What Is EB5 Visa? How Does It Work?
Did you know, in past three years, nearly 40,000 EB5 visa applications were filed? During this period, the EB 5 investors made an investment of about $20 in the country, creating thousands of jobs for the citizens of the United States.
What is EB5?
EB5 is a visa program, also known as investors’ visa program. EB5is a method of obtaining green card. Individuals, who want to live in the United States through this visa program, should agree to invest a certain amount and promise to create a certain number of job for the US citizens. That is the reason why EB5 visa holders are also called immigrant investors. That’s because the visa program is also known as the Immigrant Investor Program.
To get the EB5 visa, you are required to invest at least $500,000 in a Targeted Employment Area (TEA). It is an area, where an EB5 applicant is asked to invest the minimum required amount. TEA can be either a highly underemployment area or a rural area, where jobs and employment are unavailable. If you do not want to make investment in TEA, then your minimum investment amount will be $1,000,000. In addition to that, preserving at least 10 jobs for US workers is mandatory for EB5 visa holder.
At the very beginning of the program, the investors were required to create an enterprise. However, after new amendments and proposals, an investor can invest in an already-established, job-creating enterprise.
To file your visa application, you should prefer hiring an EB5 lawyer in Los Angeles. Make sure the lawyer carries vast experience and knowledge about the business immigration program so that you can learn the application process, and the key important points related to the immigration law, which a foreign national might find too complex and comprehensive to understand.
How does the EB5 visa work?
Once your application is approved, you and your dependents will be granted a conditional permanent residence — for a temporary period of two years. You will, then, be required to submit documented evidences that you have followed and met all prerequisites — such as investing the required amount and creating and maintaining 10 jobs for US workers.
FYI, EB5 is the only visa program that enables foreign investors to take the lawful permanent resident status in the United States. In each financial year, there are 10,000 EB5 visa vacancies available for foreign nationals willing live and invest in the country.
As said earlier, you can invest in a TEA or pre-established, job-creating sector directly by having an expert business immigration lawyer in Los Angeles on your side. You can consider investing through a USCIS approved regional center as well.
USCIS stands for United States Citizenship and Immigration Services. It is one of the important components of the United States Homeland Security. USCIS is responsible for processing immigrants’ visa petitions apart from undertaking various other tasks. USCIS has established regional centers where applicants can file their visa applications.