Created to stimulate the American economy through the influx of foreign investment and job creation, the EB-5 Immigrant Investor Program became one of the favorite pathways for international investors seeking to become permanent residents in the United States.
In this article, you will find a full overview of the importance of a lawyer to obtain an EB-5 visa.
Explaining the EB-5 Visa – The Fundamentals
Administered by the United States Citizenship and Immigration Services (USCIS), the Employment-Based Immigration Fifth Preference program allows foreign investors to apply for permanent residence.
Under the program, eligible investors and their spouses and unmarried children (under 21) can apply for a green card upon meeting the conditions set forth by the program.
These conditions include investing at least a minimum amount of capital required in a new US commercial enterprise that will create at least 10 full-time job positions for qualifying American workers.
Since March 15, 2022, new requirements were introduced to the program as part of President Biden’s Consolidated Appropriations Act, which includes the EB-5 Reform and Integrity Act.
This Act has re-introduced the Regional Center Program, authorizing the new immigrant visas under this program through September 30, 2027.
The New EB-5 Visa Program – Understanding the Requirements
The requirements for EB-5 investors depend on whether the applicant wants to invest in a new commercial enterprise located within or without a regional center.
If the new commercial enterprise is not located within a regional center, the endeavor itself must create at least ten full-time positions to employ qualifying workers – either directly through the enterprise or its wholly owned subsidiaries.
For new commercial enterprises located within regional centers, the endeavor can directly or indirectly create the required positions. Hence, the applicant’s investment can meet the job creation requirement with up to 90% of jobs created indirectly.
Since the new Act was signed into law, the minimum amount of investment required from EB-5 investors is $1,050,000. For applicants investing in a Targeted Employment Area (TEA), the minimum investment threshold is $800,000 (including infrastructure projects).
Obtaining an EB-5 Visa – Filing the Paperwork
Another complex step involved in the EB-5 application process is filing the forms to ensure a successful outcome, which includes extensive evidence of full compliance with the criteria set by USCIS. The EB-5 petition requires applicants to demonstrate that:
- The investment was made in a new commercial enterprise
- The investment meets the minimum amount of capital required
- The investment has been made “at risk”
- The amount invested was lawfully obtained
- The applicant legally owns the amount invested
- The commercial enterprise expects to create at least ten full-time jobs, and
- The applicant has an immigrant intent to stay in the US and actively engage in the management of the enterprise
As it is plain to see, the EB-5 application process is complex and requires a strategic approach. Failing to comply with any criteria set forth by USCIS or not demonstrating it through the applicant will likely result in a frustrating project.
Why Do You Need a Lawyer To Get an EB-5 Visa – We Are Willing to Help You Attain EB-5 Approval
Do not let the American Dream become a nightmare for you and your loved ones. Contact expert Immigration Attorney Romy B. Jurado today by calling (305) 921-0976 or emailing [email protected] for a winning EB-5 strategy.