The EB-5 program is attractive to many foreign investors. It can be a way to invest in lucrative enterprises while opening a path to permanent residency in the US. However, most investors do not know much about how to apply for the EB-5 program.
The process can be time-consuming and complex, but it is worth it. If you want to learn more, this post will cover some of the steps to apply for an EB-5 visa.
How to Apply for the EB-5 Program
Find an Immigration Lawyer or Adviser
Finding a good lawyer or investment adviser might be the most important step. An immigration lawyer can ensure you have properly filled and filed all your paperwork. They can also help you review the requirements and ensure everything is covered. A good lawyer or adviser will identify potential issues and help you sort them out before filing.
Assess Investment Opportunities
The next step is to assess the various investment opportunities. Many EB-5 investors like franchise businesses for investing. Real estate is also popular as an option for EB-5 investing. However, there are many options. The important point is to ensure you invest at a high enough level to qualify and create enough jobs.
Currently, the minimum investment requirement for the program is $1,050,000. However, it can be as low as $800,000 if the investment is in a targeted employment area. The other requirement is that the investment leads to at least ten jobs for American workers.
Make the Capital Investment
Now it is time to invest. In most cases, you start by showing a commitment to the enterprise. For example, you might sign agreements to fund the enterprise once you have the visa. You may also open an escrow account with the funds. Having the escrow is a demonstration of your commitment to the project.
Another point is that the investor should prepare to prove the origins of the funds. USCIS will want to see documents like past tax returns or loan documents. They may also want to review your business plan to ensure feasibility.
File an EB-5 Petition
With everything in place, it is time to file form I-526. It is your petition to get a visa under the EB-5 program. You will need to include proof of investment and documentation for the source of funds. The investor will also need to show a plan to employ ten people as a result of the investment. It is important to note that it can take several months for approval.
Once you have approval, you will be on your two-year conditional permanent residency. You will also need to file paperwork to register as a resident alien. At the end of the two years, you can apply to remove the conditions of your residency.
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