A Guide to US EB5 Visas
The EB5 Visa is a US Investor Visa designed to encourage entrepreneurs to put money into the US economy and create jobs through capital investment. In return, the EB5 Visa holder can become a lawful and permanent US resident.
As with Investor Visas globally, the EB5 Visa comes with stringent rules. In this blog, our US Immigration Solicitors explain the EB5 Visa eligibility criteria and how to apply for your visa.
For US EB5 Visa immigration advice call OTS Solicitors on 0203 959 9123 or contact us online.
Investing in an EB5 Visa
A prerequisite of an Investor Visa is an investment and the EB5 Visa is no different. The rules governing the amount and circumstances of the investment are detailed. They are summarised as:
- Minimum investment of between $800,000 to $1,050,000 in a US business. The minimum investment figure depends on the location of the business
- The investment must be from a lawful source – the monies will be subject to checks on the source
- The investment must be at risk – the monies can't be guaranteed to be returned to you once you have your Green Card or at a specified date
- The investment must lead to the creation of 10 full-time jobs for US workers
Our US Immigration Attorneys recommend that you take early legal advice if it sounds as if a Green Card through an EB5 Visa is a viable option for you. We can check to see if your planned investment will meet the detailed criteria, assess whether you meet the general eligibility criteria, look at alternatives to the EB5 Visa, advise on the application process and support you through your application.
Investment options and the EB5 Visa
With an EB5 Visa, there are two investment options, namely:
- Direct investment– this type of investment can be setting up a new business venture, buying into a business or purchasing an existing company
- Regional center investment – the United States Citizenship and Immigration Service designates regional centers. Investments from different sources are accumulated and invested into projects that require significant funds
Our US Immigration Solicitors can talk you through the two different options. We don’t provide investment advice but we can put you in touch with specialist business advisors. They will help you work out the best use of your investment funds to secure your EB5 Visa and meet your goals. If you have your own investment adviser it is best to ensure they are regulated and specialize in EB5 Visa investment requirements, including the need for your monies to create ten jobs for US workers and to draw up a EB5 Visa-compliant business plan.
Business plans and the EB5 Visa
You will need a business plan for your EB5 Visa application but the quality and extent of the plan will depend on whether you intend to make a direct investment or one into a regional center. A direct investment will require a bespoke plan. Regional centers will have a standard investment plan for all investors to adopt.
It is a false economy if you don’t use a specialist to draw up your business plan in a direct investment for an EB5 Visa. Although you may be experienced in investing hundreds of thousands of dollars into business ventures and be convinced that your investment is sound and will create the required number of jobs, your business plan must address all the USCIS business plan criteria instead of just focusing on the areas important to you in your investment planning.
The timing of your investment
You probably won't want to invest in a particular US business, set up a new company in the US or place funds in a regional center without being guaranteed your EB5 Visa. While that’s understandable, the rules are clear; you won't get your EB5 Visa by simply promising to invest. The answer is to place the investment monies in an escrow account. Releasing funds from the escrow account can be made conditional on securing the Investor Visa.
Form I-526 and the EB5 Visa
Form I-526 (Immigrant Petition for Alien Entrepreneur) is the application form filed by your US Immigration Solicitors to help secure your EB5 Visa. Supporting documents are necessary. For example, a copy of your passport and the business plan. Another crucial part of your paperwork is evidence of the lawful source of your investment funds.
Once USCIS has reviewed your EB5 Visa application they will do one of four things:
- Approve it
- Issue a Request for Evidence
- Issue a Notice of Intent to Deny
- Deny or refuse it
Approval of an EB5 Visa application
Approving your EB5 Visa and Form I-526 means you are issued with Conditional Lawful Permanent Resident status or Conditional Green Card. This status is valid for two years and during those two years, you must continue your investment in the company and create ten full-time jobs for US workers.
Caps on EB5 Visas
The EB5 Visa has an annual cap of 10,000 visas. However, the allocation is divided into countries so although there may be available EB5 Visas you won't get one in a particular year if your country has exceeded its cap from within the available 10,000 Investor Visas.
Form I-829 and converting your EB5 Visa to a Green Card
Within 90 days of the end of the Conditional Green Card, your US Immigration Solicitors need to file a Form I-829. This is a petition to remove the conditional status of your Green Card and make it permanent. The petition will only be successful if the investment has been maintained and ten full-time jobs have been created for US workers. Evidence is needed to prove you meet these two criteria and meet the general Green Card eligibility criteria.
Once you meet the citizenship residence requirement you can apply to naturalize and become a US citizen. Depending on your country of origin you may prefer to retain your nationality of origin and take dual US nationality. You do not need to naturalize if you don’t want to do so as your Green Card gives you permanent residence.
Our US Immigration Attorneys can guide you through the EB5 Visa application process from initial inquiry to Conditional Green Card to permanent residence and naturalization.
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For US immigration advice call OTS Solicitors on 0203 959 9123 or contact us online.
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