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JASON HUF INTERNATIONAL, pc

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New York, New York
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+1 (917) 775-0198 (p)
+1 (646) 395-1725 (f)

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JEDDAH

Khalil Khazindar Law Firm
in Association with
JASON HUF INTERNATIONAL pc
Ammar Commercial Center

Al Murjan Street (off of King Abdul Aziz Street), Office # 202
P.O. Box 157,  Jeddah  21411
Kingdom of Saudi Arabia
+966 (2) 4204763 (p)
+966 (2) 4204729 (f)
www.khazindarlaw.com
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info@huflaw.com

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  • EB-5 (Investor) Visas

    With possible changes to US immigration law on the horizon, aspiring immigrants to the Land of Liberty may have a feeling of uncertainty at present. A tightening of legal immigration may be part of a deal in Washington, DC designed to address illegal immigration.

    JHI, Law Firm, NYC, USA, EB-5 Investor Visa, Legal

    It is impossible at the time of this writing to know exactly how immigration law will change, or if it will actually change at all. But, we do know of one immigration law that already meets the requirements of the US President, as publicly expressed during negotiations thus far, with a program that uses merit-based criteria and which provides economic growth:  the law authorizing the issuance of EB-5 Visas to Foreign Investors.

    Under the law, Foreign Investors who invest a minimum amount of capital in such a way as to create and/ or maintain ten or more US jobs have the opportunity to apply for a Green Card through the facility of the EB-5 Visa program.  The minimum level of capital the Foreign Investor has to commit is determined by the classification of the targeted region of the investment itself.

    Participating in the resurgence of the greatest economy on earth while pursuing a credible opportunity to secure permanent residency status for you and your immediate family seems a double-win.  The economic growth it generates while providing entry to entrepreneurial immigrants with substantial resources of their own would certainly seem to be good for America as well.

    If you are interested in investing in the US economy (either directly or through a reputable Approved Regional Processing Center) and seeking a Green Card, contact JHI today for more information on the EB-5 (Investor) Visa program -- info@huflaw.com

    With offices in New York, NY & Jeddah, Saudi Arabia; and, additional on-the-ground resources available in the UAE, India and Singapore, JHI is in an ideal position to be of assistance and we will be happy to help.
  • Saudi Banking Market to Open Up?

    During King Salman's recent visit to Washington, DC, members of the Saudi delegation issued several announcements concerning planned commercial reforms and other developments that could prove significant to Foreign Direct Investment (FDI) in Saudi Arabia (KSA) as the Kingdom looks to broaden its economy at a time when low oil prices are projected to be the norm for the medium term.  We will highlight some of the more significant announcements in this and subsequent notes.

    While Saudi Arabia remains committed to continuing its current record-setting output of light sweet crude (one of the major factors contributing to low oil prices), the KSA is now facing projections of massive budget deficits and rapidly depleting cash reserves.  Increased FDI, particularly from the United States, appears to be critical to the KSA's strategy for coping with the downsides of consistently low oil prices. 

    Reforms in the Arab world often begin with teasers that function as "trial balloons".  This note will reference such a trial balloon floated by a Saudi official associated with the Deputy Crown Prince.  In a closed door meeting with business leaders in DC, this official announced that the Kingdom is considering opening the Saudi banking market to permit entry of additional foreign banks - especially American ones - wishing to do business in the Kingdom.  In additional to financing major projects, it is hoped that such banks would also cater to small businesses and individual depositors.

    Even with the recent entry of a branch of a bank based in fellow Gulf Cooperation Council (GCC) Member State Qatar, Saudi Arabia is still seen as, perhaps, the most "under-banked" market in the world.  To attract additional FDI, which has been in slight decline in recent years, some see the entry of additional Foreign banks and the capital they bring as critical.  Entry by foreign banks based elsewhere in the GCC has been helpful, but it will take the power of additional American and other western banks to take a more broad-based growth to the next level.

    Not stated, but understood, in this announcement is Saudi Arabia's desire that western powers continue to see that they have a stake in the stability of the Kindgom vis-a-vis its continuing conflict with Iran and, increasingly, Russia.

    Of course, the devil is in the details: What will be required to gain entry? And, once in the market, how secure is a bank's investment in the Kingom and how will such a bank be regulated and taxed?  How might such a venture impact an investing bank's legal and regulatory position at home?

    JHI will continue to track the flight path of this trial balloon and let you know where it lands...