View Full Version : Moving to Florida
mhrentals
30-05-2005, 16:30
Hi
My girlfriend and I are considering moving to Orlando permanently. I have been offered an opportunity to purchase into a successful and growing local company for a figure probably around $200 - $300K. I am a qualified UK accountant and a Chartered UK Tax advisor. They wish to be able to expand their business and offer UK tax advice to their clients.
My girlfriend is a qualified teacher with a bachelor's degree in teaching.
We both currently own a vacation rental property in Orlando and are purchasing a second at the moment.
I am afraid we know very little of the requirements and procedures for obtaining the relevant Visas and any assistance would be gratefully appreciated.
We know that the process is lengthy and can be expensive but we want to make sure that we get it right the first time. I have been reading various other postings and have got details on costs and have seen an immigration lawyer who has been recommended.
We are not quite sure where to go from here and what Visas we would require.
Many thanks for your help
Chris
OK, you apply for E2 visa, business is well up to qualifying. Your wife ( I am saying that not girlfiend you will note) goes as an E2 dependant, after three months she gets a work authorisation permit, finds a job as a teacher, makes herself indispensable, ingratiaties herself and begs a lot and gets them to sponsor her for a work related visa, that one leads to green card from which she will eventually ( some years down the line) be able to sponsor you as her spouse. If you go 50% each in the E2 business and both get a full E2 visa, she wont be able to work as a teacher, only in the biz abd never any chance of green card for either of you. Heres the downer, I am not at all sure, you can go on a dependant E2 unless you are married so girlfriend wont do and a visit to the little white wedding chappel may be in order. You need to check this out as we were already married so am not 100% sure. Ray do you know if common law suffices, I am not sure it does????
You will need to be buying a 50% share of the business
You will need to be actually married. common law is not acceptable ..
Your properties will be of no help in the application.
Use Leslie Silitto for obtaining the E-2
So if your girlfriend wants to work as a teacher, she will need to be a dependant and you will need to get married first. As you are, you will have to be 50% E2 and both work in the E2 Business, which wont give any chance of green card.
mhrentals
31-05-2005, 12:10
Thats great thanks for all your help.
Do I hear the sound of wedding bells???
mhrentals
31-05-2005, 22:53
Not too sure yet! I'm not sure if it'll make a good impression if I propose for a legality!
Could you tell me how long an E2 VISA lasts for before having to renew?
Is there no other way around this other than to get married? Could we each apply separately for separate VISA's?
An E2 visa is usually granted initially for any period up to five years although two or five years seem to be the most frequently granted periods. As long as your business is still trading satisfactorily, you can apply for a renewals and can generally stay in the USA as long as you're still successfully trading, all other things being equal.
If you applied for separate E2 visas, you'd need to purchase two viable businesses which would obviously be more expensive. Julie was giving you the best advice for staying long term, both of you not being tied to a business longer term and eventually getting a green card.
mhrentals
01-06-2005, 03:19
I have been able to get some more details regarding the purchase in the last day. The business is valued at around $1m. I would advance $500k to purchase into the company effectively giving me a 1/3 share.
Ray mentioned that you need to purchase 50% of the business. Is this going to give me a problem too? Surely you can buy into a legitimate US business with an investment of $500k and not be expected to own 50%?
Can anybody shed any light on this?
florida4sun
01-06-2005, 11:42
Investing 500k into something of which you do not have the majority share ois very risky. Be very careful when buying a visa qualifying business. They are usually vastly overpriced and do nowhere near the trade they show on paper or are propped up by very unstable contracts.
If the business is showing high net profits I would question that too. If a business is beiong run properly it would not have great net profits....
<blockquote id="quote" class="ffs">quote:Originally posted by mhrentals
I have been able to get some more details regarding the purchase in the last day. The business is valued at around $1m. I would advance $500k to purchase into the company effectively giving me a 1/3 share.
Ray mentioned that you need to purchase 50% of the business. Is this going to give me a problem too? Surely you can buy into a legitimate US business with an investment of $500k and not be expected to own 50%?
Can anybody shed any light on this?
[/quote]
<blockquote id="quote" class="ffs">quote:Originally posted by mhrentals
I have been able to get some more details regarding the purchase in the last day. The business is valued at around $1m. I would advance $500k to purchase into the company effectively giving me a 1/3 share.
Ray mentioned that you need to purchase 50% of the business. Is this going to give me a problem too? Surely you can buy into a legitimate US business with an investment of $500k and not be expected to own 50%?
Can anybody shed any light on this?[/quote]Why would you want to invest to half the business value and only get a one third share in return? If I think that's sounds a bit odd, then so presumably will the Embassy when you apply for a visa.
I think Ray said a 50% share so that you own either an equal controlling amount in the business or, if you decide to get married and buy one with your 'wife', then you would need a 51% share and she would need a 49% share in order for her to work outside the business.
As Martin has said, be very careful when you purchase a business in Florida as lots of them aren't what they may appear. You need an accountant to thoroughly go through the books for you before you even consider purchasing one. Ask some searching questions of the owners too about their business.
mhrentals
01-06-2005, 17:31
I appreciate your concerns but spending $500K to buy into the business for a 33.3% share is equal. If you imagine a bank account with $1m cash owned by 2 people - they have 1/2m each. If I deposit 500K into this account then we each own 500K or 1/3 (in simnple terms) so I think you misunderstand the reasoning.
Again thank you for your concerns regarding the business itself and the owners, as I know the owners well this is of no concern to me, besides I am an accountant.
Thanks to everyone for their help.
<blockquote id="quote" class="ffs">quote:Originally posted by blott
[quoteI think Ray said a 50% share so that you own either an equal controlling amount in the business or, if you decide to get married and buy one with your 'wife', then you would need a 51% share and she would need a 49% share in order for her to work outside the business. [/quote]
From my understanding this is incorrect.
If your partner own any part of the E-2 business they cannot get a work permit .. The partner would have to have an accompanying spouse visa to get an EAD..
mhrentalsA third share in theory will not get you an E-2
can I suggest.. as this is a large amount you go see a london based US Immigration lawyer I can give you a couple of name if required..
A different visa may be another choice ..especially if you have an existing business..
I presume you have already read Leslie Sillito site for a mass of E-2 info ..its at http://www.investorvisausa.com/index.html