As wealthy foreign nationals increasingly flock to South Florida to buy distressed real estate, some are seeking an added return on their investment: a green card.

Local immigration attorneys say a growing number of Latin American and European clients are applying for investor visas, which in some cases lay down a fast track to residency and eventually citizenship. Others offer a chance to live and work in the country indefinitely.

As the region's real estate market continues to buckle under unsold properties, widespread foreclosures and failed condo projects, new interest in investor visas is helping whet the already hearty appetite of foreign nationals being drawn to the market by steep bargains.

The visa opportunity isn't for someone buying a single condo: a significant invesestment is required.

``Clients are coming to us primarily because of the economic opportunity they see in the market,'' said Randall Sidlosca, an immigration lawyer with Fowler, White & Burnett's Miami office. ``It's mind-boggling to see the amount of interest. . . . It's rather good news. It could mean the market will turn around faster than in other parts of the state.''

The purpose of these visas, which have been around for more than two decades, is to offer immigrants the opportunity to come and create jobs, rather than those who come as a result of family relationships and may do little to stimulate the economy, said Jessica Vaughan, director of policy studies at the Center for Immigration Studies, which promotes immigration controls.

Developers and entrepreneurs are catching on to the program. They are hoping the attraction of U.S. residency will help generate new sources of badly needed capital at a time when access to credit has all but dried up. They have new reason to hope.

Eduardo Namnum, a Mexican national, got a green card about eight months ago after investing about $1 million in a restaurant in Bonita Springs. Since then, Namnum said he had purchased a condominium as well as an acre of land in Sunny Isles Beach he plans to develop in the next year as office condos.

``A lot of my friends [from Mexico City] are buying real estate here because there are very, very good deals,'' Namnum said.

INCENTIVE

With them, he is also exploring the possibility of partnering to develop the office condo project.

``It looks very interesting to them, especially if they can get the visa and residency,'' Namnum said.

In March, the U.S. Department of Homeland Security, Citizenship and Immigration Services included Miami-Dade and Monroe counties in a pilot program that gives temporary residency to foreigners who invest at least $500,000 in a new or established business that creates -- directly or indirectly -- at least 10 full-time jobs.

Until the two counties were approved for the pilot program, a $1 million investment was typically required to be eligible for the EB-5 investor visa, which required investors to employ 10 workers directly. The lower investment threshold could be a significant incentive for more people to apply, attorneys say.

About 10,000 EB-5 investor visas are available annually, of them about 3,000 for the pilot program. Last year, fewer than 1,000 were issued under the relatively obscure EB-5 visa program. A move is under way in Congress to make the pilot program permanent in the aftermath of growing interest brought about by the recession.

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