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Non-U.S. citizens who wish to invest in commercial enterprises in the United States to create or preserve full-time jobs may qualify for the EB-5 Program.
The EB-5 Program was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. EB-5 visas are set aside for individuals who invest in commercial enterprises to promote economic growth.
EB-5 Eligibility and Benefits
The EB-5 Program is the fifth preference of employment-based visa that participants receive.
Under the EB-5 Program, investors, their spouses, and their unmarried children under 21 years of age are eligible to apply for permanent residence (a green card) if they:
- Make the necessary investment in a commercial enterprise in the United States; and
- Plan to create or preserve 10 full-time permanent jobs for qualified U.S. workers
Qualifying for an EB-5 Immigrant Visa
To qualify for an EB-5 immigration visa, you must invest in a commercial enterprise that was established after November 29, 1990, or a commercial enterprise that was established before November 29, 1990, and that was:
- Purchased and the existing business is restructured or reorganized in a way that new commercial enterprise results; or
- Expanded through the investment resulting in at least 40% increase in the net worth or number of employees
For purposes of the EB-5 Program, commercial enterprises include:
- Sole proprietorships
- Partnerships (general or limited)
- Holding companies
- Joint ventures
- Corporations
- Business trusts
- Other entities that are publicly or privately owned
Job Creation Requirements
To qualify, an EB-5 investor must create full-time positions for at least 10 qualifying employees.
“Full-time work” means employment that requires a minimum of 35 working hours per week. It does not include jobs that are intermittent, temporary, seasonal, or transient.
A “qualifying employee” is a U.S. citizen, lawful permanent resident, or other immigrant authorized to work in the U.S. It does not include immigrant investors, their spouses or dependents, or individuals in a nonimmigrant status who is not allowed to work in the United States.
Investment Requirements
Applicants for an EB-5 visa must invest cash, equipment, inventory, or other tangible property and must be personally and primarily liable for the assets of the new commercial enterprise upon which the petition is based.
The minimum investment amount is $1,000,000. For Target Employment Areas (TEA), such as rural areas or an area that has experienced high unemployment (defined as 150% of the national average), the minimum investment is $500,000.
Benefits of Choosing an EB-5 Visa
If you have the money and can demonstrate that you are in the process of investing in a for-profit business, you do not need to prove that you have any additional skills or expertise.
You can also choose to invest the money anywhere in the United States. However, until you receive your permanent green card, you must maintain your investment and be actively engaged in the company you invest in. Once you receive your permanent green card, you can work for any company, or not work at all.
Your spouse and children under the age of 21 can apply for a green card as an accompanying relative.
Is an EB-5 Visa Right for You?
If you have the means are interested in investing in and creating a new business in the United States, an EB-5 visa may be right for you.
For people seeking to invest in an area with a lower investment requirement, you may be interested in a Targeted Employment Area (TEA), usually a rural area or an area with high unemployment.
In the past, some people invested in a regional center, which is an organization that runs a business that creates jobs and ensured compliance with USCIS requirements for the initial conditional EB-5 visa. This program has been suspended by Congress, but may be reinstituted in the future if the program is reauthorized. Some investors preferred this route because they did not need to create their own business, and the required investment amount was often lower.
Regardless of where you invest, the entire investment amount must come from you. You cannot share with other people and all expect to receive green cards. The USCIS will evaluate where the money came from and you will need to provide evidence such as a salary, investment, gift, inheritance, or the sale of lawfully obtained assets.
You must be actively involved in the business you invest in, either in a managerial or policy-forming role. Passive investments do not typically qualify for an EB-5 visa.
Applying for an EB-5 Visa
To apply for an EB-5 visa, you must file a Form I-526 along with a filing fee of $3,675.
Once the petition has been approved by the United States Customs and Immigration Service (USCIS), you must file:
- A DS-260 Application for Immigrant Visa and Alien Registration to obtain an EB-5 visa abroad to seek admission to the United States; or
- A Form I-485 Application to Register Permanent Residence or Adjust Status to adjust status to a conditional permanent resident within the United States.
Finally, you must file Form I-829, Petition by Investor to Remove Conditions on Permanent Resident Status with the 90-day period before the second anniversary of their admission to the United States.
Once the petition is approved, USCIS will remove the conditions from your green card and that of any dependents you included.
Living and Working in the US
The initial green card granted under an EB-5 visa is conditional and expires in two years. Once your business has hired the minimum number of workers, or 90 days before the expiration of your second anniversary in the United States, you can apply for your permanent green card.
Validity for an EB-5 Visa
The initial, conditional green card is valid for two years. You must file Form I-829 within the 90-day period before the second anniversary of your admission to the United States to remove the condition on your green card and become a permanent U.S. resident.
Work with An Experienced Immigration Attorney When Applying for an EB-5 Investor Visa
An EB-5 investor visa requires a substantial investment of money and time. We can help by providing support and advice to guide you through the application process, preparing and filing your EB-5 application, and ensuring the best possible outcome in your visa application.
If you file for an EB-5 on your own and are denied, you could hurt your chances of being approved in a second filing. Give yourself the best chance of having your application by working with an experienced immigration attorney who will provide advice and guide you through the visa application process.
To schedule a free initial 20-minute consultation, call (323) 739-7532 or complete our simple online form.