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    • 1 Post By Septicbrit
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    Thread: Buying a business


    1. #1
      cameron

      Buying a business

      Hi, my wife and i with out young son are looking to move to Florida - we already have a home there - and are looking to buy a business which will give us our (E2?) visa's. Has anyone out there done this and would anyone recommend any particular type of business? We thought this route rather than invest in the EB 5 investment program which is pretty costly. Thanks in advance for any advice.

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    3. #2
      Septicbrit
      Quote Originally Posted by cameron View Post
      Hi, my wife and i with out young son are looking to move to Florida - we already have a home there - and are looking to buy a business which will give us our (E2?) visa's. Has anyone out there done this and would anyone recommend any particular type of business? We thought this route rather than invest in the EB 5 investment program which is pretty costly. Thanks in advance for any advice.

      The E2 is the visa of grief. There's no direct route to permanent residence, so if the business goes, you go, too! You son is on his own at the age of 21, yet if he has been schooled in America he will associate more with America..

      EB5 is a far better bet.
      cameron likes this.

    4. #3
      bobinalbuquerque
      The E2 is much maligned but does deliver exacly what it is designed to do.If the EB5 is out of reach then there is really no alternative.We have been living in the U.S. since 93 on this "temporary" visa ,the renewal process does dictate having to return to the originating embassy and for some that is a major concern.
      The real grievance from E2 holders is that there is no route to LPR status (green card), likewise as mentioned it can create a major problem in the future for your child.He is not allowed to work in his teenage years and at 21 will age out from the E2.Assuming he/she is still in full-time education at that point a move to Foreign student status will be required.
      That you already own a property in Florida suggests that you are way ahead of others with respect to understanding American living.The E2 certainly can give you the mechanism to live full time ,but does frustrate many with its lack of flexability and unfairness.
      New legislation will be the only way forward, HR1162 attempts to improve the plight for E2 holders, the DREAM act sadly does not embrace "documented" children,and although a major immigration overhaul is planned most politicians have no awareness of what an E2 is.
      Good Luck.
      cameron likes this.

    5. #4
      Shellident
      Yes the E2 is hard work but if you find the 'right' business and make it work you can live here for years. Concerning your child we were advised that they as an independant can open a sister company to your existing E2 visa when they are old enough, don't be put off by E2 there are lots of new ways of making it possible to live and work in the US. You must go through a recognised visa specialist, be careful that you don't get ripped off, some friends of ours did and now sadly are back in the UK. Read about the E2 yes it is hard work but it is worth it when you get what you want, our first tim of applying and we were given a 5 year visa, usually you only get 2 years, don't buy a lawn care business as they are everywhere! Good luck

    6. #5
      bobinalbuquerque
      "Lots of new ways of making it possible to live and work in the U.S." Could you please elaborate, I am unaware of any legislative changes?

    7. #6
      Florida Redhead
      Quote Originally Posted by cameron View Post
      Hi, my wife and i with out young son are looking to move to Florida - we already have a home there - and are looking to buy a business which will give us our (E2?) visa's. Has anyone out there done this and would anyone recommend any particular type of business?
      I had my FL Real Estate license for 17 years, sold vacation homes to Brits for rental. Homes on the Highway 27 corridor through Lake and Polk Counties are almost entirely British-owned, as are some subdivisions in Kissimmee and for 10 miles around Disney.
      I then switched to commercial Real Estate, because like you most Brits who own a vacation home want to settle here, and the only way is to be a billionaire or buy an existing business.
      It can be a long and frustrating process.
      The criteria for a successful E-2 ( from my own experience) were the business must prove 3 years of good tax returns, and must employ 2 Americans, or the buyer must intend to employ such.
      The biggest obstacle was the tax returns, as very few sellers maintain "good" tax returns, if you get my meaning.
      The other big obstacle is the contract must state (make sure it does!) that if the buyer is not granted an E-2, the contract is void and deposit returned except for a small "good faith" deposit. Most sellers do not want to take that risk, and are not prepared to wait.

      The buyer must invest a minimum of around $250,000 at-risk capital in the purchase and start-up of the business.
      This may vary in other places, I am only quoting from my experience.

      As for what kind of business, one of my clients was a chef in England, he bought a restaurant in Cocoa Beach and I've eaten there several times since. His wife and teenage son are involved in the business too. They have lived here 5 years and recently became US Citizens.
      It's better if you go into a business you have experience of, and your E-2 is more likely to be granted.
      Another client bought a fishing boat tours business, he has built it up and is happy. He turned his British hobby into an American business, except the fish are a bit bigger!

      Be VERY careful who you deal with....finding an honest Broker/Realtor and Immigration attorney can be a challenge.
      I know a very good British Broker in Kissimmee, ex-Parachute Regiment, Falklands veteran.
      He and his wife are very helpful and knowledgeable. I worked for him, but I don't any more so have nothing to gain. If you think this is feasible for you, and you would like to send me a pm I can put you in touch. If nothing else he can advise you.
      In the past he has helped other Brits who had been previously ripped off.
      Last edited by Florida Redhead; 25-08-2009 at 09:59 PM.