EB-5 News Archive for the ‘EB5 application’ Category
AILA was advised by the National Visa Center (NVC) that appointment notices for Chinese EB-5 applications may indicate that applicants must bring original documents, even if NVC already had original documents. NVC emphasized that those applicants who require original documents from the NVC file are not penalized and that applicants should attend the interviews regardless of whether they have all of their original documents. In cases where originals are unavailable at the interview, the file will be shipped to Guangzhou after the interview, instead of before it. Questions or concerns about a particular application can be addressed directly to the U.S. consulate in Guangzhou at GuangzhouIVform@state.gov.
By Renata Castro
Chinese influence is no stranger to several areas of the United States such as New York, San Francisco and Seattle, but recently more areas are putting their best foot forward to attract Chinese visitors, and most importantly, Chinese EB-5 investors.
Florida has become an up and coming destination for Chinese visitors looking for some fun in the sun, theme park action at places such as Disney World and Universal Studios parks in Orlando. Aside from the expected activities of any Florida tourists, Chinese visitors have their eyes on a different prize – casinos.
In one of the latest moves toward attracting Chinese visitors to Florida, Seminole casinos have introduced Asia’s hottest slot machines to their casino locations. Fa-Fa-Fa, which means Richer, Richer, Richer in mandarin, is a wildly popular slot machine featuring Asian symbols of prosperity. Turtles, gongs, fish and phoenix illustrate this slot machine that is one of the most prevalent ones in Macau. With jackpots of US$ 150,000 minimum, Seminole gaming executive hope to attract to Florida what EB-5 projects have been doing for a while now – Chinese wealth.
The EB-5 program, which allows foreign investors to become US permanent residents through a passive investment of US$ 500,000 that fulfills certain USCIS requirements, has been China’s ultimate indulgence, allowing the nouveau riche of the growing economy to provide their offspring with an expedited path towards the American dream.
The EB-5 program benefits the investor, his or her spouse and any children under the age of 21 at the time the EB-5 petition is filed with the United States Citizenship and Immigration Services. The program is open to citizens of any nation, but Chinese nationals filed over 60% of I-526 petitions in recent reports issued by USCIS.
Given current currency restrictions imposed by the Chinese government, EB-5 investors using funds from China are particularly concerned over the proper procedures to be followed in the EB-5 process, as source of funds is one of the most important prongs of the eligibility test performed by USCIS when granting green cards.
Exclusive Visas has successfully worked with several EB-5 investors from China in obtaining their green card. Contact Exclusive Visas for more information on the EB-5 program.
The EB-5 immigration program offers an almost unlimited scope for investor immigrants to develop business opportunities in the United States. These investors can start their own US business from scratch if they are willing to invest at least $1 million and create at least 10 full-time jobs for US workers.
Most EB-5 visas, however, are granted to people who invest in existing Regional Center projects in Targeted Employment Areas (TEAs), because under TEA Regional Centers, investors only have to put up $500,000 rather than $1 million. Here are 5 popular and emerging industries that EB-5 experts expect to continue to remain strong.
1. Hospitality and Tourism
The states of California, Florida, Washington, and Vermont all have thriving EB5 projects, and many of them are related to hospitality and tourism. Hotel developments are popular investment vehicles for EB-5 immigrants, and many cities that were hit hard by the 2008 recession are investing in tourism to rebuild. Since these hard-hit areas qualify as TEAs, EB-5 visas may be granted based on the $500,000 investment level.
Today’s tech boom may be unlike the late 1990s “dot com” boom, but it is proving to be a hot sector due to advancements in communications technologies, micro-processing, and development of high tech materials like graphene. Technologically inclined EB-5 immigrants can find plenty of opportunities in the tech sector in many regions of the United States.
3. Gaming and Recreation
The EB-5 Regional Center program has benefitted the gaming and casino industry greatly due to a tight lending market. EB-5 funds have been used for construction of new casino complexes, as well as development of new gaming machines and technologies. States where gaming is big for the EB-5 program include Maryland, Mississippi, Nevada, Pennsylvania, and Nevada. What’s more, EB-5 projects can be located on tribal Native American lands, which are other popular locations for gaming projects.
4. Alternative Energy
The tempting tax breaks for homeowners retrofitting homes with alternative energy technologies like solar panels are over now, but alternative energy is still an important economic sector, and is expected to become even more important as emerging world economies in countries like China, India, and Brazil compete more heavily for fossil fuels. EB-5 investors should find plenty of scope for their interests if it involves alternative energy sources.
Most people don’t think of agriculture as being a particularly “hot” industry, but many EB5 investors are finding that niche agriculture like organic food production can be a solid investment for their EB-5 dollars. Furthermore, many of these agricultural enterprises are smaller in scale than the typical modern American farm, so finding the actual land necessary may be easier in some regions.
The law requires that the foreign applicant to have invested the necessary capital into an approved EB-5 project.
Step 4: Investment
Once our client has chosen the EB-5 project of their preference, we will guide our client through the following steps leading to the filing of their I-526 Petition:
- Review and sign the project documents
- Assist the EB-5 investor’s immigration attorney with the ability to prove lawful source of funds and clear path of funds.
- Assist the EB-5 investor with the deposit of the investment funds into the EB-5 projects Escrow account ($500,000 or $1,000,000)
Step 5: I-526 Petition Process
A potential EB-5 Investor is required to file a form I-526 for Alien Entrepreneur in conjunction with the document supporting the EB-5 Investor Visa program requirements. The entire application process may take nine to fifteen months to be fully completed. Our team assist the clients immigration attorney in gathering the documentation needed to complete our clients I-526 petition.
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After our client identifies the Regional Center projects of utmost interest to them we will review the complete set of offering documents with the EB-5 investor. We will arrange conference calls with the EB-5 projects developer and management team to discuss the project thoroughly and provide the answers to many more vital questions that will be asked in an effort to assist you in making the most informed and educated decision towards your investment in the EB-5 Visa Program.
Contact us today to schedule your Free consultation with one of our EB-5 experts and get started on your path to permanent residency in the U.S.