There are many different immigration visas that allow a person to immigrate to the United States. One of these visas, the EB-5 Visa allows a person to invest in specific areas of the US economy, and thus obtain permanent residency. The program was originally created to stimulate the economy, and allow for more immigration to the United States.
Program Basics
In order to obtain an EB-5 an applicant must invest 1,000,000 dollars, which creates or preserves at least 10 jobs in the United States. This amount can be reduced to $500,000 if the applicant invests in a “Targeted Employment Area.” A Targeted Employment Area is an area with high unemployment. The jobs that are created must be new jobs that are not for the investor’s family
If an applicant is approved for an EB-5 visa, the applicant and his family will be granted conditional permanent resident status in the United States for two years. Toward the expiration of this two year period the applicant must submit proof that 10 jobs have been created or will imminently be created. After this proof has been submitted, and if approved, the applicant’s conditional permanent residency will be converted to unconditional permanent resident status.
How to Apply
The initial application is submitted to the United States Citizen & Immigration Services (“USCIS”). After this initial application is submitted, it is either processed by a US Consulate in the applicant’s home country, or, if the applicant is currently living in the US under a different type of visa (i.e. tourist, worker, etc.) the applicant may directly apply toUSCIS for final approval.
Where the money can be invested
In general, 1,000,000 dollars must be invested. However, as mentioned earlier, an applicant can invest in a “Targeted Employment Area.” The US Government defines a “Targeted Employment Area” as an area at the time of investment, is a rural area (not within either a metropolitan statistical area (MSA) as designated by the Office of Management and Budget) or the outer boundary of any city or town having a population of 20,000 or more), OR an area within an MSA or the outer boundary of a city or town having a population of 20,000 or more which has experienced unemployment of at least 150% of the national unemployment rate.
Regional Investment Center
USCIS maintains a list of approved centers where an applicant can invest his money. By doing so the applicant assures that his money is going toward an approved project. While these projects are approved by USCIS, USCIS does not endorse any specific project. An applicant is advised to seek out the advice of a qualified financial advisor before investing.
Conclusion
The EB-5 visa provides a pathway for qualified individuals (and their families) to immigrate to the United States. As opposed to other types of visas, this visa does not require a sponsor a family member in the US, or winning the DV Lottery. It is recommended that an applicant seek out the advice of a qualified immigration attorney to apply, as the process is both lengthy and complicated.
The information contained in this article does not constitute a legal opinion nor does it serve as replacing a proper individual legal consultation. Any use of this information shall be entirely at the risk of the reader.
This article was written by Dotan Cohen Law Offices, an immigration law firm that handles legal matters related to the United States, Australia, United Kingdom, Canada, and Israel. Our contact details are:
Tel. +1-646-797-5717
e-mail: [email protected]
