The EB5 Immigrant Investor Program serves as a beneficial pathway for foreign nationals to gain permanent residency in the United States when they invest money. Established by the U.S. Congress in 1990, the EB5 encourages foreign nationals to invest in U.S. businesses and thereby stimulate economic growth and create American jobs.
Nationals of countries that are not on a reserved list are eligible to invest; if they meet the program’s requirements, the investors and their immediate family members can obtain green cards. The EB5 process has several legal and procedural steps that must be followed precisely and in order (this is where an EB5 visa attorney comes in).
Because immigration law and its associated finances are so complex, and because the U.S. government regulates this program so strictly, every bit of this process must be managed and negotiated with great care and deliberation to avoid making mistakes that can lead to undesirable outcomes. For anyone thinking that they might want to invest in an EB5 project, or that they may need an EB5 attorney, this guide will serve them well.
Step 1: Determine Eligibility and Choose an Investment
The first step in the EB5 process is understanding the requirements for eligibility. Investors must contribute a sum of at least $1,050,000. Should the investor’s contribution be directed to a targeted employment area (TEA); a rural area or a region of significant unemployment, the minimum investment required drops to $800,000.
The capital that the investor contributes must go into a new commercial venture that will either create or preserve at least ten full-time positions for qualified U.S. workers. Entrepreneurs can opt for a direct investment into their own venture or an investment into a regional center. Attorneys can help assess the investment options and ensure that any chosen projects comply with EB5 regulations.
Step 2: File Form I-526, Immigrant Petition by Alien Investor
After an investment, the next step is to file Form I-526 with USCIS. This petition shows that the investor has satisfied all the eligibility requirements, such as the lawful source of funds, the investment made in a qualifying enterprise, and the plans to create the required number of jobs. A thorough review will be conducted by USCIS; it will include an examination of the investor’s financial records and the business plan.
Organizing supporting documents, covering potential red flags, and guaranteeing EB5 compliance are tasks made easier by the presence of an EB5 visa attorney during this phase. The range of time, from 12 to 30 months, that the Form I-526 takes to process is affected by several factors, among them complexity of the case and country of origin.
Step 3: Apply for Conditional Green Card
Once the I-526 petition is approved, a conditional green card may be applied for by the investor and eligible family members. This is done by either going through Form I-485 (Adjustment of Status), if they’re already in the United States, or through consular processing and Form DS-260, if they aren’t yet stateside.
The green card is valid for two years, during which the investment must stay at risk, and the requisite jobs must be either created or maintained. Having lawyers during this period makes it much more likely that the required actions will be taken in a timely manner and that any changes in the structure of the investment or in the operations of the business will be properly documented.
Step 4: File Form I-829 to Remove Conditions
The last action is to submit Form I-829 within 90 days of the conditional green card expiring. This petition shows that the investment was maintained, and the requirement to create jobs was satisfied. The I-829 petition is what leads to the removal of conditions.
A green card that was obtained through the EB5 program is a conditional green card, and so the conditions must first be removed before a permanent green card can be issued. There is no guarantee that an I-829 petition will succeed.
An Experienced EB5 Visa Attorney Can Help You Sort Out the Legal Intricacies
The EB5 visa gives investors a chance to gain U.S. permanent residency while helping the country grow economically. The EdB5 has a two-fold purpose: helping immigrants to achieve permanent residency (becoming citizens, if they so choose) and providing the U.S. economy with new jobs.
The requirements for the EB5 are complex, and the planning necessary to meet them is quite meticulous, which is why partnering with an experienced attorney in this area is highly recommended.
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