THE EMPLOYMENT CREATION VISA
REVIEW:
Immigrant visa ("Green Card") available to persons who invest $1 million in a U.S. business and create employment for 10 or more U.S. workers in the process.
REQUIREMENTS:
| 1. | Investment of $1,000,000: | ||
| a. | $500,000 in a rural area (outside a standard metropolitan statistical area) or an area of high unemployment (150% of the national average) | ||
| i. | determined by place of employment | ||
| b. | Made after 11/29/90 | ||
| c. | May include cash, equipment, inventory, other tangible property, cash equivalents, and indebtedness | ||
| i. | debts must be secured by investor's assets not the enterprise's assets | ||
| ii. | the investor must be personally and primarily liable for the debt | ||
| d. | Investment must be treated as capital and not a loan to the enterprise | ||
| e. | Investment capital was acquired by lawful means | ||
| 2. | In a "New Commercial Enterprise" | ||
| a. | Create an original business | ||
| b. | Buy an existing business and restructure or reorganize it | ||
| c. | Expand an existing business so that its net worth or employees increase by 40% | ||
| 3. | Create employment for 10 or more U.S. workers | ||
| a. | Full-time employees (35 hrs p.w.) not independent contractors | ||
| b. | U.S. citizens or lawful permanent residents | ||
| c. | Within "a reasonable period of time" | ||
| d. | Maintain existing employees (10 or more) if the new commercial enterprise involves the purchase of a "troubled business" | ||
| i. | Troubled means showing a loss of at least 20% of the net worth prior to the loss | ||
| e. | Under Immigrant Investor Pilot Program, employment of 10 or more persons indirectly through revenues generated from increased exports | ||
| i. | Requires investment in an INS designated regional center | ||
| 4. | Investor actively involved in management or formulation of policy | ||
NOTE: The immigration service has designated over 20 regional centers where the new jobs need not be directly created. Thus a person may qualify for this visa by investing $500,000 in one of these regional centers without having to show that the new commercial enterprise will directly create 10 or more new full-time positions.