Immigration 101 : What You Need To Know About EB5
Living or relocating to the United States can be really challenging. Many people would have to endure long lines and cumbersome paper work just to have an opportunity to experience life in the so-called “Land of Opportunity.” Unfortunately, that dream of people to live in New York or Los Angeles remains to be elusive after their visa application got rejected.
Fortunately, there is now a new and easier way to migrate to the United States and it is via the EB5 program. Also known as the Immigrant Investor Program, the EB5 allows foreigners to immigrate to the US by investing a considerable amount of money and make their dreams come true. In this article, we will develop an understanding of the EB5 program.
What Is EB5 All About?
EB5 is unique compared to other visa options that individuals might puruse. To qualify for the Immigrant Investor Program, you need to fulfill the following requirements:
- A minimum investment of $500,000 for a project located in a Target Employment Area (TEA) and $1 million for a project outside of TEA
- Generate or maintain at least ten full-time jobs for American workers
- The investor must not have previous convictions or violations of US immigration laws
- The cash for the investment must come from a legitimate source
- The investor must invest in the project for a durtation of no less than 5 years
Benefits of the Program
With the EB5 program, you do not have to worry about getting delayed on your visa application. It offers immediate permanent residency status to foreign investors upon their entry. Green cards for people planning to invest are limited to just 10,000 yearly. If the number of applicants exceeds 10,000 you might be placed on a waiting list based on the “priority date,” based on the day you applied for in the first half of your application.
The good news is that the 10,000 limit has never been reached or exceeded. However, over the years, there has been an increase in the number of Chinese investors which resulted to a long list of Chinese investors. If you are coming from another country, however, you do not have to wait for your visa. The downside of the program is that once you have applied for the program and fail, you jeopardize your success rate in the future.
It is worth noting that the EB5 green cards are only conditional and valid for two years. You can obtain the green card if you will do your best to hire the required number of employees within the two year validity. With the conditional green card, you have an option to choose which business in the United States you will invest on. You must keep your investment and be active with the company you are investing on.
Under the program, you must be a resident of the United States. You cannot use your EB5 visa for work or travel purposes. You can get green cards for your spouse and children below 21 years old as accompanying relatives.
Just like the standard green card, the EB5 can also be revoked if you misuse it. Living outside the US for a long time or not informing authorities of your change of address is a ground for deportation. On the other hand, if you maintain your green card for five years and continuously live in the United States, you are eligible to become a US citizen.