In recent years, the political and economic climate in the United States has made seeking permanent residency status for foreign nationals more difficult than ever before. Many once viable immigration and visa options have dried up, or are so tied up with increased restrictions and limitations that they may as well be. While the decreasing value of the U.S. dollar is partly to blame for recent tightening on immigration and visa options, it leaves another opportunity wide open for foreign nationals with significant financial resources. The EB-5 green card, also known as the investor visa, allows foreign investors the opportunity to achieve permanent residency status for themselves and their immediate family through an investment program overseen by the U.S. Citizenship & Immigration Services (USCIS).
Who Is Eligible
While both the green card and investment process require a series of highly specific applications and process documentation, as well as rigidly organized timing, the basic requirements for this visa are relatively straightforward. To qualify for permanent U.S. residency through the EB-5 program, foreign investors must put between $500,000 and $1 million dollars in a commercial enterprise that will create at least ten full-time jobs for U.S. workers. Although it sounds like a no-brainer for any foreign investor who has the wherewithal to make such an investment, these deceptively simple requirements are made sufficiently complex by the visa and documentation process.
EB-5 Visa Process
To initiate the process of achieving permanent U.S. residency, foreign nationals must first petition the U.S. Citizenship & Immigration Services (USCIS) for approval to apply for the EB-5 green card. Once granted, a second petition to become a recognized foreign investor must be lodged with the USCIS. If the USCIS once again gives the go-ahead, foreign investors must then work out and outline their EB-5 investment plan, and submit it for USCIS review, along with a formal application for immigrant visas for themselves, their spouse, and any children under the age of twenty-one. Offspring who have passed their majority do not qualify to enter the United States with permanent residency status under their parents’ visa.
Upon acceptance into the EB-5 program, foreign nationals and their qualifying family members receive conditional green cards valid for a period of two years. This initial process, from the first petition for approval up to the actual insurance of the conditional green cards, can last from a year and a half to two years, and involves complete background checks on both foreign investors and their family members, as well as complete proof in documentation of the legitimacy of the source of their investment funds.
To remove the time limitation from the initial visa and gain permanent residency status in the United States, foreign investors must keep a complete record of their EB-5 investment, including proof of the minimum sustained investment amount and job creation requirements. This documentation will be submitted to the USCIS at a precisely timed interval before the end of the two year conditional visa period, along with an official request to remove the limitations and up-grade to unconditional permanent residency status for all parties included on the visa. Most successful applicants work with experienced EB-5 consultants.
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