10 Things You Need To Know About The EB-5 Visa Programhttps://toppinslawfirm.com/wp-content/themes/toppins/images/empty/thumbnail.jpg 150 150 Wasim Wasim https://secure.gravatar.com/avatar/9402f7ed21295a9145078a28c1b792c7?s=96&d=mm&r=g
The United States Congress, in 1990, formed the EB-5 Immigrant investor program with the goal that the foreign investors will stimulate the growth of the economy of the United States by creating jobs and investing their capital in enterprises in the US. The program underwent some changes in 1992 resulting in the option to invest in designated Regional Centers and high-unemployment areas. If you are an investor looking to venture into the United States using the EB-5 visa, here are some 10 things you need to know about the EB-5 visa program as highlighted by Toppins Law Firm
- Firm The visa program is solely meant for non-US investors
The program aimed to allow investors from other countries to invest and improve the US economy. The good thing about applying for this visa is that it doesn’t matter where you are when you file the petition. As long as you have all the right documents as required and you submit the necessary documents to the correct authorities, your request will be processed. You, however, have to be a legal resident of the country where the request originates.
- Application form
The different types of visa require various application forms,and it is essential to file the correct application form to avoid your petition being rejected. The form to use is Form I-526. The same can be obtained from the United States Citizenship and Immigration Services website. Ought to be careful when filling the application form. The petition processing usually takes a lot of time,and any minor mistake can lead to a petition being denied or the process taking even longer than it should.
- Your investment must be ‘at risk.’
One of the requirement is that the investor’s funds have to be ‘at risk.’ It means that the investor should not have any guarantee that they will get their money back. This condition holds regardless of whether you invest in a targeted area or not.
- The minimum amount to invest
It is not just enough to want to invest in the United States to qualify for the EB-5 Investor program. There is a lower limit set for the amount that one can invest depending on where they are investing. If you are investing in any enterprise that is not in a targeted area, the minimum amount that you are required to invest is $1 million. To invest in the targeted areas like the rural areas or areas listed that have high unemployment rates, they have to invest a minimum of $500000.
- An investor should invest in a new commercial enterprise
A new commercial enterprise is one that was established after November of the year 1990 or a company that was established earlier than this date but has undergone a significant organizational change. These are the companies that a foreign investor can invest.
- Legit source of the funds
One has to show that the money they are going to invest were obtained legally and without extortion. It is usually a challenging task for applicants as they have to obtain financial records dating years back. A clear picture of the path the money took to the investor has to be shown. Inheritance, gifts and investment profits are all acceptable forms of investment. Loans and illegal capital are not acceptable.
- Job creation
One of the primary requirements for the EB-5 Visa is that it should lead to the creation of at least ten permanent jobs for citizens of the United States. This condition is usually checked two years after one has been granted entry into the United States. If you have met this criterion, you will be allowed permanent residency. If not, your temporary residency status will be withdrawn.
- The visa grants one permanent residence in the United States
When you successfully apply for the EB-5 visa program, you gain temporary residence in the United States. It will last for two years upon which your investment will be reviewed to ensure that you have complied with the employment requirement. If the condition has been met, one gains their permanent residency in the United States. However, they should ensure that they do not stay outside the United States for more than six months to avoid their permanent resident status being stripped away.
- Can be a path to the United States citizenship
To be eligible for citizenship through naturalization, you are required to be a legal resident of the United States for at least five years. You, also, must have been in the United States physically for a minimum of two and a half years. With the EB-5 visa, it is much easier to attain these requirements if you spend time in the United States managing your investment.
- The process takes long [ EB 5 Visa Processing Time ]
When you file your petition, you ought to be patient for the process to be complete. A request of EB 5 Visa usually takes between 8 and 18 months to be processed. It can be owed by the fact that many investors are applying and the pending petitions yet to be processed.