Investor green cards also an entry for foreigners
Published 05/02/00

While most individuals obtain legal permanent resident status, or a "green card," through employment or a family relationship, it is also possible to obtain legal permanent resident status by investing a sufficient amount of money in the United States and starting a new business. This benefits both the United States economy, by providing employment opportunities and additional tax revenues for the United States, and it benefits the individual starting the business, by allowing him or her to obtain immigration benefits which may otherwise not be accessible.

There are very specific rules regarding what sort of investment would qualify. Generally, a minimum of one million dollars must be invested in creating a new U.S. business or expanding one that already exists. If the business is located in a rural area or in an urban area with an unemployment rate certified by the state government to be at least 150% greater than the national average, the minimum investment may be reduced to $500,000.00. In addition, the new business must employ at least 10 full time American workers. The investor, his or her spouse and their children cannot be counted as part of the ten employees.

The entire investment does not have to be made in cash. Rather, cash equivalents, such as certificates of deposit, loans and notes can count in the total. Borrowed funds can be used, but only if the investor is personally liable on the loan.

Assuming that the investor meets the Immigration and Naturalization Service’s requirements, a green card would be issued on a conditional basis. The green card would be valid for two years, at which time the investor has to file a request with the INS to remove the conditional status. At that time, INS would investigate whether or not the proposed investment has actually been made, if ten full time American workers have been hired, and whether the business is still operating. All of these factors have to be established, or the green card would be revoked. If these factors can be established, however, the conditional status would be removed and the investor would be granted unconditional permanent resident status. Once unconditional status is obtained, if the investor decided to sell the business or no longer work for the business, he would be able to do so without losing his or her green card.

Although there have been some concerns with respect to the speed at which INS is processing investor green card applications, this can nevertheless be a viable alternative to obtaining a green card through family or employment. The process is complex, however, so individuals interested in obtaining a green card through investment should consult with a qualified immigration attorney. 

The attorney who wrote this article is no longer at the law firm of Hamblett & Kerrigan, P.A. in Nashua. Other practitioners at the firm handle work in the same areas of law which he worked in, which included employment law, family law, and general litigation, including property tax abatement and personal injury.You can reach one of those lawyers by calling the law firm (883-5501) or by e-mail at info@nashualaw.com .

This information is general information and may not reflect the most current legal developments, verdicts or settlements. The information provided should not be relied upon as an indication of the actual state of the law or of future developments. The information contained on the Hamblett & Kerrigan website is for informational purposes only and does not constitute legal advice. If the information referenced may be of legal importance to you, you should consult with an attorney to provide you with legal guidance and opinion as the the effect of the current law upon your situation.