What is the process for obtaining an EB-5 visa for foreign investors?
By
As a lawyer, I can provide the following advice regarding the process for obtaining an EB-5 visa for foreign investors.
The EB-5 visa program is designed to encourage foreign investment in the United States by offering a pathway to lawful permanent residence for eligible investors. To qualify for an EB-5 visa, an individual must invest at least $900,000 in a commercial enterprise that will create or preserve at least 10 full-time jobs for U.S. workers. The investment must be made in a new commercial enterprise, or a troubled business that has been in operation for at least two years and has incurred a net loss during the previous 12-24 months.
To begin the process of obtaining an EB-5 visa, the investor must first identify and choose a qualifying investment opportunity. This can be done through direct investment in an existing or new commercial enterprise, or by investing in a regional center. A regional center is a government-approved entity that promotes economic development in specific geographic areas by pooling investment funds from multiple investors.
Once the investment has been made, the investor must file an I-526 petition with the U.S. Citizenship and Immigration Services (USCIS). The petition must be accompanied by evidence to prove that the investment meets the requirements of the EB-5 program, such as evidence of the investment, the source of the funds, and the creation or preservation of the required number of jobs. USCIS processing times for I-526 petitions vary, but can take upwards of a year.
Assuming the I-526 petition is approved, the investor can then apply for an EB-5 visa at a U.S. embassy or consulate abroad, or if the investor is already in the United States, file for adjustment of status with USCIS. If approved, the investor and their immediate family members (spouse and unmarried children under age 21) will be granted conditional lawful permanent residence for a two-year period.
After two years, the investor must file an I-829 petition to remove the conditions of their lawful permanent residence. This petition must demonstrate that the investment was sustained for the entire two-year period, and that the job creation requirements were met. If the I-829 petition is approved, the investor and their family members will receive unconditional lawful permanent residence.
It is important to note that the process for obtaining an EB-5 visa can be complex and may involve various legal and financial considerations. It is advisable for investors to consult with an experienced immigration attorney and other qualified professionals, such as financial advisors, to navigate the process and ensure compliance with applicable laws and regulations.
