Much has been written about restrictions on the ability of people to immigrate to Ireland. But what are the chances of a wealthy Irish national being able to spend his retirement years in the U.S.? Surprisingly, the chances may be very good using a vehicle entitled “Regional Center EB 5”. Although many people, especially from Asia, have found the $500,000 U.S. price tag to be a small price to pay for the U.S. green card, for the ability to retire in the U.S. and for the ability to have their children educated in the U.S., the program has received a lot less publicity in Ireland.
Irish retirees, who want to live in the U.S. year round, and retire in the U.S., have traditionally found no good solution. Assuming they do not want to work in the U.S., working visas and green cards based on employment are not an option. If they have a U.S. citizen spouse or a U.S. citizen child over age 21, they may be able to get a green card relatively quickly. If they have other family members (such as permanent resident spouse, U.S. citizen parent, U.S. citizen sibling), they may be able to get a green card, but the quota wait may be a completely unacceptable period of time (5 to 25 years).
Green cards through investing in a business might be possible. The amount of investment is either $500,000 or $1 million depending upon the geographical area of the investment. However, the investment must be in an active business that will directly employ ten full-time U.S. citizens or permanent resident workers. Starting a new business or acquiring an existing business and employing significant numbers of people may be exactly the opposite of what the retiree wants to do in the U.S.
Happily, a solution does exist that fits perfectly with the needs and desires of the retiree with some significant assets. The solution is called the “Regional Center EB-5 Program.” This program allows the retiree:
In summary, the retiree must invest a specified amount of money in a U.S. government-approved “regional center.” Generally, the investment must be for a period of at least 5 years. The retiree gets a “conditional green card” for 2 years. Upon showing that the investment has not been withdrawn and the investment proceeds have been used as specified by the regional center, the retiree gets a permanent green card.
Here are the details:
Because the regional center EB-5 program meets the needs and desires of so many retirees who want to retire in the U.S., it has appropriately been dubbed the “retiree visa”. Retirees who are interested in pursuing the retiree visa may refer to www.eb5immigration.com or contact the author of this article at rklasko@klaskolaw.com.
H. Ronald Klasko (Ron) is recognized by businesses, universities, hospitals, scholars, investors and other lawyers as one of the country&rsquo... read more »