Angelo Paparelli Quoted in Two Daily Journal Articles
“Green Card Gamble: Investing in the U.S.” and “Immigrant Investors Mull Canada”

Angelo Paparelli was quoted in the November 10, 2009 Daily Journal articles, “Green Card Gamble: Investing in the U.S.” and “Immigrant Investors Mull Canada.” The first article discussed why an obscure program that allows foreign investors to move to the front of the immigration line in exchange for investing money in the U.S. remains underused. The second article discussed how a similar Canadian investor program is viewed as more attractive to immigrant investors than its U.S. counterpart.

According to the first article, the EB-5 Immigrant Investor Program, established in 1990, allows up to 10,000 foreign nationals to settle in the U.S. annually. Immigrants must invest $500,000 in a new business that results in 10 new jobs. The article noted that between 1999 and 2008, federal officials issued just 1,738 permanent green cards out of a pool of 80,000 set aside for investors, according to the Department of Homeland Security. The article also pointed out that the program remains underused because of the complexity of the program and the U.S. Citizenship and Immigration Service’s ability to administer it. Angelo noted, “The process for getting through the EB-5 program is like the experience of having a Q-tip pierce your brain. It’s painful.”

According to the second article, last year, Canada granted permanent residency to 2,831 foreign investors. It has another 12,000 waiting in line. By comparison, the U.S. granted 331 permanent green cards in fiscal 2008 and there is no backlog, according to the Department of Homeland Security. Angelo commented, “The U.S. EB-5 program is a bureaucrat’s dream, but an investment vehicle nightmare.”