EB5 and Russia
This is immigration attorney John B. Buda, Esq. I have many years of experience in EB5, always with successful results. Today I want to shed light on a very rich country whose citizens are unrepresented for EB5 filings. That country is Russia. Below is a chart demonstrating where Russia falls in comparison to some other countries.
EB-5 visas issued
Country FY 2011
China 2,408
South Korea 254
Iran 117
Great Britain 57
India 37
Russia 30
The United States has an annual limit for EB-5 of approximately 10,000 visas, which is only 7.1% of the total 140,000 employment-based immigrant visas. In 2011, Chinese EB-5 visas issued nearly doubled from the previous year. As you can see, the program has become extremely successful for wealthy Chinese individuals. Approval ratings for EB-5 visas have been steadily increasing for all countries participating, but why is it so popular in China and not Russia?
The answer lies in marketability. Clearly not enough wealthy Russians are aware of all the benefits that lie within the program. When Russian privatization and the real estate boom occurred about a decade ago, an influx of wealthy individuals were instantly created that would potentially represent and fall under this EB-5 investment program. The EB-5 Investment Program was created by the US federal government in 1990. According to this investor program, foreign nationals have an opportunity to obtain U.S. green card eligibility by investing $1 million (or $500,000 if the EB-5 investment is made in the project located in a Targeted Employment Area) in the USA project or company that allows either to maintain or to create at least 10 full-time jobs.
Chinese individuals are increasingly moving themselves and their families to the United States via the EB-5 program. Citizens of other countries, like Russia, can take advantage of the same opportunity. They can live and do business anywhere in the United States, send their children to any school of their choosing, including only being limited to state tuition fees after living in the state for at least a year. They can start a business by merely investing $500,000 in a targeted employment area, and that will take care of everything they need for a valid green card. Also, they don’t have to live in the United States all the time; the legal requirement to keep a Green Card is to be present 6 months of every year. Sometimes, people are allowed less than 6 months with USCIS permission.
It seems that many Russians are more interested in immigrating to countries in Europe that the United States. But as economic opportunities dwindle in Europe, American should be a preferred destination for those Russians willing to immigrate.
John B. Buda
Buda Law Group
310-245-2809 – Russian Line
Please note that Buda Law Group has served many families interested in the EB5 Investor Visa Program, always with successful results. At Buda Law Group, we speak English, Chinese, Spanish, and Russian!
Article Originally Posted on: http://www.articlesbase.com/immigration-articles/eb5-and-russia-6474519.html
