EB-5 Visa Immigration – Frequently Asked Questionshttps://toppinslawfirm.com/wp-content/themes/toppins/images/empty/thumbnail.jpg 150 150 Marisol Mancera Marisol Mancera https://secure.gravatar.com/avatar/722ebe7df888880c3b4d679d15a22a05?s=96&d=mm&r=g
EB-5 Visa Immigration – Frequently Asked Questions
Congress created the EB-5 Green Card Program with two major goals. The first goal was to create jobs to enhance the US economy. The second goal was to make it possible for a foreign investor to become a permanent resident of the U.S. Under this program, the investor and his/her family are allowed to live and work in the U.S.
The program is open to anyone from any country who wishes to improve the quality of their life, retire in the U.S., or have their kids attend colleges and universities in the U.S. Every year, there are 3000 slots for the EB-5 program.
We would like to clarify some of the questions you may have regarding this program.
What are special requirements to get the EB-5 Green Card?
An applicant for this program needs to be an accredited investor that has reached a certain net worth level and capital in relation to USCIS rules. The accredited investor needs to have a net worth or joint net worth with his or her spouse of over $1 million.
This net worthy excludes assets such as homes, cars, and furnishings. Alternatively, the investor should have a gross income of over $200,000 in the last two calendar years. Alternatively, he or she should have a joint net income with a spouse of $300,000. He or she should expect to have an annual income of over $200,000 or $300,000 jointly in the current year. Besides that, the investor needs to prove that the assets were acquired lawfully.
What are the minimum requirements?
Applicants need to have proper vaccinations and have no known communicable illness. Additionally, applicants can apply for this visa if they have ever been rejected for other visas. However, they may not apply if the previous rejections were because of legal issues or immigration fraud. The applicant does not need to know English or be sponsored but both factors are added advantages.
How long does it take to get the Conditional Green Card?
After the I-526 Petition has been submitted, the average time for the investor to pass the interview at a U.S. Consular and get the Conditional Green Card is about three to six months.
What documents are needed for the I-526 petition?
An applicant needs to submit a passport, business and employment documents, police and family certifications, prison/court records, photos, military records, financial statements and documents that prove your funds are from lawful sources such as stock certificates, banks statements, and mortgage recordings, among others.
What is a conditional Green Card?
This is a temporary Green Card, which will remain in effect for two years. After the USCIS has approved the I-526 petition, the investor, spouse, and unmarried kids below 21 years of age can also get conditional Green Cards. After 21 months the investor is given a three-month window to fill and submit the I-829 application. The application verifies that all the funds had been invested and that at least 10 jobs have been created indirectly or directly as a result of the investment.
What are the benefits of getting a Green Card?
After the five years of getting your temporary Green Card, you will be eligible for U.S. citizenship. With a Green Card, the applicant can live, work and retire in the U.S. He or she can work in or visit other nations as long as they maintain permanent residence in the U.S. — Traveling to and from other nations will not require a visa. The Green Cards can be sponsored for a relative and a work permit is not needed to get employment. Finally, children of the applicants will be able to study in the U.S. at costs similar to those of US citizens.
How do you maintain the Green Card?
For one to maintain the Green Card, they need to meet two conditions. First is that the holder must avoid behavior that leads to inadmissibility in the U.S. For instance, he or she cannot be convicted of any major crime. The second condition is that the applicant cannot abandon the U.S. as the place of permanent residency. In most cases, staying out of the US for over a year is considered an abandonment of residency.
How long does it take to get a permanent Green Card?
The conditional Green Card will expire after two years since being issued. Before that, a foreign investor has to submit the I-829 Petition within three months of expiry. After the petition has been approved, the spouse and unmarried children below 21 can also get the Permanent Green Cards. That means permanent Green Cards can be acquired within two years.
How long does it take to get citizenship?
Successful applicants and their family will be eligible to be U.S. citizens after five years of getting the Conditional Green Card.
We hope that these few facts will help you understand the EB-5 visa. It is a great visa for those who wish to invest in the US and become permanent residents.
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