The contributions of immigrant entrepreneurs—innovation, job creation and economic growth—are often cited by economists as strong reasons to reform our outdated immigration system.  However, the kids of immigrant entrepreneurs receive relatively little attention.  Delving into the experiences of these adult children of immigrants provides a new lens through which to witness the struggles and triumphs of parents and their children as they pursue the American Dream.

A new report by the Immigrant Learning Center (ILC) puts a human face on the children of immigrant entrepreneurs.  Adult Children of Immigrant Entrepreneurs: Memories and Influences shares the stories of 36 children of immigrants representing a wide variety of countries of origin and family businesses.  Some were born in the U.S. and others immigrated here in childhood.  While their stories differ, they all have one thing in common: their immigrant entrepreneur parents and experiences growing up around the family business heavily influenced their desire to pursue an education and the American dream.

All of the young adults interviewed witnessed firsthand their parents’ struggles as they integrated into their new home in the U.S., ingraining them with a strong work ethic.  They spent long hours along side their parents in their place of business.  While most gained valuable experience taking on various activities, many parents shielded their kids from manual labor, encouraging them instead to interact with customers, keep the books, or other business-related tasks.  Because they often had better English language skills than their immigrant parents, many of them served as de facto language brokers.  Spending time working alongside their parents provided them with valuable business and social skills, giving them the confidence that allowed them to excel in school.

Pen Khek Chear, whose parents came to the US as Cambodian refugees, said:

“My dad did not want to teach me to be a jeweler [like him] because he was afraid I would like it.  My parents wanted me to get an education and be a ‘respectable professional’ and not have to do ‘hard labor.”

Pen obtained a Master’s in Social Work from Boston University.

Because of their own struggles, education is very highly valued by immigrant entrepreneur parents, and the young adults interviewed had achieved high education levels.  Many of the people interviewed had pursued graduate school after graduating from college.  They related how their immigrant parents wanted them to excel educationally, get good, stable jobs, and live more comfortable lives than their parents had.  The kids recognized that their parents had performed difficult manual labor, and had sacrificed their weekends and worked all the time so that they could pursue higher education.  ILC found that “there is an inherent appreciation among the adult children of immigrant entrepreneurs for the sacrifices their parents made to ensure that they have successful careers and lead normal lives in their adopted homeland.”

Like many American families, the immigrant entrepreneurs highlighted in this study want their children to excel and have opportunities that they themselves did not have.  While their children may not always get along with their parents, they recognize the tremendous sacrifices their parents have made for them.  Not only did the young adults interviewed excel in school and in their careers, but they also chose careers that allow them to give back to the community.  The American Dream is alive and well in these immigrant families.

September 22, 2011 - Amedabad

Rattled with economic woes since 2008, the USA has dusted off a 1990 visa programme offering a short-cut to the once coveted Green Card (permanent residency) within six months if a foreigner invests a minimum of $ 500,000 to settle down there along with family.

The investment, under this Immigration Investors’ Programme, is expected to provide one per cent interest in three to four years, subject to market conditions. The investment would have to be made through authorized legal channels.

The US Congress had passed the Immigration and Nationality Act in 1990 which created the fifth employment-based visa category (EB-5), enabling a foreign national to secure a US Green Card for self, spouse and unmarried children under the age of 21 years.

Faced with difficult times, the Barack Obama Administration dusted off EB-5 programme in 2008. “Even we came to know about it only three years ago,” Mr Greg Wing, Managing Partner, Green Card Fund, LLC (also known as Arizona EB-5 Regional Center), now in India seeking investors, investments and immigrants,told Business Line on Thursday.

A wholly-owned subsidiary of Bedford Venture Group, LLC, monitors the investors’ immigration throughout the process of getting their Green Card.

Interestingly, although the immigration quota under EB-5 permits up to 10,000 investors per annum, there have been few takers so far. In 2010, only 1,885 investors availed of it, investing a total of $1.1 billion. They included China (866 investors), South Korea (295) and Great Britain (135). Only 62 Indians availed of the facility, investing $40,000,000. “This year, we expect 70% more Indians availing of EB-5.”

Unlike tightening of norms for other categories of visas, the USA is leaving no stone unturned to encourage more Indians and others to follow the EB-5 visa route. “We are holding seminars and meets across China, India and other countries in this regard. In the first six months of 2011, the number of Chinese applying for it has already crossed the 1,200 mark.”

To facilitate its work, Green Card Fund has roped in the Bangalore-based Fox Mandal Consultants and Advisors. Another US-based immigration consulting firm, Kenn Morris America, is also offering its services to Indian investors. The US Citizenship and Immigration Services (USCIS) ensure processing of applications within 15 calendar days for an additional fee under the premium processing of Green Cards.

Link to Original Article: http://www.thehindubusinessline.com/industry-and-economy/economy/article2476603.ece

August 12, 2011 - Scottsdale, Arizona

If you are considering a permanent move to the USA you may be researching a number of issues.  One of the major ones is likely to be tax implications. We have therefore included some commentary from one of our Tax specialists that may be of interest.

“In general terms taxes are currently lower in the USA than compared with many other industrialized  countries. Of course generalities are always difficult, as there are many forms of taxation in each country.  An individual’s tax liability will vary according to their particular circumstances. As an example take sales tax. The USA does not have a country wide system of sales or value added tax. An  average figure for sales tax in the USA varies according to each State but is in the region of 5% to 7%.Some  states do not have any sales tax! Compared too many European countries where the figure can be 20% this can make  for a considerable difference in the cost of living. There is also a federal income tax in The USA which is progressive, increasing with the amount of income.  Currently this ranges from 10% to 35% of taxable income with the highest level only cutting in at a taxable  income exceeding $375,000 for a husband and wife filing a joint tax return. There are many deductions  available which can reduce taxable income, these can include, home mortgage interest, property taxes, investment interest, local taxes, State sales taxes etc. Some States also levy taxes on income, figures vary. It is important to understand that tax liabilities are a highly individualized topic and each set of  circumstances may differ. Different countries may have tax agreements with The USA to avoid double taxation  and it is important to obtain professional advice”.

 

Reposted from Which EB-5 Blog

June 29, 2011 - Bangalore

Bangalore Chamber of Industry and Commerce (BCIC) in association with FM Advisory Services Pvt Ltd, an affiliate of the Law Firm Fox Mandal & Associates organized a Seminar on "Securing U.S. Green Card" on Wednesday, June 29, 2011.

The Title seemed simplistic but the presentation made on an interesting topic that drew instant interest of the participants kept them spellbound till the surprise package that came with the `Green Card' proposition.  It is an employment based Immigration Visa Category called EB- 5 that envisage to encourage immigrants to invest a minimum threshold amount to start a business in the defined categories with the guarantee to creating a minimum of ten jobs.

Mr. H V Harish, Vice President, BCIC in his welcome address briefly described the scheme called the U.S. Green Card, the EB-5 Visa for Immigration Investors and said “I wonder why we in our country cannot have our own green card programme to attract talent from outside". He said the EB-5 programme provides the investors with the freedom and flexibility to live and work in the United States. The Visa programme provides an excellent opportunity to obtain Green Card and the EB-Investment visa route to a green card allows eligible immigrants the opportunity to become lawful permanent residents.  The investment could only be received by an economic unit defined as a Regional Centre.

During his detailed presentation, Mr. Gregory Wing, Co-Founder, Green Card Fund LLC, introduced his organization as one of the approved Regional Centres by the U.S. Government (Immigration Service) that offered EB-5 qualified investment opportunities to potential foreign investors. The investments are generally equity infusions or loans into a business and the typical EB-5 investor period until repayment is five years or less. After making an investment, approved EB-5 investors will receive a temporary (conditional) U.S. Green Card. The EB-5 investor will be given permanent U.S. Green Card residency status only after the investment demonstrates that has created 10 permanent jobs. This job test typically occurs between the 24th and 30th month following the EB-5 investment into a business.

Mr. Satish Kholay, Managing Director, Green Card Fund briefed the participants about Green Card Fund, LLC which  received  USCIS Regional Center approval in February last year, is part of  Bedford International, a company founded in 1991, has identified several areas with high potential to meet the EB-5 conditions to get permanent residency as well reap a good return on investments. This included Public Charter Schools, emerging as a viable alternative to conventional public schools, whose popularity is waning among people. He said more than 5,000 Public Charter schools were operating in USA now. But there was an immediate demand for over 4,000 schools. Besides, education, health care and real estate are the other areas with huge potential for the aspiring immigrant investors.

Mr. Greg, Mr. Satish and Mr. Ashok Joshi responded to several queries that were raised by the participants immediately after the presentation.

Mr. T S Sampath Kumar (Secretary General of the Bangalore Chamber of Industry and Commerce) proposed a hearty vote of thanks stating that the Seminar provided useful information to the members in planning their Green Card quest more scientifically while adding value to the country in the process of obtaining the residency.

Chennai - July 3, 2011

The Madras Chamber of Commerce and Industry organized a seminar on securing a US green card on Friday. 

The seminar briefed on the procedures to secure a green card in the US via EB-5 programme of the US Congress established with a view to encourage foreign investment to create jobs. Co-founder of the Green Card Fund Gregory Wing and managing director Satish Kholay delivered the lectures.

"When considering foreign investment the project risks are analyzed using the concept of the 5 C's of credit analysis." said Gregory Wing.  This involved analyzing the investor's [project's] character and competence management, conditions (industry, economic, local, and market demand), cash flows, capital (promoters) anc collateral issues (investment ratios and security).  If these conditions are satisfactory, the investment is selected and processed.  The investment process involves accredited investor questioning and reviewing project documents.  Once the whole process is complete the investor obtains a green card, he said.