|
Several countries have developed immigrant investor programs, which offer permanent residency visas or green cards to qualified investors. The EB-5 Visa for Immigrant Investors is a United States visa created by the Immigration Act of 1990 and oversight of this program is done under the auspices of the United States Citizenship and Immigration Services (USCIS) This visa provides a method of obtaining a green card for foreign nationals who invest money in the United States. To obtain the visa, individuals must invest at least $1,000,000 and create at least ten jobs. However, with the EB5 Pilot Program, foreigners can invest in regional centers and don't need to directly hire ten people. If the regional center's project is located in a high unemployment area, the minimum investment amount also drops to $500,000.
Congress created the EB-5 immigrant investor visa category in the hopes of attracting foreign capital to the US and creating jobs for American workers in the process. There are 10,000 visas available in the category each year, yet this program is highly underused. The EB5 visa is unusual in that it provides investors with a green card at the outset. When investors emigrate, they do so knowing that they and their immediate family have Permanent Residency, and may apply for citizenship after five years.
ADVANTAGES OF THE US PROGRAM
The U.S. immigrant investor program is the most flexible in the world. The U.S. has no requirements as to age, business training and experience, or language skills. Permanent residents need not be continuously and physically present in the United States, and they can maintain business and professional relations in their country of origin.
The U.S. immigrant investment program also allows investors a great deal of freedom because it does not require immigrant investors to manage their investment on a daily basis, but rather, to 'actively engage' in a business enterprise, meaning they can be limited partners and pursue other professional or personal ventures.
Moreover, should the investor and his or her family elect to become U.S. citizens, the time spent as conditional permanent residents is credited towards the five year lawful permanent residency requirement for U.S. citizenship. As a permanent resident, the investor and his or her family are free to return to their homeland for visits or business purposes, as long as a residence is maintained in the United States.
EB 5 BENEFITS
-
A direct route to Permanent residency in the United States for you, your spouse and any children under the age of 21.
-
Freedom to live, work and retire anywhere in the United States
-
U.S. citizenship route after 5 years of being a Green Card holder
-
Children may attend college/university at U.S. resident costs.
-
You can develop and run your own business.
-
You do not need a family member or employer to sponsor you.
-
You can sponsor Green Cards for your relatives.
-
Travel outside of the United States and return to the United States without a visa
-
-
JOB CREATION THROUGH THE CHICAGOLAND REGIONAL CENTER
One of the requirements for immigrant investors applying for an EB-5 visa through a regional center is that they must satisfy the Program's job creation requirements by counting direct jobs created as a result of his or her investment. Regional centers are able to calculate indirect job creation through the use of approved econometric models. The Chicagoland Regional Center uses RIMS II to calculate indirect jobs that will be created through its projects.
The investor must create full-time employment for at least ten U.S. workers. The investor and his or her spouse and children do not count toward the 10-employee minimum. Note that non-immigrants (i.e., those with E, H, L, and other temporary worker visas) are also excluded from the 10-employee requirement. An "employee" is an individual who provides services or labor for the new commercial enterprise and receives wages or other remuneration directly from the new commercial enterprise. Independent contractors are excluded under this definition. Also, the jobs created must be full-time, i.e., positions that require a minimum of 35 working hours per week. Part-time jobs do not count. However, job-sharing arrangements where two or more qualifying employees share one full-time position will be counted.
The petitioner may base the petition on proof that the required jobs have been created or on proof that the required jobs will be created before the end of the two-year period of conditional residence. In the latter case the investor must support the petition with a comprehensive business plan demonstrating a need for at least ten employees before the end of the conditional residence period. When proving indirect job creation through the regional center, extensive economic analysis must be shown to prove where these jobs will occur.
EB 5 FORMS
-
OBTAINING STATUS AS A CONDITIONAL RESIDENT
Once the Form I-526 is approved, immigrant investors may obtain status as a conditional resident by: Filing Form I-485, Application to Register Permanent Residence or Adjust Status, if residing within the United States
-
BECOMING A PERMANENT RESIDENT BASED ON INVESTMENT
In order to become a lawful permanent resident, eligible investors must file a Form I-829, Petition by Entrepreneur to Remove Conditions. Form I-829 must be filed within 90 days before the second anniversary of an Alien Investor’s admission to the United States as a conditional resident.
|
