United States: Pathways to residency in one of the world’s largest economies
The United States of America is situated in the North American continent, bordered to the north by Canada and to the south by Mexico, and as one of the superpowers of global economics, it is no surprise that the nation finds itself as one of the most desirable for investors and expats from nations the world over. Speaking of relocation, this year, 2021, has presented itself as an ideal opportunity for prospective expats to dive in and make the move due to the nature of the COVID-19 pandemic and the ever-changing background to our daily lives. Despite this and also all of us having ventured into unchartered territory throughout the past year and a half, new opportunity continues to arise, while facilitating desires for changes of scenery for those of you looking to work remotely from somewhere new.
To provide you with a little bit of context before getting into the main subject of today, residency is an official permission granted to someone with a different nationality, allowing them to live and work for a specified period of time, in this case, in Paraguay. Residency is either temporary or permanent, the difference between the two being that the former is a short period of time and the latter is valid permanently, meaning you are able to stay for an indefinite period for you to be able to apply for citizenship after the requisite period should you wish. In today’s article, we will be outlining how to obtain residency in the US, as well as the required documents and costs involved in such a process. Specifically, we will look at how investors can gain permanent or temporary residency through two different schemes, as well as a slightly different scheme not seen in many countries across the globe, the Diversity Immigrant Visa Program (DV).
EB-5 Investor Visa (Permanent)
One thing to note before we give you the specifics of this option, residency in the United States is costly, and therefore, while it is an attractive choice, it is not necessarily accessible for everyone. It is for this reason that research is key in a process such as this, and make sure you are making the appropriate one for you. That being said, this pathway to residency costs US$900,000, and comes in the form of an investment into a business approved by the US authorities. The most appealing elements of this is that you receive a Green Card not just for yourself, but also your partner and children so long as they are under 21. Of the two investment programs we will share with you today, it is the only one with an option for eventual citizenship, a highly sought-after asset in the world of relocation, perhaps justifying the high price tag that comes with it.
E-2 Treaty Investor Visa (Temporary)
The second investor program we will be looking into further today is a little cheaper, requiring an investment of US$100,000-US$250,000. One factor that also distinguishes this option from that which we previously explored is flexibility. The permanent residency visa requires pre-approved investment, however, with this temporary visa you can invest in a wider range of businesses, including your own! Though, there are some more potential disadvantages, depending on what you hope to gain from the scheme, the largest of which is the inability to apply for eventual citizenship and/or receive a Green Card. If you choose to go down this temporary residency pathway, the good news is that every two-years, you are able to apply for renewal.
The final option for residency in the United States that we have today is not conventional by any means. Each year, 55,000 applicants are granted permanent residency in the US as part of a ‘lottery’. Increasingly, equal opportunity for people from anywhere in the world is gaining the support that it deserves, in this case affording a free pathway to eventual citizenship. As good as this sounds, the number of applications is high and so the chance of acceptance is not as high with the investment option, however, it caters to a more inclusive criteria and demonstrates a forward thinking the likes of which is necessary in a society such as that of today. Additionally, there are some requirements you must comply with in order to submit one, please find these below:
1. Meet educational requirements
2. Clean criminal record
3. No US immigration violations
4. Be a citizen of a country with few permanent resident applications for the US
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.