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

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. 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 attorney to discuss your individual case.

  2. 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! - 312.641.0771 - The information above is general in nature and is not intended to create an attorney-client relationship between us. It is intended simply as background material, is current only as of its indicated date, and may not include important details and special rules that could be applicable to your case. You should consult an attorney directly before acting or refraining from action.

  3. 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 information and a basic understanding of the applicable law. Take notice that the answer above does not create an attorney-client relationship as this website is not intended to provide anyone a specific legal advice. Anyone using the site expressly consents that there is no attorney client privilege between any person and any attorney responding. Further take notice that the site should not be used as a crude substitute for any professional and competent legal advice by a licensed professional attorney in the applicable jurisdiction. The attorney above attempted to provide competent professional information, however, the law and its applications may change frequently and vary greatly from other U.S. jurisdictions and locales. Therefore, any information and materials provided above are general in nature, and may not apply to specific factual and legal circumstances related to one's personal legal issues. Contact an experienced lawyer admitted to practice in your State under an attorney-client privilege to further receive a competent legal advice before making any important decisions about your particular legal issue. For further inquiries please contact: Attorney Alexander Ivakhnenko 1021 West Adams, 102, Chicago, Illinois 60607 773-562-8602

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