Through the EB-5 investment program, getting a green card requires a number of legal steps. Each one is meant to make sure that the investment meets the requirements of the U.S. Citizenship and Immigration Services (USCIS) and that the application meets all the requirements. Through the EB-5 program, foreign investors can become permanent residents of the United States by putting their money into new businesses that hire Americans. Here is a full list of the formal steps that need to be taken:
First, pick an EB-5 project. This is the first thing that needs to be done. Investors can put their money into a new business directly or through an EB-5 regional office. Regional centers are USCIS-approved organizations that bring together capital from many investors and make it easier to meet the job creation requirement. It is very important to pick a project that fits your financial goals and the standards of the EB-5 program.
2. Put in the Money You Need: The next step is to put the money into the account. The minimum investment is $1.05 million, but it can be as little as $800,000 if it’s made in a Targeted Employment Area (TEA). These are places like rural areas or places with a lot of unemployment. The investment must be at risk, which means there are no promises of return or refund. This makes sure that the money is really put into the business.
3. Fill out Form I-526, which is a “Immigrant Petition by Alien Investor”: For those who have already invested, Form I-526 must be sent to USCIS. This form is used to show that the owner has met all the requirements of the EB-5 program. It includes proof of where the money came from and how it will be used, the business plan for the new company, and proof that the investment will create or keep at least ten full-time jobs for Americans. The USCIS will look over the paperwork and give conditional permanent residency if it is approved.
4. Get conditional permanent residency. Once the investor’s I-526 petition is accepted, they can apply for conditional permanent residency along with their spouse and any children under 21 who are not married. To register as an immigrant or an alien, they must fill out Form DS-260 and send it to the U.S. Department of State while they are outside of the country. To change their status, they can file Form I-485 (Application to Register Permanent Residence or Adjust Status) while they are already in the U.S.
5. Meet the requirements for permanent residency: for two years, conditional permanent residency is given. During this time, the investor must keep making sure that their investment continues to meet the EB-5 standards, especially the requirement to create jobs. To show compliance, it is important to keep detailed records of the investment and the business activities.
6. Send in Form I-829, which is an investor’s request to remove conditions on their permanent resident status: The investor needs to file Form I-829 within 90 days of the two-year anniversary of getting conditional permanent status. This form is used to prove that the spending has been kept up and that the goal of creating jobs has been met. USCIS will look over the paperwork and, if everything is correct, will lift the conditions, letting the owner and their family live there permanently.
7. Get a permanent green card: If the investor’s I-829 petition is accepted, they and any eligible family members will get a permanent green card. After five years of permanent residency, they can ask for U.S. citizenship if they want to. However, they can live and work in the U.S. till then.
In short, to get a green card through the EB-5 investment program, you have to choose a project that qualifies, spend the required amount of money, file the necessary petitions, and meet all the investment and job creation requirements. To make sure you follow USCIS rules and get permanent residency in the United States, you need to carefully plan and record each step.
How Can Changes in Immigration Law Affect My Green Card Application Through Investment?If the immigration laws change, it could have a big effect on your EB-5 business program green card application. Laws and rules about immigration can change because of steps taken by the government, executive orders, and new rules. These changes could affect many parts of the EB-5 program, such as the amount of money needed to spend, the time it takes to process applications, and who is eligible. You may need to change your application in the following ways if visa laws change:
The amount of money that needs to be invested is one of the most direct ways that changes in immigration law can have an effect on the EB-5 program. In November 2019, the minimum investment amount went up from $1 million to $1.8 million, and the TEA investment amount went up from $500,000 to $900,000. These levels could be changed even more in the future by new laws or rules, which would affect how much money buyers need.
2. TEA Designations: If the way Targeted Employment Areas (TEAs) are named changes, it can also affect your application. There may be changes to the requirements for becoming a TEA, which could affect which places can get the lower investment threshold. This could change the places investors choose to put their money, and it could also make it easier or harder to find places to spend.
3. Requirements for creating jobs: If the requirements for creating jobs change, it can affect how investments need to be set up to meet EB-5 requirements. For example, if the definition of a full-time job changes or the types of jobs that count change, business plans and investment strategies might need to be changed too. For the I-526 and I-829 petitions to be approved, it is very important that they meet the updated job creation requirements.
4. Processing Times and Quotas: Changes to the law can also affect how long it takes to handle EB-5 applications and how many visas are available. For instance, the number of yearly visas or the number of visas allowed for each country could be changed. This could change how long investors from certain countries have to wait for their green cards. Processing times that go up or down can affect an investor’s immigration timeline and their ability to make plans based on that timeline.
5. Compliance and paperwork: If the rules for paperwork or compliance change, it can affect the application process. New rules could require more proof of where the money comes from legally or call for more thorough business plans and financial projections. To avoid delays or rejections, you need to keep up with these changes and make sure that your entry materials meet the most recent requirements.
6. Program Ending and Reauthorization: Congress needs to reauthorize the EB-5 Regional Center Program every so often. If visa laws change, it could affect whether or not the program is renewed and how it is renewed. Temporary breaks in the program’s authorization can make things unclear and cause delays for investors who depend on regional center projects. Changes to the law that give the program long-term reauthorization or permanent standing can give investors more stability and predictability.
7. Changes in policy and executive orders: The EB-5 program can also be affected by changes in policy that are made by executive orders. These changes could include paying more attention to foreign capital, doing more security checks, or changing the way petitions are decided. Changes like these can make the application process harder to understand and plan for.
Last but not least, changes in immigration law can have a big impact on your EB-5 investment program green card application. To get through the complicated program, it’s important to stay up to date on new laws, regulations, and policy changes. Working with skilled immigration lawyers and experts can help you adjust to these changes and make sure that your investment and application meet the most recent standards, which will increase your chances of getting a green card.
What kind of due diligence should I perform before making an investment for a green card?Doing a lot of research before investing in the EB-5 program to get a green card is important to lower your risks and make sure your investment meets all the requirements. Due diligence is a thorough check of the investment chance, the legal and financial parts of the project, and the dependability of the people involved. In order to do your due diligence, you should take these steps:
1. Look at the EB-5 project: Check out the EB-5 idea itself first. Check the business plan to make sure it fits the market and is based on facts. Check to see if the idea can work by looking at things like the market demand, the competition, and the possible return on investment. Checking to see if the project can clearly meet the job creation standards set by the EB-5 program is very important.
2. Look into the Regional Center: If you’re investing through a regional center, find out what kind of history and image it has. Check out the regional center’s past projects and decisions that went well. Check its present status with USCIS to make sure it’s still valid. A good regional center should have a history of finishing projects and getting investors I-526 and I-829 approvals.
3. Check Where the Money Came From: Make sure that the money you want to spend has clear records that show it came from legal sources. USCIS needs detailed proof that investment funds came from legal sources. This could mean giving them tax returns, bank accounts, records of their jobs, sale deeds, or other financial papers. Work with lawyers and financial advisors to put this together and make sure it’s correct.
4. Do a Financial Analysis: Look at the investment opportunity’s finances in great depth. Look over the financial statements, cash flow forecasts, and needs for funds. Check the project’s capital structure and overall financial health to see if it can reach its goals and pay back donors. You should be aware of any possible financial risks and make sure that the investment fits with how much risk you are willing to take.
5. Legal Review: Have an experienced immigration lawyer look over all the legal papers that have to do with the purchase. This includes any other formal contracts as well as the subscription agreement, private placement memorandum, operating agreement, and so on. The lawyer can help find any legal risks, make sure that the terms and conditions are clear, and make sure that the investment meets all EB-5 program requirements.
6. Check out the Developers and Management Team: Look into the academic and professional backgrounds of the project developers and management team. Look for a track record of finishing projects successfully and knowledge in the relevant field. Look for any legal problems, bankruptcies, or regulatory breaches that could point to possible risks. A trustworthy and skilled team makes the project more likely to succeed.
7. Look at projections for job creation: creating jobs is an important part of the EB-5 program. Check the project’s method for creating jobs to make sure it is sound and based on reasonable ideas. Make sure that the number of jobs planned meets the requirements set by the USCIS and that there is a clear plan for keeping track of and reporting job creation during the investment time.
8. Compliance with Regulations: Make sure the job follows all federal, state, and local rules. This includes rules about zoning, the environment, and other important legal requirements. Not following the rules can cause delays, legal problems, or the loss of the project, all of which can put your investment and green card application at risk.
9. Risk Assessment: Look for and think about the possible risks that come with the investment. Market risks, building risks, regulatory risks, and operational risks are some of the things you should think about. Make a plan to lower the risks of these problems happening. Knowing the risks helps you make a smart choice and get ready for problems that might come up.
10. Get Advice from Professionals Who Are Not Connected to the Project: Talk to independent financial advisors, experts in the field, and other professionals who are not directly involved with the project. They can give you honest feedback and help you see the investment from different points of view. This outside help is very important for making an informed choice.
To sum up, doing your research before investing in the EB-5 program to get a green card means checking out the project’s feasibility, financial health, legal compliance, and management team. Doing your research before investing helps you find and lower risks. This makes sure that your investment meets USCIS standards and improves your chances of getting a green card. Working with professionals who have a lot of experience and getting help from someone else are both very important parts of this process.
