Residence in the Palm Beach area is popular amongst foreign home buyers due largely to the geographic location. The Palm Beaches offer an unparalleled lifestyle of fashion, luxury, and sunshine all year long. A location on the east allows easier access to private yachts, cruises, and convenient airport access. These amenities make the Palm Beach area attractive for someone who wishes to live in the states, but frequently travels outside of the country.
Given the prime location, many of our clients take advantage of the EB-5 or Immigrant Investor program, which provides immigrants with permanent-residency visas for qualifying investments in US commercial enterprises.
This program was enacted by the U.S. Citizenship and Immigration Services in 1992 and subsequently reauthorized since, to promote international investments inside the US and to promote economic growth. Throughout the years, the program has proven to be quite successful, with South Florida as a top area of interest for foreigners.
Some of the qualifications include:
- Investment must be made towards a new commercial enterprise, defined as the following:
- Established after Nov. 29, 1990
- Established on or before Nov. 29, 1990, but restructured, reorganized, or expanded over percent in net worth or number of employees.
- Commercial enterprise refers to a for-profit activity formed for the ongoing conduct of lawful business.
- Must create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years.
- Investment amount must be $1 million, or $500,000 to High Unemployment or Rural Area.
This is just a short list of the minimum requirements for the Immigrant Investor program. However, if you are interested in participating in EB-5, we could recommend an attorney that specializes in this program and could provide more information and assistance with the investment process.
The Jack Elkins team specializes not only in luxury homes in the Palm Beaches, but also on the lifestyle. If you have any questions about living in the area, Jack Elkins has a wealth of knowledge which he is happy to share information.