The EB-5 visa is an employment-based immigrant visa category designed for foreign investors who are willing to invest in a U.S. business that will create jobs for American workers. To qualify for an EB-5 visa, applicants must invest a minimum of $1.05 million (or $1 million if petition filed before 3/15/2022) in a new commercial enterprise in the U.S. Alternatively, if the investment is made in a targeted employment area (TEA), such as a rural area or one with high unemployment, the required investment drops to $800,000 (or $500,000 if petition filed before 3/15/2022). In exchange for this investment, applicants and their immediate family members (spouse and children under 21) are eligible to obtain a Green Card and become permanent residents of the U.S. The process starts by filing Form I-526, Immigrant Petition by Alien Entrepreneur, with U.S. Citizenship and Immigration Services (USCIS), which is used to demonstrate the eligibility of the investment.
The I-526 petition requires detailed documentation of the investment, including proof of the source of funds to ensure that the money is legally obtained. Applicants must also provide a business plan that outlines how the investment will create at least ten full-time jobs for U.S. workers, as required by EB-5 regulations. Additionally, the investment must be made in a new enterprise or a qualifying regional center. The business plan must show the potential for growth and job creation. Once USCIS approves the I-526 petition, the applicant may file Form I-485, Application to Adjust Status, if already in the U.S. or go through consular processing if outside the U.S. at a U.S. embassy or consulate.
After approval, the EB-5 investor and their family members will be granted a conditional Green Card, which is valid for two years. Before the expiration of the two years, the investor must file Form I-829, Petition by Entrepreneur to Remove Conditions on Permanent Resident Status, to prove that the investment has created the required jobs and the business is still operational. If the petition is approved, the conditions are removed, and the investor and their family members will receive permanent Green Cards. While the EB-5 visa offers a relatively fast path to U.S. residency for qualified investors, it is essential to ensure the business plan meets all criteria, and the investment is properly structured to meet USCIS requirements. Working with an experienced immigration attorney is highly recommended to navigate the complexities of the EB-5 process successfully.
