Sahil Vakil, CFP®, CFA® MYRA Wealth

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About Sahil Vakil, CFP®, CFA®

Sahil Vakil is the Founder & CEO of MYRA Wealth – a Registered Investment Advisor (RIA) in NY/NJ that provides Personal Finance services to International & Multicultural individuals in the United States – a large majority of whom are 1st & 2nd generation immigrants.

As a 1st Generation Immigrant himself, Sahil is on a mission to make MYRA Wealth the “home away from home” for this vibrant and thriving International & Multicultural community. “Aliens,” as he (and the IRS code) lovingly calls them, are the heartbeat of America, and Sahil seeks to make a meaningful impact in their lives.

Sahil currently holds several leadership roles in the Financial Planning and Investment Management industry, including serving on the Advisory Board at XYPN, the Diversity & Inclusion Committee(s) at NAPFA, ACP & XYPN, and the Pro Bono Committee at FPA. He also serves as a Mentor on the CFP Board Mentor Program, as an Experimental Partner on the CFA Institute Driving Change initiative, and as a Volunteer to the IRS VITA Program. He was recently accepted into the Forbes New York Business Council, and was recently named as a 40 Under 40, by InvestmentNews. Finally, Sahil is among a few select entrepreneurs in this world, that have been selected by Y Combinator (a world-renowned American accelerator) to participate in their YC Start Up School program.

Prior to MYRA Wealth, Sahil served as a Management Consultant to the Financial Services industry, advising CEOs and CFOs at Fortune 500 firms on Business Strategy and Financial Management. Sahil holds an MBA from The Wharton School, a Masters in Electrical (& Aerospace) Engineering from USC, and a Bachelor’s in Electrical Engineering (& Computer Science) from the University of Mumbai. He is also a CFA Charter holder and a CFP Certificate holder.

Outside of MYRA Wealth, Sahil is an avid cricket fan and enjoys traveling the world with his wife and daughter (Myra). Fun Fact: Sahil & his wife were cast on HGTV’s House Hunters: ‘Buying on a Budget in Manhattan’ episode.

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Recently Published

How to Select Property and Liability Insurance for Your Business

August 3, 2020

7.5 MIN READ

As a business owner, you have many things on your plate. However, you should make it a priority to purchase insurance for your business. There are many different types of insurance that can protect you from damages to your building, vehicles, and equipment, as well as from theft, employee fraud, liabilities, and lawsuits. 

This article discusses the importance of utilizing both property and liability insurance for businesses. Also included is how much insurance you need, the different kinds of insurance, and the steps to take for setting it up. Use this as a guide for each step of the insurance buying process so that you have a complete understanding. 

Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak!

Why is Business Insurance Necessary?

You probably have at least one form of personal insurance such as auto insurance, homeowners’ insurance, renter’s insurance, or life insurance. However, if you have a business, did you know that business insurance is necessary as well?

While business structures like an LLC or corporation are known for providing protection for your personal property, it’s limited. You can utilize other types of business insurance to fill in any gaps in coverage. Additionally, both federal and state governments require you to purchase specific kinds of insurance, such as workers’ compensation, disability insurance, and unemployment. Purchasing property and liability insurance for your business will help mitigate any potential financial hardships in the future.

Related Article | 4 Important Ways that Consumer Protection Laws Benefit You

How Much Business Insurance Do I Need?

When buying insurance for your business, it’s important to balance the need for adequate coverage with affordable premiums. The amount needed will vary between property and liability insurance, but the ultimate goal is to protect your company’s assets and your personal wealth.

In regards to property insurance, the first thing you should consider is if you own, rent or finance your establishment. Many lenders will require you to insure specific amounts as part of the agreement. However, if you own the property, you should insure its value at a minimum, but up to the total replacement cost is recommended.

There are many variables to consider when determining what adequate liability insurance coverage is for your business. Your legal structure will greatly vary how much liability insurance you need. For instance, a sole proprietorship will need more coverage than a limited liability company (LLC). 

It ultimately will depend on what business you conduct, whether products or services. If you need assistance determining what suitable coverage looks like for your business, it is suggested that you seek recommendations from legal counsel or licensed insurance agents.

What Factors Affect My Premium Costs?

Here are a few factors that affect your business insurance premium costs. Knowing what they are will help you shop around for the best rates.

  1. Business Location

Whether your business is in a safe area or one that has high crime rates will affect your rate, as well as the age and up-keeping of your building.

  1. Claim History

Just like with personal insurance, your business will have higher premiums if you have made repeated claims in the past. 

  1. Driving History

If your employees drive company vehicles, their driving record could have an impact on your premium. This is especially true if they have a poor driving history.

  1. Credit Score

If you have a poor credit score, insurance companies could look at your company as a financial liability and increase your premiums.

  1. Break-in Coverage

If your policy lapses because you did not pay your bill, it can be difficult to get an insurance company to insure your company again.


Related Article | An Immigrant's Guide To Building A US Credit Score

How Can I Save Money on Business Insurance Premiums?

Here are a few ways that you can mitigate high insurance premium costs in order to receive more affordable insurance offerings.

  1. Select safe business locations from the beginning

  2. Keep up with the maintenance and appearance of your business 

  3. Consider utilizing cash to cover events rather than filing an insurance claim

  4. Hand select drivers with a good driving history

  5. Work on building your credit score

  6. Put your business insurance premiums on auto-pay so you never miss a payment

  7. Buy multiple types of insurance from the same provider to receive package discounts

  8. Only buy the insurance coverage that you need

Related Article | The EB5 Investor Program: How Immigrants Make America Great Again!

Business Property Insurance 

Commercial Package Policy 

When both property and liability coverage is combined into a single policy, it's called a multi-line policy. The advantage of policies like these are that the premiums are lower and there are fewer gaps in the overall coverage. Workers' compensation coverage and surety coverage are not part of the commercial package policy. A CPP format will include a declaration page, a policy conditions page, and two or more coverage parts or forms.

Each part of the CPP will name the covered property, additional coverages, extension of coverage, other provisions, deductibles, coinsurance, valuation provisions, optional coverages, and a cause of loss. Coverages for causes of loss are basic, broad, special, or earthquake form. A business interruption insurance may also be added. Builders risk coverage form can also be added to the CPP for buildings that are under construction.

Inland Marine Policies

Inland marine contracts cover domestic goods that are in transit, property that are held by bailees, mobile equipment and property, the property of certain dealers, and means of transportation and communication. 

Business Owners Policy (BOP)

The BOP is designed to be used for the needs of small to medium-sized businesses. It covers buildings and business personal property. There are two forms: basic and special. The basic form covers perils that are listed, while the special covers all perils that are not excluded. The policy has a standard deductible of $250 and covers business liability for bodily injury and property damage.

Related Article | 5 Scams To Watch Out For As An Immigrant Business Owner

Business Liability Insurance

General liability is the legal liability that arises from business activities other than auto, motorized vehicles, aircraft, and employee injuries. Liability issues besides the exceptions are covered by commercial general liability policies (CGL). CGL can be written as a stand-alone policy or as a part of a commercial package policy (CPP).

Coverage A is for bodily injury, property damage, and legal defense, but it has significant exclusions. On the other hand, Coverage B is for personal and advertising injury liability, and Part C covers medical payments.

Workers’ Compensation 

A lot of businesses are required to carry workers’ compensation insurance that will provide the following coverages: workers’ compensation insurance, employer liability insurance, and other state insurance.

Workers’ compensation insurance covers benefits that are provided by the insurer. Part 2 covers the lawsuits by employees injured during the course of the employment, but not covered by the state worker’s compensation law. Part 3 covers for the other states that are listed.

Business Auto

Businesses can use a commercial automobile insurance policy that would cover physical damage to property and liability insurance.

Business Liability Umbrella

Businesses can use a commercial liability umbrella policy for excess coverages on liability that is beyond the coverage that is provided by the firm’s basic liability policy.

Professional Liability Insurance

Professional liability policies give coverage for malpractice that causes harm or injury to a professional’s client. Professional liability insurance usually includes a broad coverage, and liabilities are not restricted to accidental acts and negligent acts. The policy contains a limit per incident and an aggregate limit. The professional also needs general liability insurance.

Errors and Omissions Insurance

Errors and omissions insurance gives protection against losses from negligent acts, errors, and omissions by the insured. Many professionals need errors and omissions insurance to cover negligent acts, or omissions, or failure to act in their own profession that causes a legal liability.

Related Article | Can I Invest In And Start A Company On An H1B Visa?

Follow these Steps to Purchase Insurance For Your Business

When looking to purchase property and liability insurance for your business, there are three steps that you should take. The first is assessing your risks. You will need to determine what kind of liabilities your particular business could face - whether that be accidents, weather-related disasters, or lawsuits. 

Next, you will want to find a reputable licensed insurance agent who can help match you with suitable policies to fit your needs. Just make sure that you shop around for the best deal by comparing premiums, term lengths, and any benefits. 

But, buying insurance for your business doesn’t end here. As the final step, you will need to reassess your business needs each year to see if your insurance matches your growth. Keep in contact with your insurance agent as changes occur so that they can make adjustments to your policy.

Related Article | Can I Freelance For A US Company While I Am On An H1B Visa?

MYRA Wealth provides personal finances for international and multicultural families in the United States. Our services include financial planning, investment management, and tax preparation. 

To learn more, Click Here. To get started, Click Here.

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Form I-140: What You Need To Know About the Immigrant Worker Petition

July 27, 2020

10 MIN READ

As part of the green card permanent residency petition, there are steps you must take to gain lawful status for your residency in the United States. 

While there are ways to self-sponsor yourself to gain permanent resident status like through a spouse or family, for the majority of immigrants looking for immigrant visas through employment, you need to be sponsored by your employer. The place you will be employed needs to fill out form I-140 on behalf of you to legally work and live in the United States.

Below, you will find everything you need to know about the form I-140 and its form I-140’s eligibility requirements. 

Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak!

What is Form I-140?

The U.S. Citizenship and Immigration Services (USCIS) created the I-140 form as a method for foreigners to apply for a visa and work in the country. The form, which is entitled the Immigrant Petition for Alien Worker, must be filled out for employers to hire foreign workers who do not seek other options, such as familial connections, to work and live in the United States.

While there are a few different priorities to who can get into the country based upon their work, which we will get to, it is important to note that foreign nationals must have a considerable amount of excellent work history or skill. 

Basically, the idea behind that is that the U.S.A. wants and will give top priority to people who show they have extraordinary skill in their line of work. To add another facet, if there is a lack of American employees for a particular position that isn’t necessarily extraordinary, the I-140 form can be used for them, too.

Related Article | Green Card vs. Visa: What's the Difference?

Form I-140 Eligibility Requirements

From here on it, a “petitioner” will be the employer that fills out the I-140 form on behalf of the immigrant, and the immigrant will be termed as the “beneficiary.”

As previously mentioned, there are certain priority orders given to spectacular workers that offer high skills through form I-140. Only one of the following categories must be met to apply for the I-140 form.

EB-1: This category refers to foreigners with extraordinary skills and is renowned in their field for their work in the interest of form I-140. Some possible positions for this are university professors with an incredible track record or a high-ranking business official that operates in many countries.

Sidenote: The EB-1 visa category has sub-categories. The EB-1A is for workers with extraordinary skills, the EB-1B is for outstanding foreign researchers or professors, and the EB-1C is for managers and executives from multinational corporations.

EB-2: This category does not require the same high standards set by an EB-1, but it still sets a high bar for most. This professional beneficiary will be required to hold an advanced degree or a bachelor’s degree with five years of experience in their industry after acquiring the advanced degree. They can also be a foreign national with “exceptional ability.”

EB-3: The beneficiary in this category must have a minimum of a U.S. or foreign equivalent of a bachelor’s degree. They must also be a skilled alien worker with at least two years of experience in their field

Approximately 85.8% of every employee-based green card is based in the upper three categories, but there are two more underused specialties.

EB-4: This category applies to special immigrants, and most of them are religious workers, broadcasters, and other sparsely-used designations looking for permanent residence.

EB-5: This category applies to foreign investors planning to bring capital gain and create jobs in the United States.

There are two ways that foreigners can self-sponsor themselves for an employment-based green card. If an alien has extraordinary ability and skills, like a professional athlete, they can attempt to petition for themselves without any employer. This falls under EB-1A. 

People who receive a National Interest Waiver, which would mean their being in the U.S.A. would benefit the country, can apply as well, hence the national interest title. This applies to EB-2.

Related Article | An Inside Look at an Employment-Based Green Card Interview

What Evidence Must Be Submitted with Form I-140?

As with pretty much any government-mandated form, you’ll need to provide supporting evidence along with the submission of your form I-140. While there are some differences depending on what category you fit in, it’s pretty much as follows.

For a visa category that doesn’t require a labor certification, the petitioner must submit proof of the ability of the alien worker. Examples of proof of this ability include an award that the employee received for their work in the field or a publication that highlights the foreign employee’s extraordinary ability.

For petitions requiring a labor certification, the certification must be filed with and approved by the U.S. Department of Labor prior to the submission of Form I-140.

Initial Evidence

The main two initial evidence waves regard labor certification and proof of extraordinary ability. In general, it may feel like you are applying for the same job again.

Most of the time, a certificate of labor must be submitted as a form for initial evidence. The foreign worker's labor certification must be submitted during the form I-140’s 180-day validity period. 

If a labor certification is not sent, then the government will deny the I-1440 unless the petitioner shows that they had an exception. If this labor certification is required, it needs to be approved and filed with the U.S. Department of Labor before the I-140 is submitted.

The petitioner also has to show off their benefactor’s extraordinary ability. This can include awards the employee received for work or, in the case of a professor, a showing of their work in a well-renowned journal.

General Evidence

General evidence means exactly what you would expect it to mean.

The petitioner or employer needs to submit their financial information and proof that they can pay the visa holder beneficiary what they have been offered as well as the petitioner’s proof of education and work experience.

Related Article | Beware Exit Tax: Giving Up Your Green Card or US Citizenship Can Be Costly

How to Complete Form I-140

The USCIS website is the main hub for any document you need to fill out. Form I-140 is there, too, in a PDF form. Using a PDF editor, you can fill most of the sections out with printed black ink. Do not download and submit a PDF form from any other website except for the official USCIS site.

If you’d prefer access to the form without internet access, you can obtain the form by contacting the USCIS at 1-800-975-5283 and asking a customer service representative to mail a form directly to you.

General Instructions

After downloading the PDF or receiving the form through the mail, you will need to fill it out with either blank ink by hand or by typing in answers on the computer. You will need to sign the form with photocopied, faxed, or scanned copies of original, handwritten signatures. Along with the submission of the I-140, all your evidence should be submitted with it.

You should almost always submit photocopies, not originals, of necessary documents requested by the USCIS. However, you may come to understand that the USCIS wants an original copy. In that situation, the group will send it back. It will not send back what it believes is a copied version, so be careful.

If there is any document written in a language other than English, it must be accompanied with a full translation with a signature, printed name, date and contact information from the translator

Any questions that do not apply to you can be answered with “N/A” or “Not Applicable,” and if a numerical answer is zero, enter the word “none,” not “0.”

You must answer every question with completeness and accuracy. If you need extra space to complete longer answers, use the “Additional Information” section (Part 11) on the form, or you can attach a separate piece of paper with your name and Alien Registration Number (if applicable). The page must include a page, part, and item number that corresponds with the question being answered, and it needs to be signed and dated.

Lastly, after submission, you may have to attend and complete a biometric appointment to confirm your identity, especially if you have never gone through this process before. Even then, you also might need to attend a meeting with a USCIS officer for additional information.

It’s a lot, but it’s all-important for completeness.

Related Article | What You Need to Know About Getting a Temporary Green Card

Industry and Occupation Codes

Two types of industry and occupation codes might be asked for throughout the process. 

The North American Industry Classification System (NAICS) code can be obtained through the U.S. Department of Commerce’s U.S. Census Bureau. If a code is fewer than the number of spaces given, typically six, begin typing or writing the code in the left of the space provided followed by zeros in remaining spaces.

The Standard Occupational Classification (SOC) System code can be obtained through the U.S. Department of Labor’s Bureau of Labor Statistics. Like the NAICS code, if your code contains fewer digits than the space allows for, start typing or writing the code to the left in the space provided followed by zeros in remaining spaces.

Petitioner and Authorized Signatory

Anyone and everyone who worked on the form’s submission must sign and provide contact information for their work. That means the petitioner, the authorized signatory, the translator, and anyone else who helped with its submission. Remember, only handwritten signatures are accepted.

Form I-140 Immigrant Petition Filing Fee

To file form I-140, you must fork over $700 along with the documents and forms required as-is. Without it, it will be rejected. Unfortunately, this filing fee is non-refundable. 

You need to pay with either a check or money order made payable to the U.S. Department of Homeland Security, and it cannot be abbreviated.

Filing Address for Form I-140

If you are filing the I-140 without any supporting documents, you can send the form to one of these addresses:

  • If by USPS: USCIS Attn: I-140 P.O. Box 660128 Dallas, Texas 75266

  • If by UPS, FedEx or DHL: USCIS Attn: I-140 2501 S. State Highway 121 Business Suite 400 Lewisville, Texas 75067

If you are filing along with supporting documents, send it to one of these addresses:

  • If by USPS: USCIS P.O. Box 660867 Dallas, Texas 75266

  • If by UPS, FedEx or DHL: USCIS Attn: NFB AOS 2501 S. State Highway 121 Business Suite 400 Lewisville, Texas 75067

File Form I-140 Premium Processing Fee

There are certain conditions that make it possible to get the I-140 immigrant petition form processed quickly, known as Premium Processing. You will need to fill out Form I-907, which is the Request for Premium Processing Service form.

The only people who are eligible for Premium Processing are:

  • Foreigners with extraordinary abilities, outstanding professors and researchers, and multinational executives and managers who fit into EB-1 can get Premium Processing

  • Members of professions with advanced degrees or exceptional ability not seeking a foreign National Interest Waiver to file the Form I-140 immigrant petition from EB-2

  • A skilled alien worker, professional or worker outside of those two categories from EB-3

If you meet requirements spelled out by the USCIS, you can pay an extra $1,410 to receive an approval or denial, a notice of intent to deny, a request for further evidence, or a notice that a request to open an investigation for fraud or misrepresentation has been made via Premium Processing.

If the USCIS does not process the form within 15 days, it will refund your $1,410 fee and still work to process it on an expedited schedule. This cost is on top of the $700 filing fee as well.

How Long Does USCIS Take to Process and Approve Form I-140?

While there is no set date that the I-140’s status will come out, if you hear nothing after a four-month period, contact the USCIS to check the status of your application.

On average, it takes around six months fully for processing. 

Form I-140 Isn't As Intimidating As You Think

While many intricacies need to be considered when applying for the I-140 immigrant petition form, it can be a relatively straightforward status. Usually, employers who submit I-140s have done so before and understand the basis of the progress. 

If you are the beneficiary, it can be a harrowing process, but with the help of this guide through the U.S. Citizenship and Immigration Services’ maze, it might not feel as overbearing as it once was. 


MYRA provides personal finances for international and multicultural families in the United States. Our services include financial planning, investment management, and tax preparation. 

To learn more, Click Here. To get started, Click Here.

Read the full post →

Citizen vs Permanent Resident: What’s the Difference?

July 20, 2020

8 MIN READ

Becoming an American citizen can be a unique and exciting opportunity. If you want to identify as an American, be prepared that sometimes it's not a simple process.

Even coming to the United States to, at the very least, work for an employer will require identification to show you reside in the United States. You won’t have to go through all of the loops that a person seeking citizenship would have to go through, but you’ll get fewer benefits than citizens.

Both options have their uses. Below, we’ll go over the differences between becoming an American citizen vs a lawful permanent resident.

Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak!

What is a Permanent Resident?

A lawful Permanent resident is a foreign national who has the correct legal identification allowing them to reside in the U.S. These residents legally can work in the country and retain their citizenship status from their homeland. For people who want to still identify as a citizen of their own country, this is an important distinction that may matter.

The legal document that these foreigners obtain is called a Green Card. In addition to doubling as a social security card and employment eligibility document, it’s the alien’s lifeline to proving their status as a permanent resident of the United States.

Related Article | An Immigrant's Guide To Building A US Credit Score

Rights and Benefits of Lawful Residents

While lawful permanent residence will not have as many benefits and rights as citizens of the country, there are many benefits nonetheless to obtaining a Green Card. 

The federal government will include these residents in federal assistance programs as well as social security benefits. Some that they can be eligible for are the Temporary Assistance for Needy Families (TANF) and Supplemental Nutrition Assistance Program (SNAP) programs. They are also eligible for Medicare benefits as well as numerous other allowances.

They can be the sponsors for family members to reside in the United States. Typically anyone wanting to come into the country will need either a personal or professional sponsor. Thankfully, they can be the sponsor for their spouse and unmarried children.

There are many more rights such as being able to serve in specific military branches or travel outside the country.

4 Ways to Become a Permanent Resident

As briefly mentioned, becoming a resident of the USA requires sponsorship of some type. Here are a few ways to obtain a Green Card.

  1. Family Sponsorship - If the foreign national has a relative that is a citizen or Green Card holder in the United States, they may be able to provide you sponsorship representation and become your bridge to the country. This is extremely common. A guideline of becoming a sponsor is to have your family member prove your relation as well as earn an income of 125% at minimum above the federal poverty level. For the relative sponsor, they must fill out the Petition for Alien Relative Form I-130 and an Affidavit of Support. If this is all approved, the alien may apply to be a lawful permanent resident.

  1. Employer Sponsorship - If you have no relatives in the United States, then perhaps you are a skilled professional seeking employment there. If an employer believes you to be someone with abilities that can benefit the U.S., then he can apply with Form I-140, the Immigrant Petition form, to plead his case to the United States Citizenship and Immigration Services (USCIS). While this category typically is for exceptional talents, jobs with a lack of American applicants and other positions can be filled via this method.

  1. U.S. Green Card Lottery - The world is full of lotteries to make money, and the U.S. Green Card Lottery is similar in its randomness. Fifty-thousand people are selected randomly to receive Green Cards in more underrepresented countries. It’s not nearly as common as the aforementioned methods to obtaining Green Cards, but it’s an option for people looking to move to the United States and work.

  1. Asylum - In rare circumstances, you can apply for a Green Card if you feel like your life is threatened by war, persecution, or other reasons by remaining in your home country. If accepted via asylum, those aliens can apply for a Green Card after residing in the U.S. for one year.

Related Article | Green Card vs. Visa: What's the Difference?

Does Permanent Resident Status Expire?

Most Green Cards are valid for a period of 10 years. If your card is only conditionally permanent, it’s valid for two years. Some don’t even have an expiration date.

No matter what, it’s important to know when yours is invalid so you can guarantee no issues upon reapplying.

Who is Considered a U.S. Citizen?

There is no higher status of permanent residency in the United States than becoming a citizen. Citizens of the United States are mostly natural-born citizens, meaning they were born in the country. Those people automatically get the status applied. However, you can get citizenship even if you weren’t born in the country through parents or naturalization, both of which we will get to.

Rights and Benefits of U.S. Citizens

The federal government provides citizens with many rights, all of which are the top of the line is permanent residency. They can vote in U.S. elections, apply for driver’s licenses, attend public schools and universities as a citizen, open bank accounts, get true social security cards, potential approval for all federal programs, work with U.S. employers, run for office, and obtain a passport.

Another unique aspect of becoming a citizen is the ability to petition for family members to live in the U.S. and get citizenship for children born outside of the United States.

3 Ways to Become a U.S. Citizen

Becoming a citizen can be a more difficult undertaking than just getting permanent residency. Here’s how to get citizenship.

1. Naturalization - Naturalization is the second part to a two-part solution. After obtaining a Green Card, you can become a naturalized citizen with the following requirements met.

  • Be at least 18 years old at the filing of Form N-400, which is the Application for Naturalization

  • Was Green Card holder for five years

  • Lived in the state or district you where filed Form N-400 for at least three months

  • Show continuous, uninterrupted permanent residence in the United States for at least five years before filing Form N-400

  • Show your physical presence in the United States for at least 30 months out of the five years (60 months) before filing Form N-400

  • Read, write and speak basic English

  • Have a good understanding of United States history of governmental politics

  • Show good moral character

  • Demonstrate an attachment to the principles and ideals of the U.S. Constitution 


2. Marriage - This is a noticeably famous method to obtain citizenship due to mass media creating shows and more about marrying someone to provide them with citizenship. The alien’s spouse must file Form I-130, the Petition for Alien Relative and show marriage documentation. You must prove to the government that you have legitimately fallen in love and are not marrying just to obtain citizenship, too. 

3. Military Service - If you are a Green Card holder and serve in the military, you can apply for citizenship. After filing Form N-400 or N-426, you can apply to become a citizen of the United States.

Related Article | 5 Essential Things Non-Citizens Need To Know About Social Security

Does Resident Mean Citizen?

Not exactly. Citizens are people who legally belong to the country and truly are people who live in and identify as Americans. Residents are people who legally live and work in the country but do not have the same rights as citizens.

Citizen vs Lawful Permanent Resident: What’s the Difference?

People who hold Green Cards or are U.S. citizens own many freedoms and rights. It means a great deal of fortune to hold these titles if you were born outside of the country, and the differences between both mainly boil down to expanded rights that citizens hold over Green Card holders.

For example, citizens of the United States can vote, whereas ones with permanent residence cannot. Citizens cannot be deported, but a lawful permanent resident can for certain reasons. Citizens are not bound to visa quotas to bring in their family members, but permanent residents are. 

As you can tell, becoming a permanent resident is not as illustrious to being a citizen, but they’ll typically need to become a Green Card holder to become a citizen, so it’s good to know what they stand to gain!

Related Article | Top 10 Tax Mistakes Immigrants Make

Permanent Resident vs Citizen: Which Is Right For You?

Both options are intriguing to foreign nationals. While becoming a citizen usually succeeds in becoming a permanent resident, deciding to stay as a holder of a Green Card visa is a choice that they might feel like is the best option. 

Both processes are lengthy, but both will provide access to the largest economy in the world. There’s no bad choice!

Have you ever sponsored anyone for a Green Card? What was your experience like?


MYRA provides personal finances for international and multicultural families in the United States. Our services include financial planning, investment management, and tax preparation. 

To learn more, Click Here. To get started, Click Here.

Read the full post →

Ideal Clients

  • Gen X
  • Gen Y/Millennials
  • Graduate Degree
  • Immigrants

Ways Advisor Charges

  • Monthly Fee
  • Quarterly Fee
  • Flat Fee
  • Assets Under Management

Fee Options

  • Monthly Fee: $250+
  • Quarterly Fee: $900+
  • Flat Fee: $3,000+/engagement
  • AUM: 0.3%

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