Dear Atty. Lou,
Currently, I am a Canadian citizen and I was able to visit some relatives in Los Angeles in 2004. I m trying to buy a house in Phoenix AZ because of harsh winter condition here in Alberta but it’s really hard to get a mortgage loan there and now that there’s recession, it makes it tougher.
I looked in the green card lottery but Philippines is one of the countries that is not included even though I am a Canadian citizen it’s the birth place that they are looking. Will putting up a business there helps me get some resident status?
Maple Leaf
Dear Maple Leaf,
The global financial crisis had indeed affected how the US banks lend money to the consumers and to foreign nationals. You are right in saying that it has been tough these days to obtain credit to purchase real estate. Purchasing a real estate property is not enough investment to qualify for an investor visa. The investment must be an active investment.
There are two types of investment visas. One will grant you a nonimmigrant visa status and the other one will allow you to obtain an immigrant visa or green card.
If you are an entrepreneur and want to obtain a green card through investment, you should have a million dollar investment, engage in a commercial enterprise that will benefit the US economy and create at least 10 full time jobs. This is immigrant investor visa under the EB5 (or employment based fifth preference).
Although the basic amount of investment is $1million, the amount may be $500,000 if the investment is made in a targeted employment area.
Getting a green card through the $1million dollar investment maybe onerous. At most only 1,000 people a year have immigrated in this category, just one tenth of the visas available.
If you have money to invest in an enterprise but do not have a million dollar, there is a classification of investor visa that may be applied for those who want to open businesses in the US. The E1 and E2 classification are some of the most useful nonimmigrant options available under the Immigration and Nationality Act. The E categories are divided into three categories: The Treaty Traders (E1);The Treaty Investors (E2) and the Australians working in specialty occupations (E3)
There is no set minimum dollar amount that will be considered “substantial” for the purposes of E2 eligibility. Proportionality test is used. It is used by comparing between two figures: (1) the amount of the qualifying funds invested and (2) the cost of an established business or if a newly created business, the cost of establishing such business. The investor must not have invested in a marginal enterprise solely for the purpose of earning a living for herself and her family. It must have a present or future capacity to make a significant economic contribution.
An investor visa is a good option to take if you want a resident status in the US but only if you meet all the eligibility requirements. Unfortunately, because of the significant number of immigrants from the Philippines, the Filipinos were excluded from the Lottery Diversity Program.
Good luck.
Atty. Lou
*(Lourdes Santos Tancinco, Esq is a partner at the Tancinco Law Offices, a Professional Law Corp. Her office is located at One Hallidie Plaza, Ste 818, San Francisco CA 94102 and may be reached at 415.397.0808; email at law@tancinco.com or check their website at tancinco.weareph.com/old. The content provided in this column is solely for informational purpose only and do not create a lawyer-client relationship. It should not be relied upon as legal advice. This column does not disclose any confidential or classified information acquired in her capacity as legal counsel. Consult with an attorney before deciding on a course of action. You can submit questions to law@tancinco.com
