The EB5 visa program allows you to obtain a green card for yourself and your family through a significant direct or indirect investment that creates jobs in the U.S.
To ensure a successful EB5 visa application, you must be well-informed and prepared to navigate the process effectively. This guide will delve into best practices and tips for your EB5 visa application, offering valuable insights for a successful application.
Understand the EB5 Visa Program
Before diving into the best practices and tips for the EB5 visa, it’s essential to understand the program thoroughly. The EB5 visa, or the Immigrant Investor Program, allows foreign investors and their immediate families to obtain U.S. green cards or permanent residency by investing a specific amount of capital and job-creating or job-preserving projects in the United States.
The EB5 visa program requires you to invest directly in a new commercial enterprise or indirectly in a regional center project. You must ensure your investment creates or preserves 10 full-time jobs for qualifying U.S. workers.
Your investment amount depends on where your investment will be located. The required minimum investment is $800,000 for targeted employment areas and $1.05 million for non-targeted employment areas.
The USCIS describes targeted employment areas as areas that need economic stimulation, such as a rural area or an area experiencing high unemployment of at least 150% of the national average rate.
Read our EB5 visa requirements article for a more in-depth guide on the program’s intricacies.
Consult with an EB5 Visa Attorney
While you’re not obligated to hire an immigration attorney for your EB5 visa application, we strongly recommend against navigating this process alone. The EB5 visa category is among the most intricate within the U.S. immigration system. Not all immigration attorneys handle EB5 visa cases because of their complexity, which might be reflected in their fees.
When it comes to fees, immigration attorneys typically charge either hourly rates or flat fees. It’s advisable to weigh the pros and cons of both. By comparing these options, you can make an informed decision that may result in cost savings. For instance, if your case is complex and time-consuming, you may opt for a flat rate. If it is straightforward, then you may opt for an hourly rate. Thus, we recommend thoroughly comparing your choices to make the most cost-effective investment in EB5 visa attorneys.
Furthermore, it’s wise to collaborate with an immigration attorney specializing in EB5 visa cases due to their high level of complexity. When selecting an attorney, prioritize experience and a proven track record in successfully handling EB5 visa applications.
Verify Your Source of Funds
When applying for an EB5 visa, you’ll need to demonstrate the lawful source of your investment funds. The USCIS seeks to prevent money laundering, fraud, and other illegal activities and thus scrutinizes the origin of your capital to ensure that it comes from legitimate sources. Keeping records of your financial transactions is crucial. You may need to provide documents, such as tax returns, bank statements, and business records, to prove the legality of your funds.
Here are acceptable sources of funds:
Personal savings
Earnings from employment
Business income
Sale of properties, assets, or stocks
Inheritance
Divorce proceedings
Gift
Loan
When it comes to gifts, ensure you have documentation proving the gift giver’s fund was lawfully obtained, i.e., their tax records or income statements. You can also supplement this evidence with a notarized statement stating there is no expectation for you to repay the gift.
As for loans, ensure they are secured by collateral you own. You cannot use the assets of your EB5 visa investment to secure the loan. If it is a personal loan (i.e., an individual lender rather than an institution), provide the lender’s bank statements showing the loan transfer and document how this individual obtained the funds they are lending you.
Read our article on EB5 visa source of funds for more detailed information.
Be Prepared for Delays
The EB5 visa process can be lengthy and complicated, and preparation for potential delays is essential. Your application may take longer to process due to various factors, such as high demand, changes in immigration policies, or USCIS backlogs. To mitigate the impact of delays, submit your application as early as possible or consider a possible delay in your timeline and stay informed about the latest updates in immigration regulations.
Understand the Visa Quota
You should be aware that a limited number of EB5 visas are available each year. The annual quota is set at 10,000 visas. It’s crucial to monitor visa availability in your home country and be prepared for potential waiting periods.
Maintain Your Investment At Risk
The EB5 visa program requires that your investment remains “at risk” during the two-year conditional residency period. This means you cannot invest the required amount and then withdraw your funds. You must keep your investment active in the enterprise and demonstrate that it continually engages in business activities. Failure to maintain your investment at risk could jeopardize your eligibility for a permanent green card.
Ready to Start Your EB5 Visa Application?
Take the first step by scheduling a free initial consultation.
Our team of seasoned immigration attorneys and technical writers at Immigration Business Plan is here to guide you throughout the EB5 visa application process and craft a personalized business plan that suits your requirements perfectly.