 |
 |
 |
Are you eligible for an EB-5 investor green card?
Wealthy foreign investors, local business leaders, budding entrepreneurs and immigration lawyers have all seen their professions change under the influence of the EB-5 visa program, which is becoming increasingly more popular.
In fact, H. Ronald Klasko, who works as an immigration lawyer for a Philadelphia firm, told Law.com that the EB-5 visa is “the hottest thing going on right now in immigration,” and has amended his practice to accommodate a greater need for overseas travel.
On the surface, the immigration plan allows wealthy foreign nationals to quickly receive permission to live and work in the U.S. and the ability to receive a permanent green card in exchange for their willingness to boost local industries through investment.
As the EB-5 investment opportunities receive more attention in the U.S., some foreign investors may be prone to see whether they satisfy the program’s eligibility requirements.
Each year, the U.S. Citizenship and Immigration Services is allowed to allocate up to 10,000 immigrant visas each year for EB-5 applicants who are looking for permanent residence in the U.S.
According to the California Association for Local Economic Development, these individuals must have invested or be in the process of investing in an American business.
Interested parties can elect to buy and restructure an existing business or invest in a startup, provided that speculation meets certain requirements.
Typically, the investment must reach a minimum of $1,000,000 for foreigners to be eligible under the EB-5 visa program. However, a $500,000 minimum investment will suffice if the selected business is located in a “targeted employment area” – typically rural regions or an area where the unemployment rate exceeds the national average by at least 150 percent.
In addition, the targeted investment must result in the creation of at least 10 jobs.
Applicants who can demonstrate that they meet these requirements may be granted a two-year conditional permanent resident status.
As the conditional period comes to an end, applicants must complete the Form I-829 Petition by an Entrepreneur to Remove Conditions. If this petition is approved, the applicant and his or her family is given permission to live and work permanently in the U.S.