Green card visa deal for rich investors [source: Independent]

A bill signed into law last week by US President Barack Obama will allow wealthy Irish people to get green cards to live in the United States in second homes provided they invest in projects that will provide 10 jobs in a high unemployment area.

The little-known programme, known as EB-5 regional centre programme, is a highly beneficial permanent residence option for the wealthy individual, according to Ron Klasko, who is chairman of the EB-5 committee of the American Immigration Lawyers’ Association.

The programme requires an investment of at least $500,000 (€336,000) in a high unemployment or rural area in a commercial enterprise that will employ 10 full-time US workers. The investor has to be able to document that the funds are legal, but does not have to be involved in day-to-day management.

Under the law, the permanent home obtained by the Irish investor is conditional for two years and can be made permanent upon satisfying the US Customs and Immigration Service at the end of the two years that the investment proceeds have not been withdrawn, and that the jobs have been created.

“What are the chances of a wealthy Irish national being able to spend his retirement years in the US? Surprisingly the chances may be very good using a vehicle entitled Regional Centre EB-5,” Mr Klasko’s website says.

“Although many people, especially from Asia, have found the $500,000 price tag to be a small price to pay for the US green card visa, for the ability to retire in the US and for the ability to have their children educated in the US, the programme has received a lot less publicity in Ireland.”

His company, Klasko, Rulon, Stock and Seltzer, with offices in New York and Philadelphia specialising in immigration law, said the visa programme allows the Irish retiree to work or not work as he pleases, to live anywhere he wants to in the US, to travel in and out of the country as frequently as he wishes, and to get green card visa for his spouse and unmarried children under the age of 21.

He must invest a specified amount of money, $500,000 to $1m, in a US government-approved regional centre and the investment must be for a period of at least five years.

Read the full story at Independent