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  1. #1
    Senior Member JohnDoe2's Avatar
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    $1 million permanent residency deal

    Cayman Islands consider $1 million permanent residency deal

    By Danica Coto, Associated Press Writer

    SAN JUAN, Puerto Rico — The prime minister of the Cayman Islands has an unprecedented offer for financial industry workers who are really, really rich: You can have permanent residency in exchange for $1 million.

    Securing residency would simplify business transactions for those who travel often to the British Caribbean territory, and it could eliminate the need to obtain a Caymanian business partner, said Charles Glidden, the premier's press secretary.

    "They can come and go as they like," he said. "They would not have to be on a work permit."

    About 80,000 international companies are registered in the Cayman Islands, where the offshore financial services sector represents about half of the territory's economy.

    The companies were attracted by low tax rates and a flexible system that allows capital to be moved easily around the world. But as international leaders denounce abuses and seek to collect more tax revenue, many companies are seeking other locations not widely known as tax havens that still offer low-tax jurisdictions.

    Caymans authorities are working on legislation to make changes that they hope will head off an exodus, such as speeding up the processing of applications for work permit and shortening the time between work permits that foreigners have to spend out of the territory.

    The new residency offer would apply to people with a net worth of more than $10 million.

    A limited number of slots would be available, and those who qualified would have to spend a certain amount of time in the islands each year, Prime Minister McKeeva Bush said.

    "Ensuring that the Cayman Islands remain a competitive jurisdiction in the global financial services industry is one of this government's key priorities," he said in a statement.

    Under current immigration laws, anyone who seeks residency has to take a test and must have lived in the Cayman Islands for eight years, among other measures, the Immigration Department says. Permanent residency allows them to work for any employer.

    Charles Glidden, the premier's press secretary, said Wednesday that he did not have further details on the proposal, which requires Cabinet approval before it goes to legislators in two weeks.

    The Cayman Islands Fund Administrators Association, which serves as a liaison between the government and the fund management industry, declined to comment on the new proposal.

    Opposition leader Kurt Tibbetts said he had to talk about the proposal with other party members before commenting on it.

    http://www.usatoday.com/travel/destinat ... deal_N.htm
    NO AMNESTY

    DON'T REWARD THE CRIMINAL ACTIONS OF MILLIONS OF ILLEGAL ALIENS

    BY GIVING THEM CITIZENSHIP

  2. #2
    Senior Member JohnDoe2's Avatar
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    U.S. Green Cards for Sale: $1 Million

    U.S. Green Cards for Sale: $1 Million

    by Dave Bennion
    category: Advocacy And Activism
    Published October 13, 2008 @ 03:43AM PT

    Need a green card? Got a million bucks? Then head to Florida -- you're all set!

    Lake Buena Vista Resort Village & Spa has become Florida's first federally-designated EB-5 Regional Center.

    The U.S. Citizenship and Immigration Service designation, known as the EB-5 immigrant investor program, allows foreign buyers to eventually become permanent United States residents by investing at least $1 million in properties.

    The EB-5 program, created by Congress as part of the Immigration Act of 1990, grants foreign buyers U.S. residency in exchange for investing $1 million in a project that creates at least 10 jobs.

    Meanwhile, if you're like most of the millions who came through Ellis Island -- unskilled and poor -- your wait time for a green card "approaches infinity." From Reason Magazine:

    The worst case scenario [for immigrating to the U.S.]? You are an unskilled worker hoping to make a better life for yourself in America. "Unlike previous periods in our history, there is virtually no process for unskilled immigrants without family relations in the U.S. to apply for permanent legal residence," the chart by Reason Foundation and the National Foundation for American Policy states.

    Unskilled workers just have to hope they get lucky. That's because only 10,000 green cards are given to these workers each year and "the wait time approaches infinity." Skilled workers may have better chances, but still face strict caps, thousands of dollars in fees, and an 11 to 16 year wait to obtain a green card and gain U.S. citizenship.

    What was it I learned in grade school? "We hold these truths to be self-evident, that all millionaires are created equal . . ."

    http://immigration.change.org/blog/view ... _1_million
    NO AMNESTY

    DON'T REWARD THE CRIMINAL ACTIONS OF MILLIONS OF ILLEGAL ALIENS

    BY GIVING THEM CITIZENSHIP

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