing number of foreign investors will help in the recovery of Florida’s housing market.

Another immigration lawyer said investors are expressing interest in buying businesses in Manatee and Sarasota not only because of lower property prices, but also because of the strength of the euro.

In Miami-Dade County, immigration lawyers David Hart and Eric Gould set up the South Florida Investment Regional Center to help foreign investors acquire local firms. Currently, they are creating $500,000 investment packages each for foreigners who want to invest in developer Arva Jain’s Miami commercial mixed-use project that includes a hotel, spa, office, restaurant and retail space. They have started marketing these packages in Colombia, China, Russia, Taiwan, Mexico and Venezuela.

Under the pilot EB-5 investor program, an investor can work and live anywhere in the U.S., together with a spouse and kids under 21. After 2 years, they can apply for green cards and three years later, they can apply for U.S. citizenship.

 

Resource: Tampa Real Estate, Northern Virginia Real Estate, Tampa MLS