Home Buying in Los Angeles>Question Details

thegenie01, Other/Just Looking in Los Angeles, CA

I am a tourist, want to buy a house in LA, can I change my visa to be able to live more the 6 month that is allowed for tourists?

Asked by thegenie01, Los Angeles, CA Mon Feb 25, 2013

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thegenie01’s answer
THANK YOU all very much,

Mack, Yes, you understood my question correclty,

I heared that in Turkey, for example, if you purchase a property, then you get a permit to live, so, you dont need to keep applying for visa whenever you want to go and visit and you can stay as long as you want each visit,

Jamie and Lena, I will keep your numbers and contact info in case I decide to proceed with the purchase,

Again, thank you,
2 votes Thank Flag Link Mon Feb 25, 2013
You are welcome, and thank you for the information about Turkey!

All the best,
Flag Mon Feb 25, 2013
Hi,

Congratulations on your decision to purchase a home in Los Angeles!

I believe if you want to extend your Visa, you need to file a request with the U.S. Citizenship and Immigration Services.

Here is a link to more information about this: http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b…

I am a real estate agent with Rodeo Realty and I specialize in the Los Angeles area. Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com with any questions or concerns.

I would be happy to provide you with a list of available properties that fit your criteria by email and set up appointments for you to view any properties you are interested in during your visit to Los Angeles.

Best Regards,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: http://www.JamieTian.com
2 votes Thank Flag Link Mon Feb 25, 2013
As an Investor, the only way to change your visa to stay more than 6 months is as an Entrepreneurs (and their spouses and unmarried children under 21) who make an investment in a commercial enterprise in the United States and who plan to create or preserve ten permanent full time jobs for qualified United States workers, are eligible to apply for a green card (permanent residence).

Up to 10,000 visas may be authorized each fiscal year for eligible entrepreneurs.

You must invest $1,000,000, or at least $500,000 in a targeted employment area (high unemployment or rural area). In return, USCIS may grant conditional permanent residence to the individual.

For more information, see Section 203(b)(5) of the Immigration and Nationality Act (INA) and 8 CFR 204.6 (see the “INA” link to the right).
1 vote Thank Flag Link Mon Feb 25, 2013
Hi CP,
Thank you for your answer,
Yes I heared about this, I have a small question about it if you can help,
Lets say that I was able to make the invsetment of 500K or 1M, I expect that I will not be handed over the green card immediatly, so, what shall I do unitl I get the green card? am I offered another type of visa until my investment (a restaurant or a minimarket for example) is established and can preserve/provide jobs for 10 or more people?
Appreciate your help,
Flag Tue Feb 26, 2013
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
thegocp@gmail.com
0 votes Thank Flag Link Mon Oct 14, 2013
Yes, generally you will need to spend $500,000+ to qualify. Here is an article with a little more details:
http://online.wsj.com/article/SB1000142405297020375260457664…

I work with International Homebuyers and Investors all the time, feel free to contact me directly with any questions you may have or if you would like me to help you in the process of buying.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
0 votes Thank Flag Link Sun Sep 15, 2013
EB-5 GREEN CARD INVESTORS

Under certain conditions, foreign investors can acquire a green card to gain permanent residence for themselves and their family into the United States by buying or investing in certain U.S. businesses.

These EB-5 visas are specifically for owners and investors in businesses that will provide jobs for Americans. The EB-5 is a visa that may be granted for certain substantial investments in U.S. that create or protect American jobs. Only 10,000 VISAs are granted annually and the entire process takes more than 2 years. An investment must meet several criteria in order to qualify the investor for permanent residence. These criteria include but are not limited to:

1.Showing that "substantial" investment or funds are available and committed to the investment;
2.The investment must be in an active business as opposed to passive investment such as purchasing a home
3.The investment must create or protect jobs for U.S. persons.

The minimum amount of investment necessary to obtain an EB-5 visa depends upon the type of business involved, and the number of jobs created, as well as the form and/or the location of the investment. Generally, the investment must be $1,000,000. But in some instances can be as little as $500,000.

Investors using the EB-5 visa program to bring their families to the United States need not be immigrating from a treaty country. They will however, be required to demonstrate that the invested funds can be traced to legitimate sources.

The spouse and unmarried children under the age of 21 of an EB-5 visa holder are entitled to the same EB-5 classification as the principal investor.

WARNING: The United States imposes income and estate taxes on its citizens and residents on a world-wide basis. The consequences of this far reaching tax policy can be mitigated with pre-immigration tax and asset protection planning.

Feel free to call for more details
0 votes Thank Flag Link Thu Sep 12, 2013
Hi Thegenie01,

Yes, you may change your visa status. There are many criteria that must be met and a lot of guidelines to follow. As with any real estate purchase, it is recommended that you consult a professional.

Contact one of our experienced agents today at 714.998.8399 or visit our website, http://www.globenetrealty.com

Best Regard,
0 votes Thank Flag Link Thu Sep 12, 2013
Congratulations on your decision to live in California! Good luck with your plans. Without repeating too much what my colleagues advised below, contact a reputable mortgage broker who is experienced with foreigners purchasing in the US.
0 votes Thank Flag Link Mon Feb 25, 2013
Thank you, I will
Flag Tue Feb 26, 2013
Obtaining a loan for a Foreign National or a Non-Permanent Resident Alien (NPRA) is not much different than doing a loan for a US Citizen or for a Permanent Resident. We require credible documentation for 2 yrs. + year-to-date Income, credit report or alternative credit to demonstrate ‘A’ quality credit worthiness, and seasoned funds in a known financial institution (does not have to be seasoned in a US bank account). Translation of documents may be necessary if the originals are not in English.

Foreign Nationals:
You have no Green Card and no VISA.
No Credit required…but four credit references required – alternate credit from country of origin is okay…international credit reports are also acceptable. (We usually Google your Country of Origin to determine if they have credit reports & tax filing).
Max 50% Loan-to-value.
Minimum loan amount of $300,000.
Income:
We require 2-years income verification history but it is not necessary to have U.S. tax returns…Tax documents from country of origin are okay. If your country of origin does not require to file the equivalent of tax returns, then we need an employment letter on your company's letter head explaining compensation. If the employment letter is in a language other than English we need to get a statement from a tax preparer or equivalent that can provide evidence of your credentials by translating the documents…it must be on letterhead so that we can verify the company through 3rd party sources.
Assets:
We must be able to source seasoned assets in a known verifiable worldwide financial institution (i.e., Credit Suisse, HSBC, UBS, Bank of Tokyo)…the funds may not be in an Institution which cannot be verified. The main reason for sourcing the income and assets is for OFAC (Office of Foreign Assets Control) which monitors foreign countries, regimes, known terrorists, etc.

Tax Preparer or Equivalent – Financial Analysis:
If the income and asset documentation is in a foreign language, we might have to hire an Accountant/CPA (tax preparer or equivalent) to analyze, interpret, convert and present the information in such a way so our Underwriter can easily understand. That is, have a comprehensive summary and accounting of thyour financial position. (Tip: All U.S. Embassies provide translation services).

You must have a Social Security Number or Tax Identification Number (TIN) which can be easily acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. As long as you have applied for the TIN, we can proceed….
Passport and second form of ID required.
Power of Attorney (POA) is not allowed. You, if not present in the US, will have to go to an American Consulate to sign and have loan documents notarized.
Verification of existing Mortgage/Rent is required for previous 12 months.
Reserves of 12-months full debt service required (including all payments, cars, etc.).

Feel free to call me.

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes Thank Flag Link Mon Feb 25, 2013
Jamie is correct.

If I read your question correctly, you're asking if you can get a visa based on your owning property in the U.S., and the answer is: no.

There is a program where investors who buy in special zones that will generate employment can qualify for a resident visa, but that's a different thing.

Non-citizens may purchase real property in the U.S., but it doesn't give them the right to residency.

There's also this site: http://travel.state.gov/visa/
0 votes Thank Flag Link Mon Feb 25, 2013
You need to consult with an immigration lawyer or a paralegal whether you'd be able to extend your visa by purchasing real estate. As far as I know, it's not a substantial reason for you to have a green card. investing in a business that creates surtain number of paid jobs allows people to get a green card. Good luck. I'd be happy to assist you with the purchase should you decide to move forward with the purchase.

Lena Samigoullina
Lenasrealtor@yahoo.com
310.625.9005
0 votes Thank Flag Link Mon Feb 25, 2013
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