By Eliana Phelps

In order to be eligible for the EB 5 visa, foreign individuals are required to invest a minimum of $500,000 in certain qualified investments or regional centers in the United States. Qualifying regional centers are designated by the U.S. Citizenship and Immigration Services (USCIS) department and are essentially any economic program, private or public, that promotes economic growth, productivity, creates at least 10 jobs and increases the domestic capital investment. These regional centers are located throughout the U.S. in specific economically depressed areas that have a high unemployment rate.

Not only does this type of visa allow easy access to permanent residency and a green card, the recipient is also not required to actively manage the business chosen for the investment. Investments can be made in a few different ways. The first is to invest at least $500,000 in a new business enterprise that is in a designated targeted employment area, which will also result in the creation of 10 full-time jobs for U.S. workers. The second is to invest in a qualifying troubled business that has been established for at least the past 2 years. The third is to invest a minimum of $500,000 in a Regional Center Pilot Program designated by USCIS. Please click on the link for a complete list of approved immigrant investor regional centers.

Benefits to the EB 5 visa:

* Direct eligibility for a green card
* Possible permanent residency through a green card for the immigrant's spouse and children under 21
* Ability to live and work anywhere in the United States
* Variety of EB 5 regional center qualifying programs to choose from

Limitations

- Documentation must be provided that clearly shows the investment funds were legally obtained.

- Application process could take 9 months to over a year 

- Income tax applies based on your worldwide income and not just income in the U.S.

- Possible double taxation between the U.S. and your country of origin

- Other limitations apply depending on which program you choose to invest

Application Process:

The first step in this 3 step process is to file form I-526 Petition for an Alien Entrepreneur with USCIS at the cost of $1435. Once approval has been given, the next step is to file an I-485 application requesting adjustment to permanent residency status, which has a fee of $930 plus a possible biometric fee. Upon approval of the I-485 form, applicants and their immediate family members (under age 21) are then granted conditional permanent residency status for a two year period.

The final step in the process must be completed 90 days prior to 2 year expiration date given on the conditional green card granted in the second step. Form I-829 Petition by an Entrepreneur to Remove Conditions removes the 2 year conditional period on the green card and a new one is issued without any further conditions. It allows the card holder to live and work anywhere in the U.S. permanently.

As with all immigrant visas, the application process is complicated with plenty of documentation required in order to be considered. An immigration attorney experienced in EB-5 visas can ensure proper filing of the multiple applications and speed up the process.