If you’ve been thinking about applying for an EB-5 visa, there are some things you need to know before you apply. This visa is a conditional immigrant visa that requires a substantial investment of cash equivalents. Getting an EB-5 visa is complex, and you may wonder if you qualify.
The EB-5 visa is a conditional immigrant visa.
The EB-5 visa is a conditional green card that requires you to invest a certain amount of money in a business in the United States. The process for obtaining a green card can take months to years, depending on your situation. Before you begin your application, you will need to check whether there are any visas available. The process is complicated, requiring a lot of documentation and investment.
Once the I-526 petition is approved, EB-5 immigrants receive conditional permanent residency. This status is the same as a non-conditional resident, but you must leave the country before the two-year period expires. Applicants must show that they have created at least ten jobs in the United States during the two years before applying for permanent residence.
It requires a substantial investment.
An EB-5 visa requires an individual to invest at least $500,000 in an American business. The investment can be for a new business venture or restructuring or expanding an existing one. The source of the funds does not matter as long as the investment is substantial. However, the United States Citizenship and Immigration Services (USCIS) may require a higher amount if you plan to invest in certain geographical regions. Moreover, the amount of investment may be increased if the venture proves to be a success.
EB-5 visa applicants should invest in a business in a target employment area (TEA). Similarly, Vermont has a successful private-public partnership, the Regional Center. These projects have boosted local economies and created jobs. If applicants cannot demonstrate that they will provide jobs, their EB-5 petition will be rejected.
It requires cash equivalents.
If you plan on applying for the EB-5 visa, you should know that you must invest the total amount required. Unlike other types of visas, it is not acceptable to pool money and make payments on a credit card. In addition, you must show the source of funds to the USCIS. This documentation includes any inheritance or gift that you may have received. You can also include cash equivalents such as loans, certificates of deposit, and promissory notes in your total.
An EB-5 visa requires at least $1 million or equivalent cash to qualify for the visa. This investment must be in a new or expanding business in the U.S. The investment must be the original investor’s own. The USCIS will scrutinize the source of the investment, so it is essential to show that it was obtained lawfully. This may include a salary or a gift from a relative.
It is challenging to establish eligibility.
Getting approval for an EB-5 visa requires you to establish your eligibility to invest in an investment project in the United States. The process can be challenging. There are many factors to consider, and working with a qualified lawyer or accountant is essential. The first step is to apply for a visa at the United States Citizenship and Immigration Services (USCIS). Next, you will need to submit the necessary documents to the agency. A legal team with EB-5 experience is the best choice for this process.
The USCIS has rejected many EB-5 visa applications over the years due to abuse and fraud. Therefore, many lawyers advise their clients to use their wealth to qualify for another category, such as a priority worker or transferring executive or manager.