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The Million Dollar Investor Visa Who is Eligible?
An international investor who invests $1 million in a commercial enterprise
that will benefit the U.S. economy, and creates at least 10 full-time employment
positions for lawful U.S. workers may qualify for permanent residence for
himself, his spouse, and his/her minor children. An investment of only $500,000
is required if the commercial enterprise is in a targeted employment area. The
alien must be actively involved in the management of the business, either
through the exercise of day-to-day managerial control, or through policy
formulation.
How to Apply
The petition to obtain permanent resident status under this classification
must be filed on Form I 526, "Immigrant Petition by Alien Entrepreneur". The
petition must be filed with the INS Service Center having jurisdiction over the
area in which the new commercial enterprise is, or will principally be doing
business.
Documentation Requirements
REQUIRED INVESTMENT - The investment required to be made in a commercial
enterprise varies depending on where the commercial enterprise is located and
the unemployment rate in the geographic area. In most areas a qualifying
investment is $1 million. Areas requiring this amount of investment are called
"high employment areas." Other areas are called "targeted employment areas."
These areas are in a rural area, or an area which has experienced unemployment
of at least 150% of the national average. A qualifying investment in a "targeted
employment areas" is only $500,000.
MUST CREATE 10 FULL-TIME JOBS - The jobs may be held by any non-immediate family
member including U.S. citizens, permanent residents, or other lawfully
authorized workers to be employed in the United States.
MONEY MUST BE FROM LEGITIMATE SOURCES - The investor must be able to show the
legal source of investment capital.
MONEY PUT AT RISK - The investor must irrevocably commit his/her assets to the
enterprise. May not design an arrangement in which the full amount is not put
toward the investment or not at risk. "Capital" is defined by the INS as cash,
equipment, inventory, other tangible property, cash equivalents, and
indebtedness secured by assets owned by the alien, provided the alien is
personally and primarily liable.
ACTIVE PARTICIPATION IN THE OPERATIONS OF THE BUSINESS - The alien must be
actively involved in the management of the business, either through the exercise
of day-to-day managerial control, or through policy formulation.
MUST BE ACTIVE ENTERPRISE - A commercial enterprise is any for profit activity
formed for the ongoing conduct of lawful business. It may be a sole
proprietorship, a partnership (limited or general), a holding company, a joint
venture, a corporation, a business trust, or other entity that may be publicly
or privately owned. A commercial enterprise does not include a non-commercial
activity such as owning and operating a personal residence.
CONDITIONAL RESIDENCE - An investor is admitted for permanent residence
initially in a two-year conditional resident status. At the end of two years
residence the investor must petition for removal of the conditions from his/her
permanent residence. To obtain removal the investor must show that:
the business is still viable;
the requisite amount of money was irrevocably committed to the enterprise;
10 US jobs were created and still exist in the enterprise.
C. ACCEPTABLE EVIDENCE:
The investor must show that he/she has invested or is actively in the process of
investing the required amount of lawfully obtained capital in a new commercial
enterprise in the U.S. which will create at least 10 full-time positions for
qualifying employees.
To show that a new commercial enterprise has been established in the United
States, the investor must submit:
Business plan which includes an organizational document for the new enterprise
such as articles of incorporation, partnership agreement, or joint venture
agreement, other similar documentation;
State and local licensura and tax certificates.
To show the required investment, the petitioner must show he/she has placed the
required amount of capital at risk. The investor must show actual commitment of
the required amount of capital. Such evidence may include but is not limited
to:
Bank statement(s) showing the amount(s) deposited in U.S. business account(s)
for the enterprise;
Evidence of assets which have been purchased for use in the U.S. enterprise;
Evidence of monies transferred or committed to be transferred to the new
commercial enterprise; or
Evidence of any debt undertaken by the investor for the new enterprise for which
the petitioner is personally and primarily liable.
To show that a new commercial enterprise will create no fewer than 10 full-time
positions for qualifying employees, the petition must be accompanied by:
Documentation such as tax records, Forms I-9, showing that 10 qualifying
employees have been hired following the establishment of the new commercial
enterprise; or
A business plan that shows the need for not fewer than 10 qualifying employees
to be hired within the next two years.
Duration of Visa
The Immigrant Investor Visa is a permanent residence Visa; however, the
investor must petition to remove conditions from his/her status two-years after
the issuance of the permanent residence. To remove conditional status the
investor must show:
The enterprise is viable;
That 10 full-time U.S. jobs were created;
The requisite amount of investment was made into the enterprise.
Status of Spouse and Minor Children
Petitioner may request admission for spouse and children as derivative
beneficiaries of permanent residence status. Dependents may enter upon showing
proof of immediate relation and admissibility to principal. Dependents may not
engage in employment upon receipt of an Employment Authorization Document which
may be obtained from the INS. Dependents may attend school or college.
Process Times
Depending on the backlog at the INS Service Center which receives your
petition, the petition should take between 30 and 60 to approve or deny. (Click
VISA BULLETIN to view your Service Areas reported processing times)
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