EB5 Visa, An Overview

Did you know that you can get an investment-related visa if you invest in the U.S. economy? Or perhaps you just want an opportunity to invest your capital, but you could get a visa out of the deal as well.

The EB5 visa is available to someone who invests into the U.S. economy according to specific guidelines as set out by the government.

Let’s take a look at more of the details so you know how it works.

What is an EB5 Visa?

The EB5 visa is part of a larger employment-based category of visas. The visa is a way for immigrant investors to work their way towards lawful permanent residence. People with EB5 visas who follow the rules and application processes determined by the USCIS (U.S. Citizenship and Immigration Services) become eligible for a Green Card (U.S. permanent residency).

This visa allows its holder (the visa beneficiary) the privilege to stay and work here. It does not replace the passport from your country of birth, though. You still need your original passport to cross the U.S. border in conjunction with an EB5 visa.

Who is Eligible for an EB5 Visa?

There are different kinds of investments that qualify someone to apply for this visa. Those are called EB-5 projects. These projects need to be approved by the government before you can become eligible. The investment amount must meet specific criteria and it must create a specific number of jobs as well.

Let’s take a look at some more detail.

EB-5 Projects Investment Criteria

First of all, you need to know that the investment criteria changes on November 21, 2019. The investment amount will increase to account for inflation over the past few years. The investment amount also depends on the area in which it’s made. Certain rural areas (called Targeted Employment Area) in the U.S. requires economic development and therefore has a lowered required investment.

Here follows a list with the required investment amounts for different areas. Once again remember the investment amounts will change on 21 November 2019.

Investment amounts before 11/21/2019:

• Minimum investment amount outside Targeted Employment Area – $1,000,000
• Minimum investment amount in Targeted Employment Area – $500,000

Investment amounts on 11/21/2019 and thereafter:

• Minimum investment amount outside Targeted Employment Area – $1,800,000
• Minimum investment amount in Targeted Employment Area – $900,000

These amounts are subject to future changes as the inflation rate of the U.S. economy plays a role in the prices of goods. The investment must create 10 full-time jobs for American residents. Please ask for the expert advice from an immigration attorney. They’ll be able to help guide you through the different requirements and paperwork processes towards your EB5 visa.

Documents Required for an EB5 Visa

The paperwork regarding an EB5 visa can be quite tricky. There are usually three main categories of paperwork required to file for your EB5 visa. The required documents are as follows.

Project documentation:

• Evidence that you have invested (or are in the process of investing) in a designated EB5 project as approved by the USCIS. Form I-526 needs to be included to prove this point.
• If applicable, evidence that your business is in a Targeted Employment Area.
• Evidence like a business plan that proves 10 fulltime new job opportunities.

Personal documentation:

• Copy of your passport.
• Every Form I-94 issued to you.
• Evidence that you have invested the required amount (like bank account statements).
• Household registration.
• Copies of any previous immigration applications.
• Certified copies of any judgment, criminal actions, private civil actions, or pending governmental actions against you in the past 15 years.

Financial documentation:

• Proof of business ownership (of your current businesses).
• Copy of any and all business licenses.
• Last 5 years of tax returns (both your personal and business tax returns).
• Last 5 years of bank statements.
• Evidence of the sources of the capital invested in the EB5 project.
• Financial statements for each business.
• Evidence that the invested capital was gained by lawful means.

Most of this required documentation is mandatory for the average visa application. But the financial documentation also serves a vital purpose. The consular officer wants to determine that the money invested in the U.S. economy was lawfully earned by you. The documents listed above are required in the average case, but your situation might require more.

How to Apply for an EB5 Visa

You need to submit the above-mentioned documents at different times and sometimes to different entities. Here is a simplified version of the process you need to follow when filing for your EB5 visa.

1. The EB5 Investment

Find an EB5 project approved by the U.S. government. Invest and obtain proof that you have invested. Use this proof in the following steps.

2. File the I-526 Petition

Form I-526 is a crucial part of your EB-5 visa application. It’s also in your best interest if someone like an immigration attorney files it on your behalf. In this step you need to prove you have invested and that the capital used was gained in a lawful manner. This petition also forms part of your eventual application for a Green Card (permanent residency).

3. Get Your Visa and Pursue Permanent Residency

You’ll have to go through interviews scheduled by the USCIS. Visit the applicable venue and convince the consular officer about your eligibility for an EB5 visa. Once you have your visa you can move on and pursue U.S. permanent residency.

How Much Does an EB5 Visa Cost?

The cost of your immigration attempt depends on what you want. The investment itself costs anything between $500,000 and $1,800,000 (depending on when and where you go through with it). But the actual filing for the EB5 visa costs $3,675. The cost will increase with the filing fees of the applications that follow (if you decide to pursue permanent residency).

EB5 Visa Processing Time?

The processing time of your EB5 visa depends on a few things. There are different stages and role-players involved in the process. You need to invest the money, get the proof, apply for your visa, and wait for it to be processed. Let’s assume there aren’t any errors or delays in this whole process, then you can expect to wait about 22 months. But that is just an estimation and it may be longer than that.

Can an EB5 Visa Holder transition to a Green Card?

Yes, it’s possible to transition from an EB5 visa to Green Card. The EB5 visa is also referred to by some as a conditional Green Card. The initial EB5 visa is valid for 2 years. You can apply for the conditions to be removed from your visa and petition for a Green Card after 2 years. But that is only if you have kept to the conditions determined by your visa. The EB5 visa is a popular way for foreigners to pursue a Green Card.

Conclusion

Who would have thought you can invest your money in one of the strongest economies on the planet and also gain a visa in the process? You can use the EB5 visa to pursue a Green Card.

Invest your money today into an approved EB5 project and use the proof in your visa application. Make sure the investment keeps to the criteria determined by the U.S. government and soon you can live and work here.

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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