Homeland Security Reports Consular Processing Current for EB-5
EB-5 processing times have never been consistent. Even before reaching its extreme level of popularity and resulting high numbers of applicants every step of the process has historically been met with different processing times for applicants who are similarly situated, such as those who are from the same country, or who invested in the same project, for example.
But this week in its August 2013 Visa Bulletin the Department of Homeland Security (DHS) released that Consular Processing, the step in the EB-5 process for applicants residing outside the U.S. is running “current.”
“Current” is not a word we hear often in the EB-5 visa program. We have become used to hearing from USCIS: Six months for the I-529 step, a year (or more) for responses to that step, another six months to a year for the final lifting of contingency status. A major part of our effort is spent keeping our clients focused and calm through EB-5’s unpredictable timeline,” according to Renata Castro, an EB-5 Expert Consultant with Exclusive Visas, a Florida-based EB-5 consultancy.
That’s why the DHS announcement is so profound. In addition to its popularity and the EB-5 program is but 23 years old and is still structured as a temporary program, although it has been consistently renewed by US legislation.
“Due to the program’s short years in existence, its place politically, and the high volumes of applicants delays and backlogs (at virtually every step) have become the status quo. To hear that an EB-5 step is Current makes us all optimistic about the program’s future,” said Ms. Castro.
Consular processing is reserved for those EB-5 petitioners living outside of the U.S. It is typically located in the country of last or lawful permanent residence.
The consular post must determine that each applicant is admissible to the U.S. via interview and examination of additional documentation. I-526 approval does not by itself establish admissibility.
If the consular post finds that the investor is admissible, the conditional green card is issued to the investor, spouse and qualifying children.
Until the recently released news EB-5 visa applicants have been instructed to allow about six to twelve months completing consular processing due to delays and backlogs. Now, with the delays and backlogs caught up petitioners may expect shorter and more defined consular processing times, Ms. Castro added.
Even with this improvement too much weighs in the balance to attempt to navigate the EB-5 program without the advice of an experienced expert. The entire process is a vast combination of timelines, deadlines, tax returns, supporting documentation, and due diligence involving, immigration attorneys, the USCIS and the SEC.
An Exclusive Visas Expert EB-5 Consultant will cut through the confusion for the investor by explaining how the program works generally and specifically for the candidate. Exclusive Visas brings together all the elements of the program, manages timelines, and gives the client the broadest likelihood of success.
From petitioning the USCIS to discussing suitable EB-5 project options to invest in, Exclusive Visas will see to it that the investor has all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.
Don’t wait another day. Click here to contact an Exclusive Visas EB-5 consultant now.