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Foreign investors sought to fund Miami tower

There are multiple ways in which someone might obtain a visa to enter the United States. While the first way that likely comes to mind for many in South Florida has to do with family connections, those in business may have another option. Individuals who have money to invest in certain types of businesses enterprises occurring in the U.S. may be able to secure an EB-5 Immigrant Investor visa.

There are of course many qualifications for this program. In addition to finding a project to invest in that qualifies for the program, one must invest at least $500,000. If the program requirements are met, an investor, along with his or her family, would be able to immigrate to the U.S. In addition, they would receive conditional green cards that would be good for two years. At the end of that time period, it is possible that those conditions could be removed and someone could seek a permanent green card and possibly even citizenship.

Individuals interested in moving to Miami on an EB-5 visa may be intrigued by a building a developer is hoping to build in the city. The SkyRise Miami tower would be located on the water and provide residents and visitors to the area a place to go for entertainment. Plans for the 1,000-foot tall building include restaurants, a vertical “drop ride” and a bungee jump platform. The developer is planning a trip to China to try to find investors for the project. He is seeking between $300 million and $400 million and is planning to use the EB-5 program to try to secure some of those investors.

Because the program is complicated, it is likely the developer has already met with an immigration attorney to discuss the matter. For individuals seeking to work with programs that involve immigration matters, this is a good place to start.

Source: Reuters, “Miami developer seeks to build landmark oceanfront observation tower,” Zachary Fagenson, Nov. 21, 2013

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