According to a previous Rush Passport™ blog entry, Facebook co-founder Eduardo Saverin surrendered his US passport and renounced his US citizenship to allegedly avoid paying capital gains taxes. However, a new trend involving foreign investors is creating thousands of new potential US citizens who will soon be US passport holders.
Thousands of foreign investors have been making investments in US countries and have been issued “investor visas.” The US Department of State is expected to hand out over 6,000 “investor visas” during the current fiscal year. These investor visas could soon turn into passports for these wealthy investors.
Under the “investor visa” program, investors from foreign countries can acquire visas that permit them and their families to live, work and attend school in the United States. In order to qualify for the visa, investors are required to invest a minimum of $1 million in a new or recently formed business. Investors can also take advantage of the investor visa by investing a minimum of $500,000 to fund companies in rural locations or areas that are high in unemployment.
The concept is that the investment must be shown to have been responsible for the creation or preservation of at least 10 full-time jobs for US workers over a period of two years. Once this condition is met, foreign investors and their families advance to permanent resident status and in three years may apply for US citizenship and acquire US passports.
This investor visa program, known as EB-5, is not a new program. It has actually been in effect for over twenty years. However, as of late there has been an increase in wealthy participants – especially from China.
Other countries such as Australia and Ireland have initiated similar programs to try to lure wealthy investors to their country. Currently there are approximately twenty countries that offer similar incentives. For many, investor visas are the path to getting US passports.
If you are interested in getting a passport or visa, give us a call at (212) 643-9305. Rush Passport™ Official US Passport Expeditors, serving Brooklyn, The Bronx, Queens, Staten Island, Manhattan, Westchester County, Nassau County & Suffolk County, Long Island, New Jersey, Philadelphia, Pennsylvania and Connecticut.