Archive for June, 2011

Canada Caps Immigrant Investor Applications at 700

Sunday, June 26th, 2011

Federal Immigrant Investor Program

CIC has announced that as of July 1, 2011, the number of Federal Immigrant Investor applications accepted for processing will be capped at 700 for the coming 12 months. Canadian financial institutions, which act as facilitators in this program, are reporting that applicants will be required to submit government processing fees, a copy of their passport, and completed simplified forms to the Centralized Intake Office in Sydney, Nova Scotia. All other supporting documents will be required at a later stage of the processing.

To qualify for the Federal Immigrant Investor Program, applicants must have:
• Prior business experience;
• A minimum net worth of C$1,600,000 CAN; and
• Make a C$800,000 CAN secured investment.

“Given the demand for this program, especially from Chinese nationals, we expect this imposed cap limit to be reached extremely quickly… probably within a matter of days,” says Attorney David Cohen. “Applicants should keep in mind that Quebec has its own Immigrant Investor Program which could be a great option for applicants who cannot submit under the Federal Investor Program as Quebec will be increasing the number of applications accepted under its program.”

The Government of Quebec is expected to make an announcement regarding its Immigrant Investor Program early next week.

AAO Decision – Multipliers

Friday, June 24th, 2011

On April 14, 2011 the Administrative Appeals Office decided the attached case, the name of which has been redacted. However, the AAO made a finding in this case that relates to whether USCIS can revisit the econometric analysis (the multiplier) at the I-829 petition level. The answer is a distinctive NO. The decision goes on to say that if USCIS approved the multiplier at the I-526 petition level then the director cannot disallow the econometric multiplier at the I-829 petition level as it relates to the counting of indirect jobs. The only question at that point with respect to the counting of the indirect jobs is whether the business plan was followed. This seems to be a clear interpretation by AAO that once the multiplier contained in the Econometric Analysis is approved by USCIS at the I-526 petition level the counting of indirect jobs at the I-829 petition level cannot be revisited by USCIS, unless the business plan was not followed. The following is the pertinent part of the decision relative the subject of counting indirect jobs.

The regulation at 8 C.F.R. § 204.6(m)(3)(v) provides that a regional center proposal must be supported by “economically or statistically valid forecasting tools, including, but not limited to, feasibility studies, analyses of foreign and domestic markets for the goods or services to be exported, and/or multiplier tables.

As stated above, in support of the original Form 1-526, counsel asserted that the petitioner would use a 2.66 multiplier to calculate total job creation. The director approved the petition without further inquiry, apparently considering the economic formula to be a “reasonable methodology” as discussed at 8 C.F.R. §§ 204.6G)(4)(iii) and (m)(3)(v). In the matter before us, the director now questions whether the multiplier is appropriate for the dairy’s location.

The Ninth Circuit, in Chang v. United States of America, 327 F. 3d 911 (9th Cir. 2003), held that, during the adjudication of a Form 1-829, USCIS could not review whether the initial plan submitted with the Form 1-526 was qualifying, only whether the alien sustained that plan. Specifically, the court stated that the Form 1-526 approval may not be “decoupled from [Form] 1-829 approval” Id. The court further stated that Form 1-829 approval is predicted by Form 1-526 approval and “successful execution of the approved plan.” Id. As noted by the court in Chang, 327 F. 3d at 927, far more evidence is required in support of the Form 1-526 petition. In fact, as stated above, the regulation at 8 C.F.R. § 204.6G)(4)(iii) expressly requires the submission of reasonable methodologies for determining indirect job creation at the Form 1-526 stage. At the Form 1-829 stage, the petitioner is not required to submit such evidence, although the petitioner must use the methodologies approved at the Form 1-526 stage to demonstrate that his investment has created the requisite employment.

Under the reasoning of Chang, the director erred in revisiting the appropriateness of the multiplier. The director approved the Form 1-526, which disclosed that the petitioner would be using the 2.66 multiplier for the location of the dairy. The petitioner did not materially change the location of the proposed employment creation and the director does not identify information that was misrepresented or not disclosed at the Form 1-526 stage that would warrant a new evaluation of the multipliers used. Thus, the petitioner should be able to rely on the 2.66 multiplier as an acceptable means of demonstrating total job creation, including indirect jobs. The AAO withdraws the director’s concern that the 2.66 multiplier is not appropriate.

Interesting Article from Time.com

Tuesday, June 14th, 2011

This post is in partnership with Worldcrunch, a new global—news site that translates stories of note in foreign languages into English. The article below was originally published in Economic Observer.

BEIJING — Is China facing a “Wealth Drain”? Do too many of the best and brightest — and above all, richest — Chinese dream of packing up their accumulated capital, and going to live abroad?

According to a new study, a majority of Chinese who have more than 10 million Yuan ($1.53 million) worth of individual assets find the idea of real—estate investment a lot less tempting than so—called “investment emigration.” Nearly 60% of people interviewed claim they are either considering emigration through investment overseas, or have already completed the process, according to the 2011 Private Wealth Report on China published by China Merchants Bank and a business consulting firm Bain & Company. The richer you are, the study suggests, the likelier it is that you resort to emigration. And among those who possess more than 100 million yuan, 27 % have already emigrated while 47% are considering leaving.
(See: “On the Cutting Edge — China’s Extraordinary Buildings”)

The fact that more and more rich Chinese are seeking to emigrate is turning into a hot topic in China, and statistics prove that the trend is a real one. According to Caixin online, a Chinese website specialized in finance, the compound annual growth rate of overseas investment by Chinese individuals approached 100% between 2008 and 2010. The compound growth rate of the Chinese who used investments to emigrate to the United States in the past five years is 73%.

So why are wealthy Chinese so eager to leave their country? The simplest answer is that there are a lot of things in China that even the richest cannot buy (emigration is obviously not one of them). China’s rich are fond of saying that nothing “is a problem if money can solve it.” Among the irresolvable problems that spark emigration, there are material ones, and emotional ones.

The former includes issues like laws and regulations, the education system, social welfare, inheritance tax, quality of air, investing atmosphere, food safety, ability to travel, and so on. In short, these are the material factors that any State must provide to its people in order to ensure their happiness. In emerging countries such as China, these factors are still often found wanting.

Emotional reasons behind rich people’s immigration are generally linked to the lack of a sense of personal safety, including safety of personal wealth, as well as fear about an uncertain future.

It thus appears that it is a certain “lack of well—being” that is pushing wealthy Chinese to emigrate. The results of the Private Wealth Report are very much in line with other studies. A recent Gallop Wellbeing Survey showed that most Chinese people feel depressed, even as China has sky—high economic growth rates that Europe and America can only dream of. According to the survey, which asked respondents to choose between “thriving,” “struggling,” and “suffering” to describe their situation, only 12% think themselves as “thriving,” while 17% describe themselves as “suffering,” and 71% “struggling.” The number of Chinese who feel that their life is improving is comparable to the number of Afghans and Yemeni who feel the same way, while the number of persons feeling they are “struggling” is approximately the same as in Haiti, Azerbaijan and Nepal.
It is a paradox that, in a country where more and more people are getting richer by the day — albeit to the detriment of the poor, who have benefitted very little from the country’s new wealth — the general feeling of well—being should remain at rock—bottom. The poor grumble while the rich flee.

The truth is that, unless they emigrate, the wealthy have to suffer from the same causes of unhappiness as the poor. Take food safety. Last year, when a Chinese woman living in Canada was asked by the International Herald Tribune why she had left her country, she said it was because of the Sanlu (toxic baby milk) case, and also because of the “hatred against the rich.” Her answer highlights the fact that, as the gap between the rich and the poor is getting wider, and the poor are complaining more and more, the rich are also getting more nervous. Some rich people even worry that the “redistribution of wealth might start all over again.”

Although the danger seems overblown for now, people are starting to wonder where the public hatred of the rich might lead. The wealthy also know that they bear some of the responsibility for the unequal distribution of wealth. The so—called “original sin of wealth” is not totally without foundation, and it is often difficult for the rich to stop enriching themselves. Fluctuating market conditions bring out a survival instinct that sometimes makes them commit illegal or immoral acts. Once they realize this, they often chose to avoid the trap by emigrating and starting afresh.
The situation would not be as serious, of course, if the number of people deciding to leave were low. But once a few personal choices take the shape of a massive drain, the consequences of their departure on the economy and on society, through the example they set, can be dire.
An even bigger cause of concern is that, when rich people pack their money and leave, not only are they no longer identifying with their country, but they are also avoiding their social obligations. While the reason behind these people’s decision matters little, the undeniable fact is that they make money from this society, but they refuse to give anything back.

Rich people who decide to move to a foreign country should know that, by doing so, they are stoking the dissatisfaction among those who stay behind. The poor get angrier because they cannot leave, and their hatred towards the remaining rich grows even bigger. This is the most corrosive thing that can happen to a society.

Read more: http://www.time.com/time/world/article/0,8599,2077139,00.html#ixzz1PIiEfqdC

The EB-5 Boot Camp Announced in San Diego

Tuesday, June 7th, 2011

Come to meet with Leading Migration Agent WSLK from Asia and EB-5 Experts and Professionals from around the country on June 18, 2011 in San Diego. If you come to AILA conference, do not miss this one day EB-5 business and networking event

San Diego, California
(PRWEB) June 06, 2011

The leading EB-5 business advisory firm Artisan Business Group, Inc. announced today it will be hosting an EB-5 Boot Camp in San Diego on June 18, 2011.

This one day EB-5 event will have expert speakers from Asia and the US to provide a comprehensive overview on the Asian and Chinese markets. Come learn the keys to success in the International Wealth Market and EB-5 Immigration Investors Program to be more successful in the global market. VIP Speakers include: Mr. Raymond Ku, Chairman of WSLK, a leading EB-5 program distributor in Asia and China; Mr. Brian Su, CEO, Artisan Business Group, Inc.; Michael Gibson, USAdvisors.org; Kevin Wright, Wright Johnson LLC; Joseph McCarthy, David Hirson, Steve Qi, and others. VIP guests include Mr. Lu Sun, VP of MasLink Group, Mr. John Jiang, Managing Director of Henry Global, both firms are leading EB-5 migration agents in China.

The EB-5 boot camp will provide the latest market, legal and economic information, and updates to immigration and legal professionals who are interested in serving Chinese and Asian business and individuals clients. It is specifically designed for U.S. EB-5 project developers, immigration attorneys, and EB-5 professionals to network with international migration agents, consultants and services providers. The goal is to assist EB-5 projects in entering capital market around the world. Top speakers and practitioners are invited to share their real world experiences and expertise.

For more information, please visit http://www.EB5BootCamp.com or contact Brian Su, CEO & President of Artisan Business Group, Inc. at (217) 899-6385.

About Artisan Business Group, Inc.

Artisan Business Group, Inc., specializes in Sino-US investment and EB-5 business consulting. Headquartered in Springfield, IL, and with the EB-5 China Marketing and Field Support Center in China, Artisan Business Group is here to assist you achieve your goal in Chinese marketplace. For additional information please visit our website at: http://www.ArtisanBusinessGroup.com.

Press Contact:

Mr. Brian Su

Artisan Business Group, Inc.

(217) 899-6385

info@ArtisanBusinessGroup.com