For more than 20 years Cristian Nechuta had businesses in Argentinafrom selling flowers online to electronic items. He led a comfortable life in Buenos Airesbut he was not happy with the political and economic situation in his country.
His discontent grew in 2019 with the return to power of Peronism and he decided to leave. Two years later, in the midst of a pandemic, he and his family legally settled in the United States, where they had bought real estate and opened an advisory firm for foreign investors like him.
Nechuta is one of the thousands of Latin Americans who each year arrive in the United States with an investor visa that allows them to live legally in the country as long as they demonstrate that they have a profitable business. For the most part, they are wealthy or middle-class families escaping crime and economic and political uncertainty in their countries of origin and seeking tranquility to prosper.
“I got ‘the peace of mind’ (tranquility) from not having to get up thinking about how the dollar is (the price of)”, said Nechuta, 46, after explaining that he no longer suffers the impact of the ups and downs of the Argentine economy and that he walks down the street without fear of being robbed.
“I am aware that everything depends on us, the rules are clear here and there is a freedom to do what you want”, he added in an interview with The Associated Press.
For years Latin America has experienced political polarization and crime is a constant in some cities. Poverty increased in the region for the sixth consecutive year and currently reaches 200 million people, while the growth rate would barely reach 1.3% this year, according to the Economic Commission for Latin America and the Caribbean (Cepal). .
Given this scenario, hundreds of thousands of people emigrate from their countries every year in search of a better future. The vast majority attempt to cross the southern border of the United States illegally or seek political asylum. Those who have economic resources find a legal path through investments.
But “it is always a risk. No immigration lawyer can guarantee the visa,” said Roberto Ortiz, a lawyer who advises foreign investors. “They have to show that the money is legal, make an active investment in the business, and then they can apply for the visa.”
Although the law does not stipulate minimum amounts, lawyers recommend an investment of more than US$150,000. To apply for the E2 visa they must provide details of their business plan and the state of their finances.
The visa is temporary and is generally granted for a maximum of five years, although it varies for each person and country. Although it can be extended indefinitely, to renew it, investors must demonstrate their business plan again.
Before applying for the first time, some travel to the United States as tourists to explore business options. Once they make the investment and have the business running, they apply for the visa from their countries or from another place that is not the United States.
Others trust the recommendations of specialists and do the entire process from their countries.
In 2022, the most recent figures available, just over 1,700 South Americans arrived in the United States with these investment visas, the vast majority of them – almost 1,250 – from Argentina.
Mexicans, however, surpassed that total, with nearly 2,400 visas, according to the State Department. Far behind were Brazilians, Colombians and Chileans, with less than 200 visas in each case.
Claudia De Lourdes Aburto Luna and her husband quit their jobs as an accountant and management control engineer in Antofagasta, northern Chile, rented their house, sold their cars, and bought a franchise for a children’s hair salon in a small town to just over an hour from Houston, Texas.
After a process that took them more than a year between choosing the business, buying it and obtaining the visa, they arrived in Texas at the beginning of June. They rented an apartment and have already placed their two children in a public school while they scout the area for a home to buy.
Although they have no family or friends in the United States, they are happy with the decision they made. “For us it was very important to be here with a legal status and to be able to continue working and generating income while accompanying our children,” said Aburto Luna, 42. “Investing here is much safer, it was a very good option.”
Although it is not the only option to invest, the E2 visa is more accessible for middle-class entrepreneurs. Another option is the EB5 visa, which requires a minimum investment of US$800,000 and offers a path to permanent residence.
“The E2 visa is the one that is being used the most in recent years”, explained attorney Ortiz. “The other requires a much larger investment, it is for people with more money and a different mentality” to become permanent residents in the United States, he said.
The vast majority of investors prefer to live in Florida, where there is a large Hispanic community, but there are also those who choose Texas, New Jersey or Georgia, among other states.
The most common is that they invest in existing franchises, although those who already have business experience in their countries prefer to open a business in the same field in the United States, such as a carpentry or bakery.
For the Mexican Sergio Moya De La Lanza, the investment together with his Argentine partner Nechuta represented the possibility of continuing to work and generate income in a predictable environment.
After more than 30 years in IT and communications for multinational companies, he agreed to retire for compensation at the start of the pandemic and immediately thought of doing something to stay busy. He ruled out investing in his country due to insecurity and fear of extortion and turned his gaze to the north.
He sought Nechuta’s advice and together they bought a commercial cooking oil recycling franchise that enabled him to secure an investment visa for himself and his wife. With the company already underway, they arrived in Miami in October 2022 having bought a house in advance.
Due to his status as a foreigner with no prior credit or employment history, the process was more demanding and he had to pay a higher interest rate. His home in Metepec, about 55 kilometers southwest of Mexico City, is still for sale.
The company they bought went from having one employee to five in less than a year and its clients include hospitals, restaurants and sports clubs.
“I wanted to stay active and develop my own business”, said Moya De La Lanza, 58. “I don’t see myself living here forever.”
For Nechuta, his partner, emigrating was not only an economic question but also one of values. The Argentine wanted his two children, who are now 10 and 12 years old, to grow up in a safe environment, where effort and work are valued.
His first step was to secure his capital and in 2018 he bought property in the Detroit, Michigan area. The pandemic accelerated his decision to move after he had to close his electronics business.
From Argentina, he created a Facebook group for people interested in investment visas, the foundation of his current advisory company LatinVisas. He also opened a tax consultancy and invested some US$390,000 with Moya De La Lanza in the oil recycling franchise.
He sold his two cars, gave away furniture and put his Buenos Aires house up for sale. Since January 2021 he lives in South Florida, where after a year he bought his own home.
“Here my concern is the day-to-day life of my children and being able to work so that I do well,” Nechuta assured.
Source: AP
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
