Becoming a legal permanent resident of the U.S. is far from easy. Even with many different paths available, it can still feel like trying to navigate a corn maze with only luck and hope to guide you.
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Luckily for investors, there is one visa designed specifically for you: the EB-5 visa. If you’re ready and willing to invest considerable capital in a U.S. business, and help provide jobs for American workers, this could be your path to permanent residence through a U.S. green card.
— What is the EB-5 Immigrant Investor Visa Program?
— EB-5 requirements
— How hard is it to get an EB-5 visa?
— How to get an EB-5 visa.
— Alternatives to an EB-5 visa.
What Is the EB-5 Immigrant Investor Visa Program?
The EB-5 Immigrant Investor Program allows foreign investors and their spouses and children under age 21 to get a U.S. green card. Congress created the program in 1990 to help stimulate the U.S. economy by creating more jobs and encouraging capital investment from foreigners.
“The EB-5 Program offers a direct path to a U.S. green card for investors, their spouses and children under 21 without requiring sponsorship, providing freedom to live and work anywhere in the U.S.,” says Pooja Mehta, an immigration attorney at Dalal & Mehta in New Jersey and Pennsylvania. “It allows access to U.S. education and can lead to citizenship after five years.”
But the EB-5 Program isn’t necessarily the easiest path to residency.
“The process can be lengthy, often taking several years due to high demand and limited annual visa allocations,” says Hector Quiroga, immigration attorney at Quiroga Law Office.
Only 10,000 EB-5 visas are issued per year. The quota resets each year on Oct. 1.
“Initially, successful applicants receive a conditional green card valid for two years,” Quiroga says. “Later, if they meet the conditions, they can file to get a permanent green card, which is evidence of lawful permanent residency.”
EB-5 Requirements
On the surface, there are only two requirements to get an EB-5 visa. You must:
1. Invest in a commercial enterprise within the U.S. 2. Create or preserve 10 permanent full-time jobs for U.S. workers.
But within these broad requirements, investors must meet a lot of criteria. For example, as of March 15, 2022, you must invest at least $1.05 million, with $800,000 going to a Targeted Employment Area, or TEA. A TEA is either a high unemployment area or a rural area.
“Investors can invest in a business of their own making or invest in a project that is ongoing that has already been preapproved by the immigration agencies as a legitimate business source,” Mehta says.
She adds you also must be involved in the business, either through directly managing it or in a policy-making capacity.
Quiroga says many investors choose to invest through EB-5 regional centers, which are designated by U.S. Citizenship and Immigration Services to promote economic growth. “These centers can help simplify the process and often have preapproved projects,” he says.
The Immigrant Investor Program, also known as the Regional Center Program, was added to the EB-5 Program in 1992 to reserve a portion of the EB-5 visas for applicants who invest in commercial enterprises within USCIS-approved regional centers.
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How Hard Is It to Get an EB-5 Visa?
While the EB-5 visa can be a direct path to lawful permanent residence, and even lead to citizenship, it’s not always an easy path.
“Obtaining an EB-5 visa can be complex and challenging due to several reasons,” Quiroga says. This includes:
— High financial requirements. There’s a considerable financial investment, which may not be feasible for everyone.
— At-risk investment. The funds you invest must be placed “at risk” in the commercial enterprise, “meaning there is no guarantee of return, and the capital must be used for business purposes,” Mehta says.
— Job creation requirement. “Proving that your investment will create the necessary jobs can be complicated, especially if you’re not investing through a regional center,” Quiroga says.
— Extensive documentation. You’ll need to provide extensive documentation with your application, including proof that your funds are from a lawful source.
— Time-consuming process. Be prepared to spend several years preparing and waiting for your visa approval.
How to Get an EB-5 Visa
The best way to improve your chances of getting an EB-5 visa is to work with an experienced and qualified immigration attorney. This expert will be able to guide you through the complex and detailed application process.
Mehta recommends working with a “superstar team” that includes “an immigration lawyer, an accountant and a business plan agency that is going to work with the other two team members to present your business and the points on the investments professionally.”
The hardest part of getting the visa is often demonstrating your investment funds were lawfully obtained, she says. You’ll need to provide extensive documentation proving they came from “earnings, business profits or other legitimate means.”
Where you invest can also affect your chances of obtaining a visa. Of the 10,000 annual EB-5 visas allocated, 20% go to applicants who invest in a rural area, 10% to investors in high unemployment areas and 2% to infrastructure project investors.
Alternatives to an EB-5 Visa
The EB-5 visa isn’t the only way to get a U.S. green card as an investor. Alternatives include:
— E-2 Treaty Investors. This visa is for nationals of countries with which the U.S. maintains a treaty of commerce and navigation. They must invest substantial capital in an enterprise to stay in the U.S. for up to two years, with the potential to extend. “While it doesn’t directly lead to a green card, it can be a stepping stone,” Quiroga says.
— EB-1C Visa for Multinational Managers or Executives. If you work for a qualifying U.S. employer and hold a managerial or executive position, your employer may petition for a visa on your behalf. “This visa directly leads to a green card, as it is an employment-based immigrant visa category,” Mehta says.
— L-1 Visa. Similar to an EB-1C visa, an L-1 visa is for employees transferring into the U.S. from an affiliated office based in another country. The L-1 can eventually lead to an EB-1C green card, Quiroga says.
— EB-2 Visa with National Interest Waiver (NIW). EB-2 visas are for people the USCIS says have “exceptional ability” — examples include Pulitzer Prize winners or Olympic medalists — or professionals with advanced degrees who intend to work or teach. With an NIW, you won’t need to have a job offer and labor certification to apply. “This visa directly leads to a green card, as it allows qualified individuals to apply for permanent residency without the need for a sponsoring employer if their work is deemed to be in the national interest of America,” Mehta says. “That does not mean national security; any work worthy of national interest for the advancement of America is considered.”
The moral of the story is that if you’re open to investing in the U.S., there are many ways to gain residency. However, each comes with its own requirements, and the process can be complicated. So, it may be best to get the help of an experienced immigration attorney to guide you through the legal corn maze.
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How to Obtain a Green Card Through Investing originally appeared on usnews.com
