IMMIGRATION OPTIONS FOR RUSSIAN INVESTORS

Transcription

1 IMMIGRATION OPTIONS FOR RUSSIAN INVESTORS Presented by: Roger A. Bernstein, Attorney at Law BERNSTEIN, OSBERG- BRAUN, De MORAES, CACO & SOLOW A full service immigration law firm roger@visaattorneys.com

2 I have a Russian client who needs immigration help What is the appropriate visa category? What investments are suitable? What are client s short term/long term goals? Time frame. What is the potential dollar amount of their investment? Seek qualified legal counsel!

3 Non-Immigrant Visa Options for Real Estate Investors ( NIV s ) H = Professionals in Specialty Occupations E = Investor Visa L = Intracompany transfer

4 H1-B Visa Professionals in specialty occupation-requires US degree or equivalent (project managers, architects, engineers, financial analysts, etc.) Cap issue: 65,000 available yearly (20,000 extra if US Masters degree) No self petitioning via single member LLC 6 year duration (increments of 3 years) unless Green Card applied for (may renew indefinitely for as long as Green Card takes to get huge backlogs here for certain countries) Includes spouse and children under 21 (no EAD for spouse in this category work authorization)

5 E-2 Investor Visa Apply at the US Consulate/Embassy abroad Visa issued for up to 5 yrs at a time: I-94 issued for 2 yrs Can renew indefinitely for duration of business Includes spouse and children under 21 (spouse eligible for EAD) Country specific requires bilateral treaty of investment ( Armenia, Azerbaijan, Croatia, Estonia, Kazakhstan, Kyrgystan, Latvia, Slovenia, Ukraine ) Russians do NOT qualify.

6 L-1A Visa (Intracompany Transfer Visa) Can buy existing business or start new business Must have ongoing business abroad and have worked for foreign company as executive or manager for at least 1 of past 3 years prior to admission Must have qualifying relationship (either parent/ subsidiary, affiliate or branch but can be engaged in a different type of business/industry) Includes spouse and children under 21 (spouse eligible for EAD) 7 years for Executives/Managers

7 Which NIV s lead to Green Card? YES - H-1B/Labor Certification but if professional very long waiting times - L-1 but with recent denials and onerous RFE s at difficult to renew and acquire GC - O-1 but high evidentiary standard NO - E-2 but EB-5 is a possibility depending on the capital investment.

8 EB-5 Green Cards- 2 types 1. EB-5 Traditional or Regular; and 2. EB-5 Regional Center (Pilot Program) Each year there are 10,000 visas available in this category of green cards. The limit has never been reached.

9 EB-5 Green Cards Traditional $1,000,000 Suitable for entrepreneur Requires active running of business Must create 10 full time jobs (no family members) Regional Center $500,000 + admin fees Totally passive investment Investor not responsible for job RC creates them and can be indirect

10 Who is the typical EB-5 investor? Retirees, Parents, Nationals from unstable govts. Their chiefly concerned with securing permanent green card for their spouse and child. Additionally focused on the security of the investment and the return of capital and, to a lesser extent, the rate of return Immigration risk Project preapproved? Job creation methodology Project solvency/insufficient investors Exit strategy

11 EB-5 Regional Center $500,000 investment Green Card Passive investment become limited partners Don t have to live in same State as Regional Center 190+ approved Regional Centers throughout US Fast approvals Includes spouse and all children under 21 Must lift conditions at 21 months after GC issued

12 EB-5 Application 3 step process: 1. I-526, Immigrant Petition by Alien Entrepreneur ($1,500 USCIS filing fee); 2. Adjustment of Status or Immigrant Visa (Consular Processing) ($1,070/person); 3. I-829, Petition by Entrepreneur to Remove Conditions ($3,835 + $85 each dependent).

13 Step 1 Form I-526, Immigrant Petition by Alien Entrepreneur Source of Funds Absence of tax declarations Tracing path of funds potentially difficult Understanding of Russian tax code (flat 13% tax on income; 9% on dividends and no taxation on gifts between close relatives or profits from real estate transactions if property held greater than 3 yrs.

14 Step 2 If INSIDE the US Adjustment of Status Application Submitted to: California Service Center May travel with advanced parole while pending. Adjudication time: approximately 3 5 months Issues: Inadmissibility? EWI? Unlawful presence? Unauthorized work? Arrests?

15 Step 2 If OUTSIDE the US Immigrant Visa Application 1.Once I-526 approved, file sent to NVC; 2.NVC Immigrant Visa processing 3.Adjudication times 4.Attorney prepares the client for trip to embassy (Moscow)

16 Step 3 I-829, Removal of Conditions months after initial grant/approval of green card Two conditions: 1. Has the requisite capital been fully invested? 2. Were the 10 jobs created during the 2 year period?

17 For Developers and Realtors Think about EB-5 as a funding source for your projects Great way to get funding when typical funding sources are inaccessible Foreign investors are eager to come into this country and invest Team up with professionals (Am Life)

18 Questions??? Roger A. Bernstein, Esq. Fl. Bar Certified in Immigration & Nationality Law Bernstein Osberg-Braun, LLC Biscayne Blvd, Suite 700 Miami, Florida (305) Tel (305) Fax