Wealthy Foreigners Flocking To The U.S.

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Wealthy Foreigners Flocking To The U.S.

Postby Remember_Me » Mon Jun 11, 2012 3:51 pm

America. Still the top destination for the rest of the world.

Good riddance, Eduardo.

Facebook co-founder Eduardo Saverin drew public ire last month following the revelation that he had renounced his U.S. citizenship, a move widely seen as a tax dodge. But thousands of wealthy foreigners are lining up to replace him, making investments here and putting themselves on a path to citizenship in the process.

The State Department expects to issue over 6,000 "investor visas" in the current fiscal year, which would be an all-time record. Other countries, meanwhile, are following the U.S.'s lead, keen to spur growth in lean economic times.

"Our goal is certainly job creation, and that's what this program is all about," said Bill Wright, a spokesman for U.S. Citizenship and Immigration Services. "At the same time, it's allowing somebody from a foreign country to come and invest in our nation."

Under the government's EB-5 Immigrant Investor program, foreign investors can get conditional visas that allow them and their families to live, work and attend school in the U.S. To qualify for the visa, they must invest at least $1 million in a new or recently created business, or $500,000 for businesses in rural or high-unemployment areas.

The investment must be demonstrated to have created or preserved at least 10 full-time jobs for U.S. workers within two years. Assuming this condition is met, investors and their families graduate to permanent resident status, and can apply for full citizenship three years later.

While the EB-5 program has been around since 1990, demand has been surging as of late, fueled in large part by China's growing elite, who accounted for 70% of the roughly 3,500 investor visas issued last year. State Department officials expect the program's quota of 10,000 visas per year, which includes visas given to the spouses and children of investors, to be filled for the first time ever within the next year or two.


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Re: Wealthy Foreigners Flocking To The U.S.

Postby Stebben84 » Mon Jun 11, 2012 4:09 pm

Interesting. I was reading some follow up article and this one was worth noting:

http://money.cnn.com/2009/07/28/smallbu ... /index.htm

Entrepreneurs in the US who need investors are basically luring foreigners with this program.

I do take issue with the fact that money can fast track your citizenship.

I would also be curious to see the number of visa's the other 20 countries have given out with similar programs. I wonder if they would be higher than the US.

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Re: Wealthy Foreigners Flocking To The U.S.

Postby Cornbread » Thu Jun 21, 2012 7:13 pm

Yet once again, the mean ol US of A is the number one destination to live in the world, much to the teeth grinding anger of the leftists.

Doesn't the "racist" US of A take in more legal immigrants than all the rest of the nations in the world combined? And we definitely lead in letting illegals flood across our borders, only to be given free health care, free child care, free education, free legal services, free housing, free food, jobs, etc.

Yup, the mean ol racist US of A.....

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Re: Wealthy Foreigners Flocking To The U.S.

Postby Henry Vilas » Thu Jun 21, 2012 7:47 pm

Weathly foreigners flocking to the U.S., despite the conservative argument that our tax rates for the wealthly drives them to leave the U.S. I guess they don't need to have additional tax breaks to come here and create jobs. (The wealthy are the job creators, or say the tea partyites claim.)

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Re: Wealthy Foreigners Flocking To The U.S.

Postby johnfajardohenry » Thu Jun 21, 2012 9:18 pm

The Facebook guy saves a few tax dollars by giving up his citizenship but that is not the main benefit to him.

In the past year or two Congress passed a law imposing some massive reporting requirements on foreign banks, brokerage houses, mortgage lenders and any other financial institutions. They are apparently very difficult to comply with due to their complexity. If the institution gets audited, the penalties are very high.

So what happened? Many of these institutions are simply refusing to do business with Americans. They are closing checking accounts and revoking credit card of American ex-pats.

It is apparently a pretty major problem and the US govt reaction to the ex-pat's problems has basically been "Tough".

The guy has not lived in the US for a number of years, has never considered himself an "American" in any real sense of the word. He probably would have liked to keep the passport but he has others and it is not a big deal.

Not being able to bank and manage all those Facebook funds: Now that would be a big deal.

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Re: Wealthy Foreigners Flocking To The U.S.

Postby rabble » Fri Jun 22, 2012 3:22 pm

Yeah, it's a great country if you're rich.

I guess it's also a great country if you like kissing rich asses. How's that working out for you, Corny?

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