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Simple and Effective Tax Reduction Tips

22nd October 2011
By Dori Faxton in Immigration Law
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Created specifically for foreign investors by the United States Immigration Act of 1990, the EB-5 green card is one of the fastest family-inclusive Visa’s available in the United States. Although it comes with a hefty price- a minimum investment of $500,000 in an officially designated U.S. Regional Center program, the EB-5 extends permanent residency statues to you, your spouse, and all children under the age of 21. Since EB-5 foreign investors are not required to take on an active role within the program or company in which they invest, the EB-5 also offers holders the flexibility to apply for and take on any U.S. job, run or invest in additional businesses of choice, and to live and retire anywhere in the United States.

While permanent residency is not citizenship- you can apply for that after maintaining your green card for five years- the EB-5 green card does grant you and your family many of the same rights and benefits that U.S. citizens enjoy, such as education aid, property ownership and taxation savings, and job opportunities. Although your children must be under 21 at the time of your EB-5 application, they continue to enjoy permanent residency status and all of the associated rights and benefits granted by the EB-5 as long as they maintain their residency, regardless of age.

The EB-5 Application Process

The EB-5 immigration process begins with a foreign investor petition to the U.S. Citizenship & Immigration Services (USCIS). If the USCIS grants approval to apply for an EB-5 Visa, you may then work out your EB-5 investment plan and formally apply for immigrant Visas for yourself, your spouse, and any qualifying children. Foreign investors already living in the United States must also apply for an Adjustment of Status. Once the EB-5 application is accepted, “conditional green cards” valid for a period of two years are issued to you and your family. The entire EB-5 Visa application process can take anywhere between nine and fifteen months to complete, plus an additional six months to secure the actual green card. The EB-5 application process involves complete backgrounds checks on yourself, your family, and the source of your investment funds, and your investment in a U.S. designated Regional Center and the accompanying documentation must be completed before your application is considered.

To receive an unqualified EB-5 green card, you must file an additional application with the USCIS, showing documented proof of the existing investment and fulfillment of the terms of your conditional green card, and requesting an up-graded status to unconditional permanent resident. If granted, your new unconditional green card status will apply to yourself and all family members registered with you under the original EB-5 Visa.

Due to the complex nature of the process, required petitioning, documentation, and timing, most successful applicants work with an EB-5 immigration consultant. EB-5 consultants provide you with an entire team of dedicated experts and professionals with only one goal in mind- to help you, and your family, get your EB-5 Visa and become one of the many permanent residents happily living and working in the U.S.

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