What is the EB-5 Visa?
This visa was originally introduced in the 1990s, to help boost foreign investment in the American economy. To fulfill the criteria, a foreign national must:
Invest in a U.S company,
Do so in a way that will create or maintain at least 10 jobs for U.S workers.
As per the EB5 Reform and Integrity act, the minimum capital required for investment is $1,050,000 in a regular metropolitan area, or $800,000 in a targeted unemployment area. The latter includes rural areas of the United States, or areas that are affected by high levels of unemployment.
With the EB-5 Visa, the spouse and unmarried children (below the age of 21) of the visa holder may also receive a green card (permanent residence).
What is the Application Process To get EB-5 Visa?
The first step towards filing for an EB-5 visa is selecting an investment opportunity. There are a number of EB-5 project offerors (known as ‘regional centres’) through which foreign investors can invest funds in order to fulfill the criteria.
It is important to note that not all regional centres are created equal – it is imperative that this choice is made poignantly, under the guidance of a qualified attorney. A good regional centre will have multiple projects, preferably in rural areas (allowing a significantly smaller investment), and will be professional and reliable.
After making an initial investment, a form must be filed with the U.S Citizenship and Immigration to usa Services (USCIS), with significant documentation proving that the applicant fulfills all the necessary criteria.
Once this form is filed, the applicant must wait for approval from the USCIS. In 2022, the average service time for this procedure was ~47 months.
Once approval is granted from the USCIS, the foreign national must apply for a green card through the US Department of State.
If the applicant is already in the US on a different visa, he must apply for an adjustment of status through the USCIS.
The EB5 visa is a fantastic way to be granted permanent residence in the United States. It is a lengthy and arduous bureaucratic process, and it is essential to have an experienced immigration attorney to help you along the way.
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At Amit and Co. Law office, our team has worked on numerous such applications, and we are committed to ensuring your immigration dreams are realized with haste and with ease.