EB-5 VISAS
The EB-5 visa for Foreign National Investors is a United States Visa created by the Immigration Act in 1990. This visa provides a method of obtaining a Green Card for Foreign Nationals who invest money in the United States. To obtain the visa, individuals must invest $1,000,000 (or at least $900,000 in a “Targeted Employment Area” – high unemployment or rural area), creating or preserving at least 10 full time jobs for U.S. workers excluding the investor and their immediate family.
Initially, under the first EB-5 program, the foreign investor was required to create an entirely new commercial enterprise; however, the Program changed so that investments can now be made directly in a job-generating commercial enterprise (new, or existing), or into a “Regional Center” – a 3rd party-managed investment vehicle (private or public), which assumes the responsibility of creating the requisite jobs. Regional Centers may charge an administration fee for managing the investor’s investment.
If the Foreign National investor’s petition is approved, the investor and their dependents will be granted conditional permanent residence valid for two years. Within the 90 day period before the conditional permanent residence expires, the investor must submit evidence documenting that the full required investment has been made and that 10 jobs have been created or maintained. If after two years the evidence is accepted a ‘full green card’ is likely to be issued for 10 years.
In 1992, Congress created a temporary pilot program designed to stimulate economic activity and job growth, while allowing eligible Foreign Nationals the opportunity to become lawful permanent residents. Under this pilot program, Foreign Nationals may invest in a pre-approved regional center, which is involved with the promotion of economic growth. Investments within a regional center provide Foreign Nationals the added benefit of allowing them to count jobs created both directly and indirectly for purposes of meeting 10 job creation requirement. Minimum investment into an approved Regional Center is $900,000.
If you are interested in exploring the EB5 options or would like to find out more information about the ‘Regional Centers’ please contact us.