Some Immigrants Could Get Legal Status For $1 Million

Riverside County supervisors are expected today to approve a campaign to promote foreign investment in the county using a federal program that offers permanent residency to immigrants with $1 million to spend on starting or expanding a business.

The Office of Foreign Trade is seeking the board’s authorization to advertise the county as a destination for recipients of EB-5 “green cards,” issued by the U.S. State Department.

Under the investor visa program, foreign nationals seeking admission to the U.S. can apply for permanent residency based largely on their assets.

According to the U.S. Department of Citizenship & Immigration Services, 10,000 such visas are awarded annually and require that each recipient obligate $1 million to starting a new business, expanding an existing one or buying one that’s broke and fixing it.

The invested funds must be directly or indirectly tied to the creation of at least 10 jobs.

In areas where the unemployment rate exceeds the national average by 150 percent, foreign entrepreneurs need only invest $500,000 to qualify for a conditional visa, according to federal officials.

“The Bush administration began this program, and as the president’s term wound down, it became increasingly successful,” said Tom Freeman, the county’s foreign trade commissioner. “The Obama administration wants to attract foreign direct investment and plans to continue the program.”

“We’re looking at this as a means to recruit overseas investors,” he added.

With the county’s unemployment rate hovering at 15 percent, there is no time to waste, according to Freeman.

He said if the board OKs the promotional campaign, embassies and foreign consulates in the U.S. will be immediately notified of the county’s “intent to encourage foreign direct investment.”

The county recently partnered with the U.S. Export-Import Bank to assist local businesses with financing for international trade and has endorsed free trade agreements with Colombia, Panama and South Korea that are languishing in Congress.