If you are a foreign investor interested in investing capital in a U.S. commercial enterprise, the EB-5 Visa could help you and your family obtain permanent residence in the United States for this purpose. The EB-5 Green Card program was created to stimulate the economy and promote job growth within the United States. This type of visa grants investors and their dependents conditional lawful permanent resident (CLPR) status if their investment and activity satisfy the program requirements.
If you are considering applying for the EB-5 Visa, or have questions regarding this process, you may need the assistance of legal counsel. A qualified Naperville EB-5 Visa lawyer could offer valuable advice and ensure that you meet all of the qualifications to obtain this status.
EB-5 Program Requirements
The Department of Homeland Security (DHS) raised the minimum amount of capital necessary to qualify for the EB-5 Green Card in 2019, as outlined in its EB-5 Investor Program Modernization Regulations. The new regulations increased the threshold from $500,000 to $900,000 for investments made in targeted employment areas (TEAs). For investments to a private entity, the threshold is $1.8 million.
In addition to the rules above, investors must be able to prove that the funds for their investment were obtained lawfully and that the investment will benefit the U.S. economy. Investors must further be able to prove that they will provide a minimum of ten jobs to U.S. workers. Jobs must be full-time, with a schedule of at least 35 hours a week. Part-time employees do not satisfy the threshold. The investor must be able to show a comprehensive business plan demonstrating the need for at least ten qualifying employees and provide information regarding when they will be hired.
Investors also have the option of investing directly to a designated Regional Center instead of a private entity. A Regional Center is a designated entity that coordinates foreign investments within a designated area in compliance with EB-5 regulations.
Targeted Employment Areas (TEAs)
To be deemed a TEA, the EB-5 entity must either be located in a rural area or in a location with high unemployment. A rural area is defined as a location outside of a town or city with a 20,000 population, and not within a metropolitan statistical area.
In its latest regulations, the DHS removed the ability of the states to designate hat constitutes a high-unemployment area. TEA designation must now be requested within the EB-5 investor’s I-526 petition. A EB-5 Visa attorney in Naperville could guide applicants through all the recent changes governing EB-5 Visas and help them move forward in the process.
If applicants choose to invest in a regional center, they will need to obtain the necessary evidence and documentation to demonstrate that the project is located in a TEA.
Conditional Permanent Resident Status Expiration
Once investors have demonstrated compliance with EB-5 Visa regulations, they will be eligible for conditional permanent resident status. The U.S. Citizenship and Immigration Services (USCIS) will issue a permanent resident card, also known as a Green Card.
Two years after approval, EB-5 conditional permanent resident status expires automatically. A foreign national whose CLPR status has expired may file for an extension of their EB-5 visa with the assistance of a Naperville lawyer.
Contact a Naperville EB-5 Attorney to Assist with Your Application
Obtaining an EB-5 Visa is a beneficial option for foreign nationals and their families who wish to immigrate to the United States for the purpose of investing in a U.S. enterprise. Enlisting qualified legal counsel early on could give you a significant advantage during the application process. For more information about your options as a foreign investor, contact a Naperville EB-5 Visa attorney today for more information.