Published: May 17, 2022
The EB-5 investment visa program is one of the initiatives by the USCIS that grants residency and other perks to eligible foreign investors who wish to invest and create jobs within the United States. The business ventures of these investors will eventually contribute to the growth of US communities.
The EB-5 program serves as a modern economic development tool by the state that rides on globalization trends to realize financing projects for the different regional economies in America. Since its inception in 1990, the program has gradually increased foreign direct investment and triggered dynamic economic activities in high-unemployment or rural areas.
EB-5 investments can be beneficial to both American communities and the investors themselves. Becoming an EB-5 investor can be a challenge, but the whole process will be worthwhile with the help of reliable Los Angeles immigration attorneys like ALG Lawyers.
The Program
The EB-5 program or EB-5 grants foreign investors the right to invest in American commercial enterprises as a sole proprietorship, partnership (limited or general), holding company, joint venture, corporation, business trust, and other allowable entities either privately or publicly owned.
Through the passing of the EB-5 Reform and Integrity Act of 2022, interested individuals may choose between the following minimum investments:
TEA investments refer to projects covering rural areas with high unemployment rates and less than 20,000 people. On the other hand, standard EB-5 investments refer to projects outside the TEA investment category. The state prioritizes TEA investments to mobilize underdeveloped communities better.
Steps to EB-5 Investment Visa Program Process
As one of the most trusted immigration law firms in Los Angeles, allow ALG Lawyers to provide you with a glimpse of how the EB-5 investment visa program process occurs. With our guidance, you can seamlessly transition into your dream business, settle all the requirements, and start operating within the American territory.
1. Choose an EB-5 project
The priority for EB-5 visa applicants would be figuring out a project they wish to invest in. Every investment may differ in requirements and processing time. Once investors are decided on the EB-5 project to focus on, they should coordinate with immigration attorneys in Los Angeles to smooth out the legal works and other possible technical issues.
In choosing the type of investment, applicants should consider their US green card eligibility. Applicants should have realistic expectations regarding the extent of immigration benefits that they can acquire after qualifying.
Further, applicants should also think about job creation. After all, it is a critical requirement of the program. At the very least, EB-5 investments should generate ten (10) full-time jobs in the United States. For those under the Regional Center Program, applicants may be allowed to have indirect and induced jobs to comply with the job requirement.
2. File the appropriate petition
Every immigration process with the USCIS requires specific petitions and forms. For EB-5 investment, applicants should complete Form I-526 or an Immigrant Petition by Alien Entrepreneur. ALG Lawyers can help you avoid mistakes in filling out the form and submitting the requirements. One important thing before submitting the petition is that the investor had already made their investment to either a TEA investment or a standard investment.
The USCIS is thorough with every investor, and they conduct several inspections to ensure that applicants can sustain a profitable business in the United States. Applicants may choose between a standard or expedited processing for an I-526 petition.
Please get in touch with an immigration attorney in Los Angeles for clarifications on this matter. ALG Lawyers is here to draft and manage your petition to avoid clerical and procedural errors.
3. Undergo conditional permanent residency
EB-5 applicants may choose to process their visa while within the United States or their home country. If the applicants are already in the United States, they should file for an Adjustment of Status. Those applying from their home country should undergo the so-called consular processing. Either way, all applicants have to undergo a two-year interregnum as conditional residents in the United States.
Every applicant may need to comply with different conditions set by the USCIS. Once lifted, applicants can become fully-fledged US permanent residents. With this change, their permanent residency may now last for ten (10) before needing renewal.
4. Remove existing conditions
Removing the conditions is crucial to unlocking permanent residency and fully operating as an eligible investor in the United States. EB-5 visa applicants may remove the conditions attached to their immigration by filing a Form I-829 or a Petition by Entrepreneur to Remove Conditions. ALG Lawyers can provide you with prompt assistance in filing this form.
Applicants must file for renewal within ninety (90) days before the expiration of the initial two-year period. Filing the form beyond the allowable time frame may endanger the success of your immigration process. While the USCIS allowed extensions before, refrain from resorting to this option because the agency may not grant your request.
What to Prepare
Before applying for an EB-5 visa, there are a handful of things you need to prepare. Here are some helpful notes:
- Research on investment types.
- Learn more about regional centers.
- Prepare for investment capital and other fees.
- Prepare enough copies of documentary requirements.
- Partner with an immigration lawyer.
What to Avoid
The success of an EB-5 application is not entirely reliant on eligibility. It is equally important that applicants avoid mistakes that may prompt the USCIS to deny an application. Be wary of the following:
- Inaccurate forms.
- Incomplete documentary requirements or attachments.
- Submissions in wrong offices or branches.
- Delays.
- Non-compliance with statutory requirements, especially those related to job creation.
Make Every Investment Count
We value your time, money, and effort. Becoming a full-fledged EB-5 investor can be tricky, but we can help turn your plans into reality. ALG Lawyers has helped numerous immigrant investors before, and we are excited to do the same for you. Today is the perfect time to start your success story.
ALG Lawyers is a league of seasoned immigration lawyers based in Los Angeles. We also have a team of staff members you can rely on to take care of clerical processes and other miscellaneous matters. Coordinate with us, and we promise to make your immigration transition as smooth as possible.
(Please note that this article does not create an Attorney-Client relationship between our law firm and the reader and is provided for informational purposes only. Information in this article does not apply to all readers. Readers should not rely on this information as legal advice and should seek specific counsel from a qualified attorney based on their individual circumstances. Thank you.)