The EB-5 immigrant investor visa program, also known as the EB-5 visa, provides a route for foreign nationals to obtain lawful permanent residence in the United States by investing in commercial enterprises that create or preserve at least 10 full-time jobs for U.S. workers. In this comprehensive guide, we will explain everything you need to know about using the EB5 visa to immigrate to America, including eligibility requirements, investment options, the application process, and more.
What is the EB-5 Visa Program?
The EB-5 Immigrant Investor Program was established in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. It allows individuals to apply for a green card for themselves and their immediate family members in exchange for investing a certain amount of capital into a commercial enterprise in the U.S.
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There are two investment amounts under the EB-5 program:
- $1,050,000 for general investments outside of a Targeted Employment Area (TEA).
- $800,000 for investments made in a TEA, which is a rural area or area with high unemployment.
The investment must create or preserve at least 10 full-time jobs for U.S. workers. Once the required investment is made and jobs are created, the foreign national investor and their family can obtain conditional permanent residence via a conditional green card. After two years if the job creation requirements are still being met, the conditions can be removed from the green card and it becomes unconditional permanent residency.
Essentially, the EB-5 program allows foreign entrepreneurs and investors to gain U.S. residency by investing in approved commercial enterprises through job-creating business ventures. It has become a very popular immigration option in recent years for those seeking an additional pathway to living and working long-term in America.
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EB-5 Visa Eligibility Requirements
To be eligible for an EB-5 visa through investment, there are a few key requirements that applicants must meet:
- Lawfully obtained investment capital: The money invested must be obtained legally from the applicant’s own funds, as evidenced by bank statements, tax returns, etc. Borrowed funds cannot be used to qualify.
- Minimum investment amount: Invest $1,050,000 if outside a TEA or $800,000 within a TEA, as previously explained.
- Job creation: The investment must create or preserve at least 10 full-time jobs for qualifying U.S. workers within 2 years of receiving permanent residence.
- Invest in a commercial enterprise: This includes businesses involved in producing goods/services, such as manufacturing companies, hotels, and restaurants. Real estate investments qualify as long as the business sponsors a “job-creating entity.”
- Intend to actively manage the investment: Applicants need to establish that they intend to take an active role in overseeing or managing their business venture in the U.S.
- Pass background and medical checks: There cannot be any criminal records, communicable diseases, or other issues preventing lawful entry into the U.S.
Provided these criteria are met, foreign nationals from most countries worldwide are able to participate in the EB-5 program regardless of nationality, profession, or other factors.
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EB-5 Investment Options: Regional Centers
There are two primary routes for making an EB-5 qualifying investment – direct investment or investment through a regional center. Over 90% of EB-5 applications are filed through regional centers due to their advantages:
Regional centers are designated by USCIS as economic units promoting job creation in a particular area. Large EB-5 projects are organized through regional centers which pool funds from multiple investors into job-creating commercial enterprises in that area.
The benefits of investing through a regional center include:
- Ease of investment – Regional centers handle all aspects of identifying projects, performing due diligence, and ensuring job creation requirements are met on behalf of investors.
- Less risk – As a passive investor, there is less risk that job creation targets will not be achieved and the investment will be lost compared to direct investment.
- Indirect job creation counts – Regional centers can claim both direct and indirect jobs towards the 10 job requirement from a single investment.
- Priority dates continue with the regional center – If a project becomes unavailable, the regional center may substitute a new one while allowing the investor to retain their original I-526 petition filing date.
- More investment options – Regional centers develop large real estate or infrastructure projects not feasible for direct investors.
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The EB-5 Investment Process
Now that we understand the EB-5 program requirements and investment options, let’s review the general application process:
- Consultation
Meet with a licensed immigration attorney or adviser to determine eligibility. They can advise on the best investment pathway and viable regional center/project options.
- Business plan and due diligence
Review the regional center or project’s business plan and conduct thorough due diligence on its economic and job creation forecasts.
- I-526 petition
File Form I-526 Immigrant Petition with USCIS, including evidence that the required amount has been invested lawfully into a commercial enterprise.
- I-526 petition approval
Upon approval, conditional permanent residence is granted and conditional green cards are produced for the investor and immediate family members.
- Conditional residence period
Live and work in the U.S. for 2 years while the proposed investment and job creation goals are implemented and monitored.
- I-829 petition
Shortly before the 2nd anniversary, file Form I-829 Petition to Remove Conditions and submit evidence that 10 full-time jobs have been created as proposed.
- I-829 approval and permanent residence
Upon I-829 approval, the foreign national’s conditional green card is removed and they receive a 10-year permanent resident (green) card. After 5 years, citizenship options can be pursued.
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EB-5 Visa Costs and Processing Times
In addition to the minimum investment amount, there are other USCIS filing fees and administrative costs associated with participating in the EB-5 program:
- I-526 petition filing fee: $3,375 ($3,035 + $440 biometric services fee)
- I-829 petition filing fee: $3,750
- Regional center administrative fees: $15,000 – $80,000+
- Legal/attorney fees: $15,000 – $30,000+ for full representation
- Business plan development: $3,000 – $10,000
- Regional center due diligence review: $2,000 – $5,000
Total estimated costs start around $35,000 – $50,000 when factoring in all applicable fees. Processing times for I-526 petitions recently grew quite lengthy, around 24-48 months on average due to heavy backlogs. I-829 petitions are taking 18-36 months currently. It’s important to budget 2-5 years minimum for the full EB-5 investment immigration process when planning.
Benefits of Permanent Residence in the U.S.
Once obtaining permanent residency through the EB-5 program by removing conditions on the green card, there are significant benefits and freedoms that come with living and working in the United States:
- Live anywhere in the U.S.: As a green card holder, there are no geographical restrictions on residency. You can choose to settle wherever you prefer.
- Work authorization: Permanent residents can apply for any job, start a business, work as an independent contractor, etc. without sponsorship.
- Travel freedom: Green card holders can re-enter the U.S. after traveling internationally without the need for a visa.
- Public benefits eligibility: This includes access to Medicaid, Medicare, Social Security, public education, and more.
- Apply for citizenship: After 5 years of living continuously as a permanent resident, one can begin the naturalization process to become a U.S. citizen.
- Pathway for family members: Green card holders can sponsor certain relatives like spouses and children residing overseas for green cards of their own over time.
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Obtaining permanent residence in the U.S. is a major accomplishment that opens up enormous opportunities for living, working, owning property, higher education, and business development in America long-term. The EB-5 program provides this lifestyle benefit for those able to successfully navigate the investment immigration process.