Important Update: On July 23rd, 2019, U.S. Citizenship and Immigration Services (USCIS) issued sweeping new changes to the EB-5 Program. These changes included an increase in the minimum investment amount. We recommend reading our newest post for a full discussion of the changes.
In the United States, the EB-5 Program gives immigrant investors a way to immigrate to the United States by investing in a U.S.-based enterprise.
As with all immigration programs, there are several steps that you will need to complete in order to move through the overall process.
As our second post in a series on the EB-5 Program, today we will give a brief overview of the 5 main steps in the EB-5 process.
1. Gather information
The first step in the EB-5 visa process is to gather as much information as you can about
>business you plan to invest in
>your business plan
>finances for the business and where those finances come from
>how you will create the 10 new jobs for the business
>you and your family
Gathering information, including supporting documents, before you file saves time in the overall process.
2. File Form I-526, Immigrant Petition by Alien Entrepreneur
Form I-526, Immigrant Petition by Alien Entrepreneur, is the first form you will need to file in the EB-5 process. This form details all information about
>the investor’s family (if they plan to immigrate as well)
>the capital investment
>the new commercial enterprise
>how 10 full-time jobs will be created
You will also be required to submit several supporting documents with your I-526 form. Each application will require different documents based on the individual case.
Examples of supporting documents can include but are not limited to:
>articles of incorporation/business plan
>invoices related to the capital investment
>cooperate, partnership, and personal tax returns
>evidence detailing the investor’s role/position and compensation within the new enterprise
3. Receive a conditional green card
When Form I-526 is accepted, you and all those you applied for will receive a conditional green card through an adjustment of status or consular processing.
A conditional green card is very similar to a permanent green card. You will still have the right to live anywhere in the U.S., your spouse can work while they are here, your children are still eligible to enroll in public school, etc.
Unlike a permanent green card, however, a conditional green card only lasts for 2 years and cannot be renewed.
4. File Form I-829, Petition by Entrepreneur to Remove Conditions on Permanent Resident Status
Ninety days prior to the 2-year anniversary of your new business, you must file Form I-829, Petition by Entrepreneur to Remove Conditions on Permanent Resident Status. This form will remove the conditions on your green card.
Form I-829 details information regarding:
>how you invested in the new commercial enterprise
>how you were involved in the new business
>evidence that 10 full-time jobs were created
>evidence that the business grew in the last 2 years
As with Form I-526, you will be required to include supporting documents when you file, and the specific documents will be determined by the individual application. Supporting documents can include but are not limited to:
>federal income tax returns for the 2 years covering your business
>quarterly statements for the business
>invoices and receipts for the business
5. Receive a permanent green card
When Form I-829 is accepted, the conditions on your green card will be removed. A permanent green card will be issued to you and all those you applied for allowing you and your family to stay in the U.S. for 10 years. After 10 years, your green card will be eligible for renewal.
Are you interested in the EB-5 Program?
If you are interested in the EB-5 Program and want to learn more about it, contact us today at one of the ways below.
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Disclaimer: Nothing in relation to the enclosed information should be construed and or considered as legal advice for any individual, entity, case, or situation. The following information is prepared for advertisement use only. The information is intended ONLY to be general and should not be relied upon for any specific situation. For legal advice on your specific situation, we encourage you to consult an attorney experienced in the area of Immigration Law.