Of the various options to obtain a green card for permanent residency in the United States, the EB visa category allocates approximately 10,000 visas per year for aliens who meet the requirements for qualifying investments. The qualifying investment of US $800,000.00 to US $1,050,000.00 should result in the creation of least ten (10) fulltime jobs for U.S. workers. Out of the total amount of visas allocated for investment in this category, approximately 3,000 of these visa allocations are set aside for aliens who invest in designated areas of high unemployment.
This visa category was enacted by Congress in 1991, as a result of the Federal government acknowledging the effects of U.S. companies competing for investment capital from foreign investors, and that a number of those companies were unable to offer sound investment opportunities. By not being able to offer sound investment opportunities eventually resulted in not hiring the required number of employees to be able to maintain the investor visa and loss of status. However, in recent years, the EB-5 visa program has proven to be better at resolving some of these issues.
Investors participating in the EB-5 investor program receive permanent resident status in the United States, and require no renewal or reapplication. The permanent residency status is also offered to the applicants qualifying family members, i.e. spouse, and children who are under the age of 21 and unmarried.
The regulations of the EB-5 offers two paths for the investor who wants to be either actively or passively engaged in their business investment. For those who want to be actively engaged in their business, they can file an individual EB petition. The USCIS will require a comprehensive business plan as well as evidence of the source of the investment. For those who only want to be passively involved in their investment, they can file an EB petition through one of the several regional investment centers. In addition, there is also the opportunity to buy a distressed business and increase the business capitalization or employees by 40%.
To qualify for an Investor visa in the EB-5 category, the foreign national must be able to invest between US $800,000 and $1,050,000.00. This amount depends on the unemployment rate within the geographical location the foreign national is considering conducting the commercial enterprise within the United States borders. If the investment is in an economically depressed geographic region, then the investment requirement is only $800,000 ,with the requisite hiring of 10 US employees. Employment creation for United States Citizens, legal permanent residents or other legal residents is a requirement to obtain the EB-5 visa. These positions should not include positions the investor or family members would hold.
It should be noted that caution should be utilized if choosing an EB-5 regional center for your investment. Before investing, please have an attorney perform due diligence to see the regional center remains viable, as many of the regional centers offer little to no return on the investment. In some cases, the investment may even be lost or the regional center de-certified. The positive side of the EB-5 regional center is that EB-5 petitions can be adjudicated and approved in as little as (60) sixty days.
As to the individual EB-5 investors, the adjudication process can take up to six months for approval. There must be a solid business plan, as well as sufficient proof the source of funds are derived from the investor’s personal monies and not just a loan or gift. If based on a loan, additional evidence that personal assets were used to secure those loans.
Residents of a few countries are excluded from applying for the EB5 investor visa. Specifically, residents of North Korea are excluded from applying, as well as several other countries. Please check with a skilled immigration attorney to see that you are from an eligible country.
For additional information, please feel free to contact our offices for a consultation to see which of these visas would be best suited to your individual needs.
