Can a foreigner invest $500,000 in Detroit's real estate at the moment, and get a green card under investor category?

Asked about 1 year ago - Chicago, IL

Detroit is currently in bankruptcy, so is it consider an area where foreign investor can invest $500,000 in real estate and get a green card?

Attorney answers (3)

  1. Daniel Warren Thomann

    Contributor Level 15

    5

    Lawyers agree

    Answered . The lower $500,000 threshold is for rural or "Targeted Employment Areas" experiencing unemployment of at least 150% the national average. Detroit's proposed bankruptcy is a matter of city finances not necessarily related to private employment within the city. However, I've attached a link to the Michigan Economic Development Corporation - the agency designated for identifying TEAs in Michigan - and Wayne County (where Detroit is) appears to be a designated TEA, so a $500,000 investment may qualify. However, investing in real estate may not be the type of investment required for EB-5 classification, because it is often passive investment and may not generate the required number of jobs. If the investor is within the US at the moment, there may also be other issues to resolve with regard to his or her present status before an application can go forward.

    There are general rules for EB-5 investment, but the details can make all the difference. You should consult an attorney directly to find out more about the specific requirements for permanent residence through investment and make sure that you would qualify. Good luck!

    www.azitalaw.com - 312.641.0771 - The information above is general in nature and is not intended to create an... more
  2. Stephen D. Berman

    Contributor Level 20

    4

    Lawyers agree

    Answered . If you get a designated EB5 regional center, and create 10 new jobs, yes.

    The above is intended only as general information, and does not constitute legal advice. You must speak with an... more
  3. Alexander M. Ivakhnenko

    Contributor Level 20

    3

    Lawyers agree

    Answered . Provisionally one may consider investing that much or creating a requited number of U.S. employment positions, yet, any financial dealings with Detroit may be not as successful as hoped.

    DISCLAIMER The answer given above by the lawyer serves for educational purposes only and provides general... more

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