An IMGW News Interview
Navigating the Changing Landscape of Investment Migration
You will be excused if you’ve never heard of Abteen Vaziri. His fascinating background and origins are both unique and inspiring. From his personal experience of fleeing Iran as a child to becoming a prominent figure in the EB-5 industry, Vaziri’s journey is as insightful as it is remarkable. As President of Uptown Companies, he brings a distinctive perspective on the immigrant experience. In this interview, he shares valuable insights into the evolution of the EB-5 programme, its future, and the challenges and opportunities that come with investment migration today.
Ray de Bono, IMGW’s editor-in-chief, sat down with Abteen to conduct this interview and discovered a wealth of knowledge behind this unassuming and talented professional. He will go places.
Navigating the Changing Landscape of Investment Migration
💬 1. Abteen, your story — from fleeing Iran as a child to becoming a leading figure in the EB-5 industry — is incredibly inspiring. How have your personal experiences shaped your professional approach to investment migration?
🎙️ Abteen: Well, educationally, having a finance and legal background has helped me in my career, but as a political refugee whose family had to flee Iran and relocate to the United States, I feel the pain of my immigrant investors and understand the challenges that come with it. Whether investors are fleeing a war zone or a hostile government like myself, or simply seeking better opportunities and education for their families, I feel I understand where they’re coming from. I can put myself in their shoes perhaps more than colleagues who were born in the U.S.
💬 2. You’ve mentioned before that every time you see footage of the fall of the Berlin Wall, you feel a personal connection. Could you tell us more about that moment in your life and how it influenced your outlook on freedom and opportunity?
🎙️ Abteen: My family fled Iran and became political refugees in Germany in November 1989. As soon as we arrived in Germany, just a few days later, the Berlin Wall came down, and East and West Germany were reunited. We saw that happen in real time. What a historic moment that was!
💬 3. After arriving in the United States and completing your studies, you initially started in finance. What first drew you into the world of EB-5 and investment migration?
🎙️ Abteen: I first started a career in computer science; I was a UNIX system administrator for a GPS company right after my undergraduate studies. I began business school in December 2001 at SMU and started a career in investment management, working for a couple of hedge funds in the early to mid-2000s. In 2012, my business school sent me on a job interview with the management company of three publicly traded companies. That was when I got into investment management, though it was by accident. The job description was for a “portfolio manager,” but it turned out it was to run the operations of an EB-5 regional center and raise funds for real estate projects for a particular developer. I was familiar with the investment migration programs, as that was how my cousins and their families fled Iran through the Canadian immigration program.
💬 4. Having now worked with several regional centres and managed the largest-ever EB-5 project in Texas, what do you feel sets a successful EB-5 investment apart from others?
🎙️ Abteen: I tell the younger people I mentor today that I was very hungry, and I really wanted to succeed in this business. I read everything I could get my hands on online, but I did something crazy at the time. I think I was about 30 years old, and I got an intern to print me the names and addresses of all the migration agents in Beijing and Shanghai. I then flew 17 hours to both cities and cold-called all the migration agents, asking them to help me raise money. It was an absolute disaster. I went to the wrong addresses, some firms had moved, others wouldn’t meet with me and kicked me out because I didn’t have an appointment. But some did meet with me and explained the business. The key was that I never took “no” for an answer and just kept pushing forward. Economists told me you couldn’t do apartment projects in EB-5, agents told me no, and industry leaders told me I was too late and that the game was over. But I didn’t listen to any of the naysayers.
💬 5. You’ve highlighted that your background as a refugee gives you a different perspective compared to many in the EB-5 field. How do you see that personal understanding influencing the way you work with clients today?
🎙️ Abteen: Ray, you have to understand what a leap of faith an immigrant has to take when they move to another country — with different laws and customs, a different language, and a completely new environment. It’s not just a move; it’s starting from scratch. That takes a certain level of risk-taking and courage. I’ve been there, and I understand the pain. I remember the fear and uncertainty I saw in my parents’ eyes when they made that decision for us.
“I believe that EB-5 investors can benefit from using a broker-dealer to properly vet their project, and help them assess the financial risks”
💬 6. Migration is often about much more than investment — it’s about family, security, and building a new life. How do you balance the emotional side of client journeys with the technical demands of EB-5 and wealth management?
🎙️ Abteen: I agree — the human side is critical to the process. Unless you’ve personally been through it yourself, it’s hard to understand the magnitude of the decision. Imagine when parents move their kids to a new school, and how difficult that can be. Now imagine moving to a whole new country, with a different language and customs. It’s an emotional and challenging process.
“Had Steve Jobs’ father remained in Syria, or Elon’s family stayed in South Africa, the world may NOT have benefited from their talents”
💬 7. During your time on the IIUSA board, you pushed for more immigrant representation and called for a unified investor voice. Why do you believe creating a membership-based investor organization is so important for the future of EB-5?
🎙️ Abteen: The EB-5 program operates under the Department of Homeland Security, which is an organisation responsible for protecting the U.S. from various threats. It’s not a very efficiently run government agency. I believe I was the first immigrant elected to the IIUSA board, and I felt it was important for someone who wasn’t just looking out for the interests of the regional centres, but someone who understood the pain of the investors and could represent them, too.
💬 8. Looking back at the EB-5 programme lapse in 2021, what lessons do you think the industry has learned — and what still needs to change?
🎙️ Abteen: The important lesson was to make sure that the people on Capitol Hill who make the laws understand the value of EB-5. In my opinion the industry needs to consistently lobby and educate Capitol Hill, even when reauthorisation may seem far off.
💬 9. With Brevet Capital’s Immigration Fund and your leadership at Uptown Companies, you’re clearly at the forefront of structuring compliant EB-5 opportunities. How do you see the EB-5 market evolving over the next few years?
🎙️ Abteen: The United States has very sophisticated and complicated securities laws. Many countries around the world don’t consider real estate investments for immigration purposes as securities, but the U.S., due to a Supreme Court ruling called the “Howey Test,” does. This makes the regulatory regime very complicated. Over the years, several projects bypassed these laws and some of the investor protections written during the Depression era, in the 1930s, to protect investors, by using Reg S and other tools designed for sophisticated investors. Although the EB-5 programme has been very successful, with a very high success rate for investors obtaining green cards, the industry has struggled with project paybacks. At Uptown Companies, I’ve set up my business under a FINRA-regulated broker-dealer to ensure that investors receive the regulatory protections they need. I believe that EB-5 investors can benefit from using a broker-dealer to properly vet their project, and help them assess the financial risks.
💬 10. Are there particular trends among investors — in terms of origin countries, priorities, or project types — that you’re paying close attention to right now?
🎙️ Abteen: I pay a lot of attention to markets and areas where investors need the most help. I speak fluent Farsi, English, and German, and I understand some Mandarin and Spanish. I always try to help my Iranian clients, despite the OFAC issues and sources of funds concerns. Right now, there is a lot of interest from Canadians, especially in light of the recent election. But Asia, South America, and the Middle East are also strong markets for me.
💬 11. President Trump’s proposed $5 million “Golden Visa” has sparked widespread debate. From your perspective, how would such a programme compare to the existing EB-5 system?
🎙️ Abteen: The key here is how the programme is structured. In my opinion, if there are tax benefits, this visa could be very successful. However keep in mind such a change would require Congressional action to change the tax code. The U.S. is one of the few countries where, as a permanent resident, investors are subject to worldwide taxation on their income. Investors don’t have to pay taxes on their net worth or assets, but on their income. This has always been a drag on the EB-5 programme. The EB-5 program is more affordable than most other citizenship by investment programmes in the world. For an $800,000 investment plus some fees, an investor and their family receive a Green Card (spouse and unmarried children under 21 years old), although their investment must be 100% at risk for a specified period of time.
The U.S. passport is probably one of the top passports in the world, granting access to many countries without a visa.. Some investors may be willing to pay $2.5 million or $3 million or even $5 million for a fast passport, but it has to be structured correctly. Singapore has an $8 million passport, but you get tax benefits.
Based on conversations I have had with prospective investors over the years, I don’t believe high-net-worth investors would be willing to pay $5 million unless they get a tax benefit, and that would require Congress to amend the tax code. I would expect the Golden Visa will take at least 2-3 years to structure. I personally believe the U.S. could end up with a two-tiered investment programme: one desirable for certain accredited investors (EB-5 or a version of it) and one structured to interest ultra-high-net-worth individuals (the Golden Visa).
💬 12. Do you believe that a $5M visa offering would complement, compete with, or fundamentally shift the dynamic of U.S. investment migration?
🎙️ Abteen: I hope and think changes might make the U.S. programme more attractive.
💬 13. Based on your experience, what type of investor profile do you think the Trump visa would attract — and would it appeal to the same global audience as EB-5?
🎙️ Abteen: If it’s not structured correctly, it might attract oligarchs, international criminals, and corrupt politicians. But if structured properly, I think it could attract some of the brightest business minds and many businesses could be attracted to the United States as a very business-friendly destination.
💬 14. For families considering making a life-changing move to the U.S. through investment migration, what advice would you give them today?
🎙️ Abteen: You hear so much negativity in the media. Ignore the noise. The United States is a beautiful country with many freedoms that will allow your children to shine in their respective fields and areas of expertise. I’ll tell you the story of two famous immigrants. One was a Syrian student who ended up having a child and putting that child up for adoption in the U.S. That child was Steve Jobs, who changed the way we use computers and phones. The other was a student from South Africa who first immigrated to Canada and then the U.S.
That student was Elon Musk, who is changing the world with his inventions. Had Steve Jobs’ father remained in Syria, or Elon’s family stayed in South Africa, the world may not have benefited from their talents. There are many talented young kids all over the world who don’t get the opportunities they would in the U.S. to shine. My goal is to help future parents of Elon Musk and Steve Jobs provide their children with that opportunity.
💬 15. Lastly, what keeps you personally motivated in this field after so many years of success?
🎙️ Abteen: I’m very competitive, so that always drives me, but I get very emotional about my immigration journey, especially now that I’ve lost my father. Helping people with similar circumstances, like mine, is a much better driver for me than my natural competitiveness.
A Changing Landscape for Citizenship by Investment
The world of investment migration is evolving rapidly, with programmes like EB-5 facing increased scrutiny from regulators. The introduction of initiatives like Trump’s $5 million “Golden Visa” further complicates the dynamics of U.S. immigration. The recent EU case against Malta over its citizenship by investment programme is just one example of how governments are increasingly looking at the ethical and political ramifications of these schemes.
As countries like Malta face pressure to abandon or amend their investment migration policies, we may see further global shifts, particularly with emerging programmes in the Caribbean. The market is in flux, but one thing remains certain: investment migration is no longer just about wealth; it’s about securing a new future in an ever-changing world. As Abteen Vaziri points out, for many, it’s a leap of faith that requires not only financial investment but emotional courage. The challenge for those involved in the industry will be to ensure that both the financial and human sides of the investment are balanced with integrity and transparency.
𝑩𝒊𝒐𝒈𝒓𝒂𝒑𝒉𝒚
Abteen Vaziri is the President of Uptown Companies and a well-known figure in the EB-5 investment migration industry. With a background in finance and law, Abteen’s expertise spans real estate, investment management, and structured EB-5 opportunities. His journey began as a political refugee fleeing Iran as a child, and this personal experience has deeply influenced his understanding of the immigrant journey. Abteen’s early career started in computer science, and he later transitioned to investment management, where he gained significant experience with hedge funds and real estate financing.
Abteen is licensed to practice law in both Texas and New York and has played a crucial role in structuring some of the largest EB-5 projects, including the largest-ever project in Texas. His commitment to investor protection and regulatory compliance led him to allign Uptown Companies wherein Abteen is registered with a FINRA-regulated broker-dealer subject to the full regime of regulatory consumer protection and supervesion. His ability to speak multiple languages, including Farsi, German, Mandarin, and Spanish, enables him to connect with clients worldwide, particularly in markets such as Canada, Asia, South America, and the Middle East.
Abteen has also been a passionate advocate for immigrant representation in the industry, serving on the board of IIUSA and advocating for a unified investor voice. His leadership continues to drive improvements in the investment migration field, particularly in creating more transparent and compliant opportunities for investors.
𝑭𝒐𝒍𝒍𝒐𝒘 𝑨𝒃𝒕𝒆𝒆𝒏 𝒐𝒏 𝑳𝒊𝒏𝒌𝒆𝒅𝑰𝒏: here
