Texas Eb5 Investment Green Card Attorneys
For many people, the easiest way to get a U.S. immigration visa or green card is through business immigration or investment in a new commercial enterprise.
High-net worth individuals who would like to immigrate to the United States on a permanent basis may qualify for permanent resident status through investment.
The program that allows for this is called the EB-5; some people refer to it as the employment creation visa.
What is the EB-5 Visa Program?
The EB-5 visa allows foreign investors, their spouses and unmarried children under 21 years of age to obtain lawful permanent residency in the United States. The program was created in 1990 to stimulate the economy and foster job growth. To qualify for an EB-5 visa, an investor must meet specific requirements. After an investor has this visa, they may enter the United States and apply for a green card.
The employment creation visa, or EB-5 investor green card, requires that an individual invest at least $1.05 million in a new U.S. commercial enterprise and create at least ten new full-time jobs in that enterprise within two years. But in some situations, the investment can be as little as $800,000. It's easiest to work with an EB5 lawyer throughout the process.
Who's Eligible for an EB-5 Visa?
To qualify for an EB-5 visa, an investor must:
- Invest or be in the process of investing at least $1.05 million in a new commercial enterprise in the United States or
- Invest or be in the process of investing at least $800,000 in a Targeted Employment Area.
(On March 15, 2022, these amounts increased; prior to that date, the U.S. government required a minimum investment of $1 million unless an investor was investing in a Targeted Employment Area; in that case, they could put in as little as $500,000.)
What is a Targeted Employment Area?
A Targeted Employment Area is a rural area or an area with high unemployment. More specifically, it's an area that's experiencing at least 150 percent of the national average rate of unemployment.
Exception To The $1.05 Million Investment Requirement for the EB-5 Investor Green Card
There are some exceptions to the $1.05 million commercial enterprise investment. One approach is by setting up the investment business in an economically challenged area. For example, you may contribute a lesser commercial investment of $800,000 in a rural area with less than 20,000 in population.
Another approach is for the investor to show that the area in which the investor will operate the investment enterprise has a high unemployment rate, 150 percent of the national average. The data provided to establish sufficient unemployment must come from government sources.
Finally, an individual applying for an EB-5 investor green card, or visa, can invest in a U.S. government-designated regional center. A Regional Center is an investment company authorized by USCIS and other government entities to provide investment options to investors hoping for permanent residence through EB-5. The list of approved regional centers can be found on the USCIS website.
Regional Center investments allow for the consideration of economic impact on the local economy in the form of indirect employment. Reasonable economic methodologies can be used to establish sufficient indirect employment to meet the employment creation requirement.
Not all regional centers are created equal. Any investor considering investing with a Regional Center must be very careful to consider the experience and success rate of the company before investing. Also, an investor should work with investment, tax and other advisers to review the various offerings made by the company and consider risks, tax implications and overall portfolio effect before committing to a specific investment.
Note: A Regional Center investment cannot be one that guarantees the return of the investment. The dollars invested must be at risk.
There are significant advantages to investing with a Regional Center, and we generally encourage this approach for these reasons. One, as mentioned above, is the reduced investment requirement of $800,000 compared to the $1.05 million requirement through direct investment outside of an economically challenged area. The other is that the Regional Center investment does not have to result in the creation of ten new full-time jobs per investor in the same way as processing through direct investment.
Regional Center investments allow for the consideration of economic impact on the local economy in the form of indirect employment. Reasonable economic methodologies can be used to establish sufficient indirect employment to meet the employment creation requirement.
How to Get a Green Card as an Immigrant Investor
After an investor has obtained an EB-5 visa, they may apply for a green card. The process is the same for everyone. The investor first needs to file an I-526 petition with U.S. Citizenship and Immigration Services (USCIS). This petition must include evidence that the investment will create full-time employment for at least 10 U.S. citizens, permanent residents, or other immigrants who are authorized to work in the United States.
After USCIS approves the I-526 petition, the investor may apply for a green card. This can be done one of two ways:
- If the investor is already in the United States with a valid visa, they can file an I-485, Application to Adjust Status to Permanent Resident.
- If the investor is outside the United States, they will need to go through consular processing. This involves going to a U.S. Embassy or Consulate and applying for an immigrant visa.
What is a Conditional Green Card?
Investor green cards come with conditions attached. That means if you receive one of these green cards, you'll need to take some additional steps to remove those conditions and obtain a full, permanent green card.
The conditions attached to an investor green card are as follows:
- The investment must remain in place for at least two years
- The investor must be actively involved in the business venture
- The investment must create full-time employment for at least 10 U.S. citizens, permanent residents, or other immigrants who are authorized to work in the United States
The EB-5 Investor Visa and Green Card Process
Often, people choose to work with an attorney to participate in the EB-5 investor program; an attorney can fill out and file all your forms for you, making it easier to focus on growing or expanding your business.
Generally, the EB-5 process goes like this:
- You find the right project to invest your capital in
- You make the investment
- Your attorney files an I-526 petition
- USCIS may issue a request for more information
- You apply for your conditional green card
Here's a closer look at each.
Step #1: You Find the Right Project to Invest In
As an investor, you may already have your eye on a business you'd like to invest in - but if you don't, the first step toward an investor green card is to find one. Qualifying opportunities are either new commercial enterprises or business ventures that will expand an existing business.
To qualify as a new commercial enterprise, the business must be created after Nov. 29, 1990, or it must be a business that was created on or before that date but has undergone a "change in ownership and control" since then. A change in ownership and control means that at least 50 percent of the business must have been bought by new investors.
Step #2: You Make the Investment
The next step is to actually make your investment. Remember, the minimum amount you'll need to invest is $1.05 million; if you're investing in a targeted employment area, that amount drops to $800,000. It's important to note that the EB-5 program is designed for those who want to actively participate in their business venture - meaning investors can't simply put their money into a business and then walk away. You'll need to be involved in the day-to-day operations of the business to qualify for an EB-5 visa.
Step #3: Your Attorney Files an I-526 Petition
After you've made your investment, your next step is to have your attorney file an I-526 petition with USCIS. This is where you'll need to provide evidence that you've met all the requirements of the EB-5 program, including making the required investment and showing that your investment will create full-time employment for at least 10 people. If you're investing in a regional center, you'll also need to provide evidence that your investment has been made through a designated regional center.
USCIS typically takes anywhere from 6 to 18 months to review an I-526 petition. If your petition is approved, you'll move on to the next step in the process.
Step #4: USCIS Issues a Request for Information
USCIS may issue what's called a request for information, or RFE, after reviewing your I-526 petition. An RFE simply means that USCIS needs more information from you in order to make a decision on your petition. In most cases, an RFE will request additional evidence of your investment or evidence that you meet the requirements for a targeted employment area.
If you receive an RFE, be sure to respond as soon as possible. Once USCIS has the information it needs, it will make a decision on your petition.
Step #5: You Apply for Your Conditional Green Card
If your I-526 petition is approved, the next step in the process is to apply for your conditional green card. You'll do this by filing an I-485 application with USCIS; if you're outside the United States, you'll file your application with the Department of State.
Do You Need to Talk to an Attorney About the EB-5 Investor Program?
If you're interested in participating in the EB-5 investor program, we can help you get started. Call our office now to schedule your consultation with a professional who can answer your questions and help you begin the process.
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