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Dubai: Subprime-hit US businesses are aggressively seeking Gulf investments in exchange for Green Card and eventually US citizenship, officials said on Tuesday.
When foreigners make a qualified investment of $1 million for five years, or $500,000 in designated targeted employment areas, not only are they assured of permanent residence (Green Card), but their green cards will get priority, Dr Stephen Fischer, former director of the State Department's Visa Office, told the "Great Investment and Green cards opportunities in the USA" event, organised by Sam Bayat and Associates, an international law firm.
According to Fischer, the investment-based immigrant visa programme - EB-5 - was founded in 1990 with 10,000 EB-5 visas issued annually, but fewer than 1,500 visas were issued last year.
He said the original standard EB-5 visa law required investors to own and actively manage a business in the US, but the new law, has a "regional centre" provision that allows investors to join new businesses in special investment zones with limited management responsibilities.
The event featured EB5 America, a company that has been approved to own and operate the Washington DC Regional Centre for immigration investment rights for Washington DC.
Security claims
Angelique Brunner, co-founder and managing member of EB5 America, said Washington DC is the best city to invest in from the risk point of view.
Brunner, who has worked for 12 years in finance and real estate, said even though by law they cannot guarantee the money, the investments are safe from the subprime crisis and they have structured their investments carefully not only to protect foreign investors' money, but also to offer a return on the money.
Dr. David M. Brunner, an experienced Washington DC immigration lawyer and co-founder of EB5 America, said they are now seeking investors to invest in their $250 million O-Street Market Project in order to finance the development.
The limited partnership investment will provide ownership for investors with limited liability; a three per cent annual deferred return on capital; equity investment in a joint venture with developers; and a five-year investment where EB5 America will seek exit options for investors from sale or refinance in the fifth year.
Would you be willing to invest in the US for a green card? Do you think visas should be used as a tool to attract foreign investment? Will such moves help stabilise the economy? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.
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