The U.S. green card process can be a long, complicated and stressful road for many foreign nationals who want to become permanent residents or naturalized citizens of the United States. If you are interested in immigrating to the U.S. but do not meet the standard criteria for one of the many available green card programs, you may want to consider investing in a new pilot program called the EB-5 visa program.
Created by Congress in 1990, this program was designed to stimulate investment from foreign investors and help create jobs for American workers at the same time. With an EB-5 visa, you can qualify for permanent residence in the U.S., provided that you make an investment that meets certain monetary standards and creates 10 or more jobs through your business venture (or invest $500K+ in a targeted employment area). This article will explore everything you need to know about the EB-5 visa program as of today and how it benefits foreigners and US citizens.
What is the EB-5 Visa Program?
The EB-5 visa program allows foreign nationals to obtain green cards for themselves and their families if they invest enough money in the U.S. economy. The amount varies from one jurisdiction to another because the program is administered by the U.S. Citizenship and Immigration Service (USCIS) at the federal level and by local offices at the state level.
Investors are expected to create 10 or more full-time jobs for U.S. workers. Foreign investors who are approved for an EB-5 visa can bring their immediate family members, including spouse and unmarried children under 21 years old, to live with them in the U.S. Investors must first create a business plan that states how they will create new jobs. They must also prove that they have the financial means to make the investment, and meet other eligibility requirements.
How does EB-5 Visa Program Benefits foreigners and US citizens?
Benefits for Foreigners?
The EB-5 visa is a great way for foreign nationals to obtain a green card. This visa provides a path to permanent residency for both the investor and his or her immediate family members. The investment amount required for EB-5 visa holders is significantly lower than other visa categories. For example, a standard H-1B visa requires an investment of $100,000 or $150,000 (depending on the state where the investment is being made). The EB-5 visa program enables foreign-born individuals with little or no ties to the U.S. to establish a path to long-term residency in the country.
An EB-5 investor and his or her spouse and children under the age of 21 may be eligible for conditional permanent resident status after making a qualifying investment and receiving approval from the United States Citizenship and Immigration Services (USCIS).
After two years, the investor and his or her family will have their conditional permanent resident status removed if the investment meets the program’s requirements. Five years after they first received conditional permanent resident status, they may become naturalized citizens.
Benefits for US Citizens?
The EB-5 investor visa program has been beneficial to both foreign and domestic investors since its inception in the early 1990s. The program was designed to revitalize the economy, and it has since become a valuable component of the U.S. immigration system.
The EB-5 investment visa programme’s primary purpose is to stimulate economic development. When foreign investors invest in the economy, they not only infuse capital, but also contribute to the economy once they begin living in the U.S. They shop in stores, send their children to U.S. schools, purchase houses and homes, and more.
In order to obtain an EB-5 visa, at least 10 jobs must be created or preserved (in some cases, up to 10 jobs can be retained). These jobs help Americans find employment.
Investors also choose to target specific domestic locations and populations that are especially in need of jobs or economic growth as part of the program. These locations, known as Target Employment Areas, or TEAs, are identified by the government and are typically located in rural areas or areas with high unemployment.
How to Qualify for an EB-5 Visa?
Similar to other visa programs, the first step in the EB-5 process is to find a qualified immigration EB5 Visa Attorney to help you navigate the complex application process. You should also make sure you meet the program’s eligibility requirements. You will need to find a “regional center” authorized by the USCIS to administer the EB-5 visa program in your state. Regional centers are entities that have been given special authority by the USCIS to promote economic growth through the EB-5 program.
The EB-5 visa program is a federal program that allows foreign nationals to invest in the U.S. economy. In exchange for their investment, the foreign investors and their immediate family members are provided with a path to obtaining permanent residency in the U.S. Besides meeting the program’s eligibility requirements, you will need to find a regional center in your state to administer the EB-5 visa. The regional center will help you find investors who are interested in your project, and also help you apply for a visa. If you are interested in starting or expanding a business and want to live in the U.S., you may be able to obtain a green card through the EB-5 visa program.