eb5exclusive

The EB-5 visa program is receiving more attention now than ever before. According to the U.S. State Department, the number of approved EB-5 visas has nearly tripled recently, from 1,443 issued visas in fiscal year 2008 to 4,218 in 2009.

In addition to loosened eligibility requirements and immigration policies, EB-5 investment opportunities have gained popularity as the poor economic climate forced companies to seek out a novel source of financing.

Ron Drinkard, director of the Alabama Center for Foreign Investment told NPR, “To qualify [for investment], a company needs to show loss of a minimum of 20 percent of its net worth in the past 12 to 24 months.”

He added, “There’s virtually not a company out there that couldn’t show that right now.”

Consequently, foreign investors who wish to move their work and families to the U.S. are seeing a growth in the number of investment options that could land them an American green card.

But while the EB-5 visa program itself has been making headlines and catching the attention of wealthy foreigners, the potential investors may be keeping a list of questions regarding the more procedural aspects of the immigration offer.

The EB-5 visa program is an initiative managed by the U.S. Citizenship and Immigration Services, though government-backed consultants have emergedto help match investors with American companies.

Obtaining a permanent residence through an EB-5 investment can be boiled down to a three-step procedure.

First, the applicant must have his or her Form I-526 Petition for an Alien Entrepreneur approved.

The I-526 Form requires that investors provide documented evidence that they have targeted an employment area with an investment of at least $1 million in a U.S. company or $500,000 in a EB-5 regional center or company in which the unemployment rate exceeds the national average by 150 percent. The capital must also maintain at least 10 U.S. jobs.

Second, the applicant is required to either file an I-485 application to adjust their immigration status to a lawful resident, or apply for a visa at a U.S. consulate or embassy outside the country. Successful applicants are granted a conditional permanent residence for two years with an EB-5 immigrant visa.

Finally, at least 90 days before the two year anniversary of receiving the conditional green card, investors must complete the Form I-829 Petition by an Entrepreneur to Remove Conditions. If the petition is approved, the applicant and his or her family is allowed to permanently live and work in the U.S.