Yes, but it will be a very long wait because the quota for siblings of US citizens is backlogged 12 years. See, http://travel.state.gov/visa/bulletin/bulletin_6062.html . Your better strategy would be to consult an experienced immigration attorney for an analysis of what other visa options and categories are available to you or your wife.
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Yes, after 10-14 years, for that's what a siblings petition takes to become current a d have an immigrant visa available. You will immigrate with your sister as her pouse.
Behar Intl. Counsel 619.234.5962 Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Yes, it's possible, but after a very long wait. Your wife's US citizen brother can file an I-130 application to bring his sister and her husband (yourself) to the United States. However, the backlog in this category (F4) is very long. As of October 2013, the USCIS will be processing applications with priority date of August 2001.
Yes currently there is a very, very long backlog of sibling petitions. But, if you have no other prospects for immigrating she should spend the money to file the application, because there are rumors that this category of family preference immigration will be eliminated when we see immigration reform. This is only a rumor, but having a petition in will give you something with an actual calendar and you can see if it is getting close. Immigration reform may or may not ever happen.
As written, it may take 'decades' to immigrate due to the minimal number of visa in the 4th Preference category. The fact that a petition is approved does not mean that a visa is available. That is why Congress 'proposed' to eliminate these types of petitions. However, it 'may' be your best and only option, so you shouldn't delay.
Consider a teleconference with a candid and competent immigration attorney. Good luck.
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I agree with my esteemed colleagues. Attorney Hoffman explained it well. You will have a long wait if our current immigration system remains unchanged; however, do file immediately in case immigration reform happens, which may (or may not) provide you and your wife with an easier - and speedier - route to legally come to the U.S. As always, it is best to hire your own immigration attorney to assist you in this matter. Good luck!
This advice does not form an attorney-client relationship and is merely informative. It should not by itself be relied upon to address a legal concern.