Foreigners buying property to get U.S. residency

Wealthy foreign nationals are heading to South Florida not just to buy distressed real estate, but with the additional hope of becoming U.S. residents, the Miami Herald reports.

The newspaper says that local immigration attorneys agree that an increasing number of Latin American and European clients are applying for investor visas, which can mean a fast track to residency and eventually citizenship, or the chance to live and work in the U.S. indefinitely.

Eduardo Namnum of Mexico got a green card after investing about $1 million in a Bonita Springs, Fla., restaurant. Namnum told the Herald that many of his friends from Mexico City are also buying real estate in South Florida. "There are very, very good deals," he said.

Several factors are encouraging foreigners to invest in South Florida. Investors can gain residency in the U.S. much faster than applicants sponsored by a family member, taking just four or five years compared with 12 to 15 years. Political or economic instability in other countries has also caused people to seek ways to invest their money abroad. Alfred Vizcarrondo, president of Doral-based real estate services firm AV Group, says people "are trying to put their money into something that means security."

The U.S. Citizenship and Immigration Services offers 10,000 EB-5 visas a year "to qualified individuals seeking permanent resident status on the basis of their engagement in a new commercial enterprise." Among the requirements, applicants must invest at least $1 million "into a new commercial enterprise" or at least $500,00 into a designated high-unemployment area. They must also create at least 10 full-time jobs or maintain employment for two years if investing in a "trouble business."

Read the details here.

(This post was written by Blair Brettschneider, a USA TODAY intern.)

Posted by Michael Winter at 05:03 PM/ET, August 11, 2009 in Economy, Money, Nation, World

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