Are you an investor looking to make your fortune investing in a business on US soil? If the answer to either of those is “yes”, the EB5 program may be for you.
A heads up, the EB-5 visa process can be a complicated one.
We’ll provide information on what’s required and how to get your visa. So we’ve got you covered whether you’re just starting out or almost ready to submit your application.
What Is EB5?
The EB-5 visa is a United States visa created by the Immigration Act of 1990. It provides foreign nationals with a method of obtaining a green card if they invest money in the United States.
To qualify for an EB-5 visa, an applicant must invest at least $1.8 million in a new company in the United States.
The investment must create at least ten full-time jobs for qualified U.S. workers, or it can be made in a Targeted Employment Area (TEA). A TEA is an area designated by the state or local government as having high unemployment relative to the rest of the state.
The EB-5 visa program was created to spur economic growth and create jobs in the United States. Since its inception, the program has attracted billions of dollars of foreign investment and created thousands of jobs.
In recent years, however, the program has come under increased scrutiny due to concerns about fraud and abuse. In 2014, Congress made some changes to the program to improve its integrity and effectiveness.
For example, Congress raised the minimum investment amount from $500,000 to $1 million and limited the number of visas that could be issued each year to 10,000. They recently adjusted this number to $1.8 million to account for inflation.
Despite these changes, the program continues to be popular with foreign investors and has been credited with stimulating economic growth and creating jobs in communities across the United States.
Step 1: Meeting the Requirements
You’ll first need to determine if you meet the requirements for an EB-5 visa. This includes having a qualifying investment and meeting specific job creation requirements.
You’ll also need to show that your investment will somehow benefit the US economy through job creation or by improving infrastructure or services. Once you meet all the requirements, you can begin the process.
Step 2: Beginning the Process
The next step is choosing a regional center from which to invest your investment. Regional centers are designated areas throughout the US that are approved for EB-5 investments.
Some regional centers specialize in certain investments, such as real estate or hospitality projects. Choose one that best suits your needs and interests. But there are other options to use as a starting point. Some businesses, such as the EB5 Affiliate Network, house tons of great resources for investors researching or ready to start the process.
Step 3: Making Your Initial Investment
Once you’ve chosen a regional center, it’s time to invest. This is where the services of an immigration attorney come in handy.
An immigration attorney can help ensure that all the paperwork is filled out correctly and submitted on time. They can also advise you on which documents are required, such as proof of funds and evidence of job creation.
Step 4: Submit Your Application
After the investment is made, it’s time to submit your application. This involves filing Form I-526, which is the Immigrant Petition by Alien Entrepreneur.
The form will ask for detailed information about your investment and how it meets the requirements outlined above. Once you’ve submitted all the required documents, you’ll need to wait for your petition to be approved.
Once the I-526 is approved, you can proceed with your visa application. The next step involves filing Form I-485, which is the Application to Register Permanent Residence or Adjust Status. You’ll also need to pay a fee and submit other documents as part of the process.
Step 5: Wait
The last step is to wait for your visa to be approved and issued. Once it’s issued, you’ll be able to enter the US as a permanent resident. Congratulations! You’ve completed the EB-5 visa process and can now enjoy all the benefits of living in the United States.
The Bottom Line
The EB-5 visa program is a great opportunity for foreign investors seeking a foothold in the US economy.
The process can be complex, but with the help of an immigration attorney and some patience, it can be completed successfully. Use our guide to begin your checklist to ensure all of your initial ducks are in a row.
Good luck on your journey, and welcome to your new home.