What is the process and timeline for obtaining an EB5 Visa by investing in a Regional Center?
The EB-5 visa process is a multistage process. The process of your EB-5 visa filing depends on whether you reside in the US, or overseas.
1. Regional Center EB5 Visa process for investors who are residing outside the United States includes:
- Retaining an immigration attorney to document the source of funds
- Scouting projects for investment
- Filing an application for a conditional green card (form I-526E)
- Preparing for the counselor interview
- Receipt of Conditional Green Card
- Filing an application for removal of conditions (Form I-829)
- Repayment of capital
- Receipt of Unconditional Green Card
2. Regional Center EB5 Visa Process for applicants who are U.S.- based:
- Retaining an immigration attorney to document the source of funds
- Scouting projects for investment
- Filing an application for a conditional green card (form I-562E)
- Filing an application for adjustment of status (form I-485)
- Filing an application for work authorization (form I-765)
- Receipt of work authorization
- Receipt of Conditional Green Card
- Filing for Removal of Conditions
- Return of Capital
- Receipt of Unconditional Green Card
Importantly, the EB-5 program is not only about immigration but also about the preservation of your capital and be eligible to get your capital back.
EB-5 process for applicants residing outside the U.S.
1. Document the source of funds
A foreign investor must prove the legal nature of the funds they are investing in an EB-5 project. A US Licensed immigration attorney can assist you to prepare all the documentation needed at this stage. Applicants usually source their funding from gifts from parents or relatives. The funds may originate from professional income, investment portfolio, sale of property, or a loan.
2. Choose a project and make an investment
USCIS will check whether the business plan of the project that you’re investing in meets the requirements of immigration law. The minimum required investment is $800K in targeted employment areas (TEA) and $1M in non-TEAs. It takes about 18 to 24 months for this application to get adjudicated.
3. File an Immigrant Petition (I-526E form) with Regional Center and Receive a Conditional Green Card
After investing, you will receive a receipt from the regional center documenting your investment in the EB-5 project. Once that is done, your attorney will file an application for a conditional green card. Approval time is around 18-24 months for form I-526E.
4. Consulate Interview
Once the approval for form I-526E is received, the case gets transferred from USCIS to the National Visa Centre, and in about 6 to 8 months, you will be invited for a counselor interview. The investor and the dependents who wish to receive the conditional green card are required to attend the interview.
Regional Center team and immigration attorneys help you to prepare for the interview and provide all information needed: provide data with respect to the progress of the project and information regarding the use of EB5 Funds in the project and American Job Creation.
The examples of questions to expect at the interview.
What is the nature of the project, which includes the asset class?
What is the latest update on the project?
How were the funds sourced and invested in the project?
5. Entry visa received
Once you successfully appear for an interview, you will get an immigrant visa stamp on your passport, and you have 6 months to enter the United States.
6. Activate Conditional Green Card
The day you set foot in the United States, your conditional green card gets activated. The immigration officer at the port of entry will note down your details, and the green card will be sent via mail.
7. File form I-829 – Removal Conditions
You are required to file for removal of conditions. 21 months after you get your conditional green card and before the expiration of 24 months, your immigration attorney will file an application for removal of conditions.
Important! You will need to show that your funds which were held in an escrow account, were finally deployed in the project for which the business plan was submitted. It is important to prove that the funds were spent and have resulted in the creation of at least 10 American jobs per investor.
8. Repayment of Capital
The way the EB5 projects are mostly structured, EB5 investors are eligible for repayment of capital upon completion of 2 years from the date of receipt of the conditional green card. As long as the loan term of 5 to 7 years expires and EB5 investors have completed 2 years post receipt of conditional green card they will receive their funds back. EB5 investors do not have to wait for approval of an application for the removal of conditions.
9. Receipt of Unconditional Green Card
Typically, it takes about 30 to 36 months to issue this unconditional green card. Therefore, USCIS started extending the conditional green card by 48 months from the day you file your application for removal of conditions so that there is no gap in your status.
There’s almost no difference between a conditional green card and an unconditional green card. Your obligations, your rights, and responsibilities are the same. It doesn’t matter where you are residing, whether it’s outside the United States or in the United States; your investment amount and your obligation to create ten American jobs remain the same.
EB-5 process for U.S.-Based applicants
The EB-5 application process is different if you are already living in the United States on any type of visa. If you switch to an EB-5 visa from an employment-based visa, like H1B or L1, or from a visa for international students, like F-1, J-1, or M-1, or an entrepreneur visa like E2 Visa, you will follow the steps listed below.
1. Documenting the source of funds
Foreign investors are obligated to demonstrate the lawful source of the funds they intend to invest. To comply with this obligation, the services of a licensed immigration attorney in the US can be sought to help with the preparation of all the necessary documentation.
2. Choose a project and make an investment
The USCIS will review the business plan of the project you are investing in to ensure it satisfies the standards of immigration law. The minimum investment amount required is $800K in Targeted Employment Areas (TEA) and $1M in non-TEAs. It typically takes 18 to 24 months for this application to undergo adjudication.
3. Concurrent filing for a Conditional Green Card (Form I-526E), Adjustment of Status (Form I-485), and Work Authorization (Form I-765)
On March 15, 2022, the EB-5 Reform and Integrity Act of 2022 was signed into law, according to which applicants residing in the United States can concurrently file for adjustment of status along with their application for a conditional green card.
This allows applicants residing within the United States to live and work in the States while waiting for their Green Card from their EB5 Petition. Filing an application for adjustment of status and work authorization is a way of telling the government that you want to move from your current visa status to a green card.
This type of application gives you the right to live in the United States till you get a green card, whether your underlying visa status remains valid in the future. In about 3 to 6 months, you will receive a work authorization. You can continue to live in the United States, whether your underlying status is valid or not, till the time you get a green card.
4. Approval of application for a conditional green card or Form I-526E and receipt of conditional Green Card
After examing the source of funds of the EB5 investor and the business plan of the EB5 Project, USCIS will issue an approval in 18 to 24 months from the date of filing and issue a conditional green card.
5. File an application for an unconditional Green Card or Form I-829
Once that is done, it takes about 30 to 36 months for the issuance of an unconditional green card. You have to prove the practical aspect to USCIS that your funds were actually invested in the project for which the business plan was submitted, and it resulted in the creation of 10 American jobs. However, your conditional green card is extended by 48 months, so there is no gap in your status.
6. Receipt of Capital
The EB-5 program is not only a predictable path to Green Card and U.S. Citizenship, but also about the preservation of your family’s capital and being eligible to receive repayment for investments. EB5 Investors are eligible for repayment of capital prior to receiving their unconditional green card. They need to meet the qualification criterion under the EB5 projects offering. Usually, Regional Centers repay capital upon meeting two conditions:
- Completion of loan term of 5 to 7 years and
- Completing 2 years from the date of receipt of a conditional green card.
For a Free Consultation with an Experienced EB-5 Professional Enter your Details
The opinions expressed in this video/blog post are solely those of the presenter/author. The information provided herein is for general informational purposes only and should not be considered as professional or legal advice. The presenter/author or Golden Gate Global do not endorse or take responsibility for any actions taken based on the information presented herein. Viewers/readers are advised to seek appropriate professional advice before making any decisions or taking any actions based on the content of this video/blog post.
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