EB-5 INVESTMENT VISA PROJECTS - EB-5 Visa Projects

The EB-5 Investor Green Card Program: Some Frequently Asked Questions

ABOUT THE EB-5 PROGRAM

Congress, in an attempt to stimulate the United States economy, put theEB-5 green cardprogram in place in 1990.

Standing for “Employment Based”, the EB-5 program is aimed at incentivizing foreign investors with the opportunity to gain access into the United States by granting those who invest $1,000,000 into American businesses a conditional residency visa, more commonly known as aninvestment green card.

This EB-5 green card program has drawn interest from investors all over the world, each hoping to gain residency, and ultimately citizenship, in the United States. This interest has been growing lately as more and more foreign investors are coming to the South Florida area.

The amount of the investment can be reduced to $500,000 if the business invested in is located in a ‘Targeted Employment Area’, a location the government has deemed having a high percentage of unemployment. This is good news for any EB-5green card investorwho works with Charles Galan P.A., as they can take advantage of this reduction by investing with our South Florida investment program.

REQUIREMENTS

The requirements are fairly straightforward; a foreign investor wishing to gain permanent residency in the United States must first invest an amount of $1,000,000 into an American company. If within two years it can be shown that the investment produced at least 10 jobs for American employees, their initial temporary residential card, which is granted when the investment is made, can then be made permanent.

Several areas in the United States, labeled as experiencing a high unemployment rate, require an investment of only $500,000.

That’s where question one comes from:

Q: What is a Targeted Employment Area (TEA)?
A: The USCIS defines a Targeted Employment Area is as an area that, at the time of investment, is either a rural area, or an area that has experienced unemployment of at least 150 percent of the national average rate. TEA’s require an investment of $500,000, as opposed to the typical $1,000,000.

A “rural area” is defined as any area not within either a metropolitan statistical area (as designated by the Office of Management and Budget) or the outer boundary of any city or town having a population of 20,000 or more.

FREQUENTLY ASKED QUESTIONS:

Along with the interest in the program come many, many questions. Below are a few of the most common questions we hear from investors:

Q: Must the investor have previous business experience or education?
A: No. The investor is not required to have business experience or demonstrate any level of education. The only requirement is the required net worth and capital.

Q: How soon after the investor’s application is approved will they receive a green card?
A: Upon approval by the government of your application, you will receive notification of a visa interview at the United States consulate office in your home country. At the interview, you’ll review your application with the consulate officer, and may need to provide additional information to summarize the nature of your immigration investment.

Q: Who receives the permanent residency “Green Card”?
A: The investor and his or her spouse, as well as their children (biological or adopted) under the age of 21, are eligible for permanent residence under the eb-5 program.

Q: Are any countries excluded from eligibility for the EB-5 Visa program?
A: While there are certain countries that are excluded from participation (e.g. Iran and Iraq), in most cases if the applicant is able to leave the country and has the necessary capital to qualify under the program, legal counsel will be able to help the applicant qualify for the visa approval.

Q: How many immigration visas are allotted for this classification?
A: The EB-5 green card program allots 10,000 Visas per year for foreign investors and his/her family members whose qualifying investments result in the creation or preservation of at least 10 full-time jobs for U.S. workers.

3,000 immigrant Visas are set-aside for aliens who invest in designated regional centers, and an additional 3,000 are available for those investing in regional centers located within a Targeted Employment Area (TEA).

Q: What issue causes the greatest problem when applying for an EB-5 Visa?
A: The most common problem area has been insufficient documentation for the source of funds. It is better to provide too much information rather than too little. In this era of terror alerts, and suspicions about money laundering, USCIS case examiners require a well-documented source of funds.

Q: How does the bank escrow (trust) account protect me against the risk of losing my money?
A: The minimum required capital contribution from the investor is placed in a legal, interest-bearing escrow (trust) bank account.

When an escrow (trust) bank account is established, the funds continue to belong to the investor; however, they are committed to be placed into the investment upon petition approval. The bank has an agreement with the investor that requires the funds to be released from the account only when the petition is approved by the USCIS.

Q: For how long is a Green Card valid?
A: There are several answers to this question.

If you received your Green Card through marriage, and have not been married for two years, you should have a “conditional” Green Card that is good for two years. Also, if you received your Green Card through investment (EB-5), you should have a “conditional” Green Card for two years.

You must apply for removal of the conditional status within 90 days before the end of the initial two years. Once that is approved, you have a regular “unconditional” Green Card. If you apply either too early or too late, you will have a problem and should consult an immigration attorney for advice.

If you do not have the conditional status removed, the Green Card will become invalid at the end of two years, and your permanent resident status will be terminated. “Unconditional” Green Cards are good for ten years. This does not mean that after ten years, you stop being a legal permanent resident – only the card itself becomes invalid. You must apply for a new one using form I-90. Without a current Green Card, you cannot use it to travel out of the U.S. or use the Green Card as evidence that you are permitted to work.

Charles Galan P.A. with our seasoned professional affiliates, assist potential EB-5 investors apply for the program and guide them through the process from beginning to end.

Our integrated processes and partnerships with several EB-5 regional centers and immigration attorneys make us an experienced leader in helping foreign investors gain access to the program in South Florida.