The United States Citizenship and Immigration Services (USCIS) manages the EB-5 Immigrant Investor Program, which was enacted to stimulate the economy via job creation and capital investment by foreign investors. The original program was created in 1990, and in December 2020, President Trump signed a law extending program through June 30, 2021.
The EB-5 Immigrant Investor Visa Program provides a way for eligible Immigrant Investors to become legal permanent residents (green card holders) by investing at minimum of $900,000 to finance a commercial enterprise in the United States. The business must employ no less than 10 American workers in order to qualify. A commercial enterprise is defined as any for-profit entity formed for the purposes of ongoing conduct of lawful business, including sole proprietorship, partnership, a holding company, joint venture, corporation, or business trust.
By the Numbers: Approximately 140,000 EB-5 visas are made available to foreign investors (also known as Immigrant Entrepreneurs) annually.
Who Qualifies for an EB-5 Visa?
As of November 21, 2019, to qualify as an immigrant investor a foreign national is required to invest, without borrowing, $1,800,000 – or $900,000 in a high-unemployment or rural area (targeted employment area).
To qualify, an investment must create full-time jobs for at least 10 eligible employees. These jobs must be provided within 2 years of the visa petition. Qualified employees include:
- U.S. citizens
- lawful permanent residents
- immigrants authorized to work in the United States
Employees may not include the investor themselves, nor their spouse or children.
Steps to File an EB-5 Petition
An applicant for the E5 immigrant investor visa must file Form I-526, Immigrant Petition by Alien Entrepreneur, with U.S. Citizenship and Immigration Services (USCIS). The Form I-526 petition must be approved by the USCIS before applying for an immigrant visa at a U.S. Embassy or Consulate outside the United States.
After USCIS approves the I-526 petition, the National Visa Center (NVC) will generate a case number for the petition. NVC will provide the applicant with information on submission of appropriate fees and immigrant visa documents.
A spouse and minor unmarried children are permitted to apply for immigrant visas along with the immigrant investor. Same-sex spouses are now eligible for the same immigration benefits as opposite-sex spouses.
How Long Does it Take? EB-5 immigrant investor visa cases typically take more time because they fall into a numerically limited visa category. The length of wait time varies from situation to situation, and cannot be predicted. Some categories of EB-5 visas may entail waiting for several years.
What Documents Are Required?
In most cases, the following documents are required:
- Passport(s) valid for six months beyond the intended date of entry into the United States, unless longer validity is specifically requested by the U.S. Embassy/Consulate in your country.
- Two (2) 2×2 photographs.
- Original civil documents (or certified copies) such as birth and marriage certificates. Legible photocopies are typically required as well.
- Required supporting financial documents
- Medical Examination and Vaccination Forms
EB-5 Visa Ineligibility
Those individuals looking to gain an EB-5 Visa will be typically be rendered ineligible if any of the following events or situations are applicable: drug trafficking; overstaying a previous visa; submitting fraudulent documents.
Attempting to qualify for a visa by knowingly misrepresenting a material fact (fraud) is likely to result in disqualification and ineligibility for any U.S. visa or entry into the country.
If you are considering an EB-5 investor visa, call the Sarasota immigration attorneys at Probinsky & Cole. We can help you to understand your eligibility and options, as well as guide you through the complex immigration process.
