5 Little Known Facts About Immigrating to New York City
Five Facts About Immigrating to the Big Apple
New York is one of the capital cities of the world, drawing tens of millions of people to the Big Apple in pursuit of their goals and aspirations.
Considering the vast amount of money and the huge population within the state, New York is a prime location for immigrants to apply for visas that allow them to create a business, conduct international trade or take advantage of profitable job opportunities for skilled workers.
Myth: $100,000 Minimum Investment Needed For E-2 Visa
E-2 treaty investor visas are part of a program that includes dozens of treaty countries which have formed an agreement with the United States in which the U.S. allows citizens of treaty countries to live and work within American borders. One of the prerequisites that must be demonstrated when applying for an E-2 visa states that the “investment must be substantial, with investment funds or assets committed and irrevocable… sufficient to ensure the successful operation of the enterprise.”
The most repeated myth surrounding E-2 visas, in particular when attempting to apply to an area like New York, suggests that you need to have a minimum of $100,000 invested in the business before you’ll be taken seriously. However, E-2 visas have been granted for investments smaller than $100,000 while applications that have investments greater than $100,000 have been denied. This suggests that the most important aspect isn’t the number, but proving that your investment is sufficient to keep the enterprise afloat.
E-1 and E-2 Visas Require More Than Proof of Business Viability
Too many people believe that as long as you have a viable business model set up and presented to officials, you’ll be granted an E-1 Treaty Trader visa or the E-2 variety. However, the truth is that the company listed on the application has to be already engaged in substantial trade or exist as an active commercial or entrepreneurial enterprise.
If you attempt to secure these types of visas with a speculative or paper company, you’ll be denied access to entry under the E-1 and E-2 visas.
Business Visas Are Not A Specific Path to Citizenship
Sometimes, those who apply for visas to invest, trade and work in the United States believe that their visa gives them an inside shot at obtaining citizenship within the U.S. after they prove that they create prosperity in the United States. However, programs such as the TN, E-1 and E-2 visas are specifically for people who are expected to return to their country of origin once their business in the U.S. has been completed.
In fact, when you’re interviewed by officials, you will do yourself a disservice if you give them the impression that you’re eventually planning to live in the United States as a permanent citizen. They may deny your visa application based on the belief that your intentions contradict the reason for your visa application.
Not All Bachelor Degrees Qualify For TN Visas
The TN visa program under the North American Free Trade Agreement allows Canadians to apply to live and work under this status within New York and other parts of the United States. A frequently circulated myth surrounds the belief that a bachelor’s degree is all that’s needed to qualify, offering you a chance to work in a related field. However, the NAFTA agreement lists a specific group of occupations with requirements that vary to successfully apply for a TN visa for New York.
For example, if you have a bachelor’s degree in computer science, you can’t apply for programming jobs and expect to get in under the TN visa program. Instead, you have to apply as a computer systems analyst, showing that you have three years of experience in addition to the educational prerequisites.
Myth: Immigrating to New York Is Unprofitable
Due to the perceived costs of doing business in New York, you may hear the occasional grumbling of the difficulties working or creating a business in the city and around the state. However, unlike the majority of the U.S., New York is home to a significant amount of foreign investment and business ownership. In fact, within the private sector, 10% of employment is derived from a company that has foreign roots, the most in the United States.
Considering the fact that foreign business and foreign workers generate $162 billion in taxes within the United States, it’s clear that investment in the U.S. generates enough profit for foreigners to pay such a huge tax bill.
Get the Facts About Immigrating to New York
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About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
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