As part of efforts to get Nigerian investors and families aware of the investment pathways to the United States of America permanent residency and citizenship, Brave ICONS in partnership with Invest In the US (IIUSA), last week, organised a detailed session on these opportunities for some Nigerians.
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At the meeting, through two panel discussions on ‘Understanding the immigration process and what a green card provides’ as well as ‘Understanding the investment requirements and project due diligence’, the participants were provided insights and general ideas on what it takes to get green card and permanent residency in the US through investment.
On hand to provide the details of the process, including precautions, were representatives of IIUSA, Brave ICON, which facilitates the investment processes for would be investors, and Nigerians who have successfully gone through the process.
Speaking after the panel discussions, Managing Partner, Brave ICON, Fife Banks, said that after COVID-19, he and his partner thought that with their rich background in investment, advisory and finance industry, they could help high net worth families build trans-generational wealth.
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“So, we started engaging on our clients and they started asking us about adding second citizenship to the will of their wealth management because this is something bequeath-able. I mean if you become an American citizen, generation after you would also be an American citizen, so then the IIUSA has come to Nigeria to partner with the Abuja Chamber of Commerce and Industry where I served as the Chairman of young CEO.
“This has now become fully fledged relationship; so we now facilitate EB-5 visa investment in Nigeria. The opportunity has always been there because the EB-5 visa programme is a creation of US congress in 1990.
“However, you will find out that overtime, all manner of people get into the industry and so, people lost their money. And this is because people did not get the correct information, they begin the process and get struck. But we thought it necessarily to provide accurate information to Nigerian investors, who want to go through this route, which is why we invited our partners to come to Nigeria and also brought the regional centres members.
“So, this an information-sharing session. People asked questions and understood the nitty-gritty of this programme so that whenever they make decisions, they don’t fall into the wrong hands and know what to expect by making informed decisions.
“But again, people have asked, is this not capital flight into the United States, and I say to them, I have been privileged to consult for the Ministry of Interior and led the strategic planning for the Nigerian immigration service three years ago. And I recognise that Nigeria has a citizenship by investment programme too.”
Banks added that participating in the programme by the Nigerian immigration Service gave him the experience and expertise to be able to sit down again with stakeholders in Nigeria to see how to structure Nigeria’s programme to attract non-Nigerians to bring in their finances for the purpose of the country’s economic development.
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“In return, we can give them some sort of permanent residency here in Nigeria as well. So it is bilateral, give and take and this is the nature of international businesses development.”
Providing more details, Banks said the EB visa simply means employment base and the US has several categories of visa and EB is one of such.
“But the EB-5 visa is for employment base for non-US citizens that are investors. It requires capital investment and this covers the investor, their spouse and all their unmarried children under 21, including their adopted children as long as they are legitimately adopted.
“But again, does this mean that they are buying American residency, no. They are investing in project and because this project create employment, that is why it is employment based and it is sustained by the government because they are contributing to the economy of the America. This is what EB is in a nutshell.”
On why Nigerians should explore the EB-5 route for residency in the US, Banks said: “We live in a global world now and Nigeria is not isolated. As you know, what happens in a region affects every other place.
“So Nigeria must begin to have a more global outlook and right now, America provides that. And again, the Nigeria law allows for dual citizenship. What this does is that it gives them a leverage. When they are doing business at the international level, they can appear as an American and then repatriate the investment back to Nigeria.
“It also kind of enhances the bilateral relationship between Nigeria and America because now you can go in there and negotiate on behalf of Nigeria but as an American. There are many benefits. I will like to say this, it is on a case by case basis, people make investment decisions based on their own personal objectives.
“So Mr. A will say this is for my children, I am doing this for them and Mr. B will say because of my health, because the healthcare in Nigeria as we know is still upcoming. So there are many reasons. If you have big dreams, chances are that you may not be able to fund it with Nigeria financial system because we know how our banks. As much as they are trying, for instance, you want to raise $3.2b, I mean that figure because we are working with a client that needed that money. Almost all the Nigerian banks cannot guarantee that kind of funds.
“Meanwhile, if you show up in the financial markets globally as a Nigerian, there are considerations that probably will work against you. But when you show up as an American, it makes it a lot easier.”
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