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Would investing in a convenience store qualify for an EB-5 visa?

I am in the process of buying a store which is about $500,000 and i will be putting down half of that as down payment and the rest would be a financed.I would like to know if this investment would qualify for an EB-5 visa?

Answers

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    Reza Rahbaran

    Immigration Attorney
    Answered on

    First, your business must be in a TEA or rural area to qualify for the $500,000 investment, otherwise a $1 million investment will be needed. Second, your business will have to create a minimum of 10 full-time jobs. You will need to invest the full $500,000 and not finance it.

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    Ed Beshara

    Immigration Attorney
    Answered on

    The EB-5 requirement is that you have to invest $500,000.00 of your personal funds (if a TEA) into the new commercial enterprise. You cannot use the assets of the new commercial enterprise to finance the balance of your investment. If you finance the balance of your investment amount by using your own personal assets as collateral for an amount to be used as the balance of the investment required, then this will be acceptable.

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    Lei Jiang

    Immigration Attorney
    Answered on

    From your description, this project probably will not be qualified because you will only invest $250,000. Also, you need to generate 10 full time jobs. It will be difficult for a convenience store to generate so many jobs.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Is the convenience store within a Target Employment Area? If not, you must invest $1Million to qualify. Further, at least 10 full-time jobs must be created to qualify for EB-5 visa. Often, convenience stores do not warrant such amount of jobs. You should discuss your specific investment situation with a qualified immigration attorney.

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    Philip H Teplen

    Immigration Attorney
    Answered on

    The investment can be financed under clear circumstances that it is backed by assets or credit that is not dependent upon the store. I suggest that you give us a call to more clearly discuss.

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    Mahsa Aliaskari

    Immigration Attorney
    Answered on

    This will depend on whether or not the business qualifies as a new business, a troubled business or an existing business that is being expanded. If it is a qualifying business then you would have to address whether or not the required 10 full time jobs would be created. You should discuss the specifics with immigration counsel prior to the investment if you are considering using this as a vehicle for obtaining legal permanent resident status in the U.S.

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    Scott Clark

    Immigration Attorney
    Answered on

    Yes, a convenience store is a business enterprise for EB-5 purposes. There are special rules that apply for job creation depending on whether the store would be classified as a new or existing business. Unless you are investing in a targeted employment area, the minimum investment is $1,000,000. You have to invest your personal capital acquired from lawful source(s). For loans to qualify as towards the investment, the security cannot be the business itself or any assets or property of the business (including the land and buildings). If your personal assets are the security for the loan, the loan will be considered as part of your investment. I hope that helps. Please do not hesitate to contact me with any further questions.

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    Roberto Ortiz

    Immigration Attorney
    Answered on

    In order for your investment to qualify for the EB-5 program, we have to make sure that the convenience store is located in a rural area or a Targeted employment area as that is the criteria for investments of $500,000.00. Also, you will have to make sure that you are going to be creating 10 new full time jobs. If you are buying a convenience store that is currently in operation, you will have to create an additional 10 jobs. Further, you have to be able to invest the whole $500,000. You cannot finance part of it unless the loan will be secured by the business and you will be paying the loan from your own funds and not the income from the business.

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    Jeffrey E Campion

    Immigration Attorney
    Answered on

    If it is an existing business and does not count as a "troubled business," then "no." If it does, then "maybe," depending on the investment structure.

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    Shahzad Q Qadri

    RC Creator
    Answered on

    It may qualify but there are many factors to consider. First and foremost, in order for it to qualify for the EB-5 program the investment must be within a Targeted Employment Area. If it is not then you need to invest a $1million. Since there are so many factors I would strongly suggest you talk to a lawyer to ensure that it does in fact qualify.

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    Boyd Campbell

    Immigration Attorney
    Answered on

    Very likely not. Job creation would be minimal.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    It depends on whether the convenience store is located in a more than 150% higher than national unemployment area or targeted employment area (TEA) certified by a government. If not, your investment must be $1 million. Also, will you be employing 10 full-time, permanent workers at your store? If not, you will not qualify.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    Not unless it is in a designated TEA. You would need to put in the full $500,000 (or $1 million if not in a TEA), no financing to cover the investment unless it is secured by assets other than the commercial enterprise in which you are investing. You will also need to create 10 new jobs.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    If the half that is being financed is secured by the assets of your new commercial enterprise, then the answer is no. Also, you must create 10 NEW full time jobs. It is unlikely that the purchase of an existing convenience store would create this much new employment. If the business qualifies as a "troubled business," and it has at least 10 full time positions, then at least the job creation requirement can be met by maintaining the pre-investment employment. Finally, the new commercial enterprise must have been established after 11/29/1990 or you would have to restructure, reorganize or expand by 40%.

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    Christian Schmidt

    Immigration Attorney
    Answered on

    You must invest at least $500,000 of your own money and the store must be located in a specific area of high unemployment for such an investment to qualify for EB-5 purposes. You may want to investigate whether an E-2 visa is an option.

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    Robert West

    Immigration Attorney
    Answered on

    Maybe but a lot more questions need to be asked to see if you qualify.

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    Stephen Berman

    Immigration Attorney
    Answered on

    If it is in a low employment area and it creates 10 new jobs, and it is a new business, then yes.

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    Karen Weinstock

    Immigration Attorney
    Answered on

    It could qualify depending on the particulars, however note when buying an existing business you would have to create 10 additional full time jobs, not counting the jobs already existing in that business.

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