Are you dreaming of living the American dream?
Well, if you are a foreign investor with deep pockets, the path to a U.S. green card might be easier than you think.
Imagine this: you are establishing your footprint in a new country that you love, investing in a new business that creates new employment locally and secures permanent residency for you and your family. Sounds exciting and doable?
In this article, we’ll explore what the green card through investment program is about, and whether it’s the right path for you and your family to become lawful permanent residents of the U.S. Let’s get started on this exciting journey and find out how you can make your American dream a reality.
What is Green Card Through Investment (EB-5 Program)?
The Green Card Through Investment Program, also known as the EB-5 Immigrant Investor Program is a popular option for foreign investors looking for a relatively fast and straightforward path to permanent residency. The basic requirement is simple: An applicant needs to invest a minimum of $900,000 into a new commercial enterprise in the United States that creates at least 10 full-time jobs for U.S. workers.
Key Benefits of EB-5 Program to Foreign Investors
The EB-5 program provides foreign nationals with a unique opportunity to obtain permanent residency in the United States through investment. Here are some of the program’s key benefits:
Permanent Residency
Under the EB-5 program, foreign investors and their immediate family members (spouses and unmarried children under the age of 21) can apply for a green card, or permanent residency in the United States. Once approved, they can live, work, and study in the United States, and eventually apply for U.S. citizenship.
No sponsor required
Unlike other employment-based visas, the EB-5 program does not require a job offer or a sponsor. This makes it an attractive option for foreign investors as it means they will have the same flexibility in their professional choices.
No language or education requirements
The program has no minimum requirement on proficiency in English or level of education, making it accessible to a wide range of individuals and families.
Relatively fast processing time
Under normal circumstances, the EB-5 program offers a relatively fast processing time compared to other employment-based visas or green card applications through other family members. Once the investment is made and the application is submitted, the process typically takes 18-24 months to complete.
Access to high-quality education and healthcare
The United States is known for its world-class education and healthcare systems, and permanent residents are entitled to these services as U.S. citizens.
Potential for a Return on Investment
While obtaining green cards is the primary goal of the program, participating investors may also benefit from their investment as they may generate returns. The additional financial security can be a bonus if you are building a new home in a new country.
Traditional Direct Program vs Regional Center Program
The EB-5 program offers two main options for investors: the traditional direct program and the regional center program.
Traditional Direct Program
Under this program, an investor must invest at least $1 million in a new commercial enterprise or an existing business that will be restructured or expanded. The investment must create at least 10 full-time jobs for U.S. workers. The investor must show that he or she is actively manage the investment or is involved in policy-making decisions.
Regional Center Program
This option allows investors to invest in a designated regional center, which is a private entity that is approved by U.S. Citizenship and Immigration Services (USCIS) to promote economic growth in a specific geographic area. The required investment amount is generally lower than the direct program, with a minimum investment of $500,000 in a designated Targeted Employment Area (TEA).
The regional center is responsible for managing the investment and creating the required jobs, while the investor is not required to actively manage the investment.
This program has gained popularity in recent years because of the lower investment requirement and the ability to count indirect job creation towards the job creation requirement. Having said that, both options come with their own advantages and disadvantages, and the choice between the two depends on the investor’s personal circumstances and investment goals.
How to Qualify for EB-5 Program 2024?
To qualify for the EB-5 program, foreign investors must meet several requirements.
As of May 2023, these requirements include the following:
- Investment Amount – The investor must invest at least $1.8 million in a new commercial enterprise, or $900,000 if the investment is made in a designated Targeted Employment Area (TEA).
- Job Creation – The investment must create at least 10 full-time jobs for U.S. workers.
- Lawful Source of Funds – The investor must demonstrate that the investment funds were obtained through lawful means. They may be asked to provide proof of the source of funds, including bank and brokerage account records and other documents
- Active Management – The investor must play an active role in managing the investment or be involved in policy-making decisions.
- Conditional Green Card – The investor and their family members will receive a conditional green card if their EB-5 application is approved. After two years, they can apply to have the conditions removed and receive a permanent green card.
Note that the USCIS or the U.S. government may from time to time make changes to the program requirements, so it is important to stay updated on any developments and consult with an experienced immigration attorney for guidance on meeting the requirements for the EB-5 program.
How Long Does Getting a Green Card Through the EB-5 Program Take?
The application processing time for the EB-5 program can vary due to a number of factors, including the USCIS workload, the complexity of the application, and whether any additional evidence or information is required. Below is an estimated timeline for the main steps in the process:
1. I-526 Petition
The I-526 petition is the first step in the EB-5 process, and it typically takes around 18 to 24 months for USCIS to process the petition and make a decision.
2. Consular Processing or Adjustment of Status
After the I-526 petition is approved, the investor can either apply for a visa at a U.S. consulate in their home country through consular processing or adjust their status to permanent resident in the United States. The processing time for these steps can vary, but typically takes several months.
3. Removal of Conditions
After two years of conditional permanent residency, the investor can file a petition to remove the conditions on their green card and receive a permanent green card. This process can take around 12 to 18 months.
Overall, the entire EB-5 process can take around 2.5 to 4 years or more from start to finish, depending on the specific circumstances of the application. Note that these timelines are just general estimates, and processing times can vary significantly depending on the individual case.
Steps to Obtaining an Investor Green Card Through Investment
Processing a green card through an investment application can be lengthy and complicated. We are here to help you overcome all challenges along the way to your dreams.
Below is a step-by-step guide that will make your life a lot easier:
1. Determine Your Eligibility
Reviewing the eligibility requirements for the investment-based green card program is an important first step of the entire application process. You will need to determine whether you meet all the eligibility requirements for the program, including the investment and job creation requirements
2. Make the Investment
Once you have determined your eligibility and identified the investment opportunity, you will need to make the required investment in the commercial enterprises. This may involve setting up a new business or investing in an existing one.
3. Gather Documentation
You will need to gather all the required documents to support your green card application, such as proof of investment funds, business plan, tax returns, and other financial documents. You will also need to provide evidence that the investment will create the required number of jobs.
4. File Your Application
You will need to file your green card application with United States Citizenship and Immigration Services (USCIS), along with all the required documentation and fees. The application process will vary depending on the specific program you are applying for.
5. Attend Interviews
You may be required to attend an interview with a USCIS officer to discuss your application and provide additional evidence or information.
6. Receive Your Green Card
If your application is approved, you and your family members will receive a conditional green card, which will be valid for two years. After that, you will need to file a petition to remove the conditions on your green card and receive a permanent green card.
It’s important to note that the application for an investment-based green card program can be complex. It’s a good idea to consult with an experienced immigration attorney or consultant to help guide you through the application process and ensure that you understand and meet all the eligibility requirements for the program.
Are There Any Risks in Investing in New Commercial Enterprises in the U.S. Through EB-5 Program?
Like any investment opportunity, the EB-5 program involves a certain degree of risk. We highly recommend that you assess your financial and personal situation before considering an investment-based green card program.
Here are some of the key risks that you may want to bear in mind:
- Investment Risk
The investor must make a qualifying investment in a new commercial enterprise or a designated regional center. There is always a risk that the investment may not perform as expected or that the business may fail, resulting in the loss of the investment capital.
- Job Creation Risk
The EB-5 program requires that the investment create at least 10 full-time jobs for U.S. workers. There is always a risk that the investment may not create the required number of jobs or that the jobs may not be created within the required time frame.
- Immigration Risk
Even if the investor meets all the requirements of the EB-5 program, there is always a risk that their green card application may be denied by USCIS. This could result in the loss of investment capital and the inability to obtain a green card.
- Regulatory Risk
The EB-5 program is subject to changes in regulations and policies by USCIS and the U.S. government. These changes could impact the eligibility requirements or investment requirements for the program.
- Currency Risk
If the investor is investing funds from a foreign country, there is a risk that fluctuations in the currency exchange rate could impact the value of the investment.
- Backlog and Processing Times
The EB-5 program has faced a backlog of applications for many years. The issue is probably even more serious in recent years due to COVID-19. This has resulted in longer processing times, delays, and financial loss for investors.
Engage Your Immigration Attorneys/Financial Advisors Early
All and all, investors are encouraged to conduct thorough due diligence on any potential investment opportunity and work with experienced professionals, such as immigration attorneys and financial advisors, to help identify potential risks and red flags.
The EB-5 program is a complex and highly regulated process, and it is important for investors to ensure that they meet all the eligibility requirements and follow all the rules and regulations of the program to avoid any potential issues or fraud.
