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Iranian Uses Real Estate Proceeds to Fund U.S. Investment

Practice Area: Immigration

Outcome: The immigrant investor’s I-526 petition (initial visa petition) was approved in a timely manner.

Description: A national of Iran, living in Iran, invested in a Limited Partnership under an Approved Regional Center in a Targeted Employment Area. The funds invested, along with funds from other investors, went into the purchase and renovation of several warehouse facilities and created a multi-tenanted mixed-use facility for light industrial and office space tenants. The immigrant investor invested $525,000 into this project. The project has created approximately 444 direct and indirect jobs in total and each immigrant investor was allotted 10 of the created jobs. The immigrant investor’s source of funds was acquired from the sale of real estate in Iran in 2004. The immigrant investor is a successful businessman from Iran whose family runs farms and has real estate investments there. He successfully completed consular processing and immigrated to the United States in 2006. The immigrant investor filed the application to remove conditions and was approved in 2009

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