Many people look forward to living and working in the United States. Hence, they always grab any available opportunity to apply for a US visa.
Investors or entrepreneurs who want to immigrate to the US legally can leverage the EB-5 visa. Having a successful application for an EB-5 visa will significantly and positively impact your life.
The visa will allow you to legally live and operate your business in the US. Moreover, it will be easy for you as a foreign investor to undergo the US naturalization process and become a permanent legal resident.
Additionally, with the EB-5 visa, you can quickly get a green card for your spouse and unmarried children under 21. As a result, you and your family will have access to many possibilities, like having a better life for your family and financial success. Your kids will also have access to American education.
Nevertheless, there are various things you need to know as an investor when applying for an EB-5 visa. The application process can be challenging and confusing without knowing what to expect.
This article will highlight critical aspects you need to know, from the importance of working with an immigration lawyer to the benefits of having an EB-5 visa in the US.
What Is an EB-5 Visa
The United States saw the need to attract foreign investors to become permanent US citizens. Therefore, in 1990, they established an EB-5 Visa Program for foreign investors. In other words, by investing in a US company, you can get a green card for your spouse and unmarried children under 21.
But the only caveat is you have to spend at least $800,000 in a Targeted Employment Area (TEA) to qualify for the EB-5 visa. This is vital as it will help fund a company that hires at least ten Americans.
Moreover, you are free to decide what’s the best way to increase your investment. You can go independent or use regional centers to access a more extensive investor base.
But what are regional centers? These are legally recognized organizations that can help facilitate connections between foreign investors and business developers who are looking for financial support.
These organizations usually have access to various sectors suitable for foreign investors who want to obtain an EB-5 visa. The sectors include healthcare, hospitality, infrastructure, residential, and other booming industries. Undoubtedly, getting an investment is a fantastic and sure bet way to ensure your US residency.
Consult with an Immigration Lawyer
Before you start the EB-5 visa application process, seek the help of an experienced immigration lawyer who can assist you during the entire process. This is because when you work with a lawyer who has experience in handling EB-5 visa applications, it can increase your chances of success. They can help you determine the following:
- They will help you determine the best investment option that will sufficiently satisfy the immigration requirements for your EB-5 visa application.
- They will also help you determine some of the best ways to organize your source of funds.
- Immigration lawyers can guide you through the entire process of your EB-5 application.
- They will also inform you of all the required documents for your EB-5 application. Moreover, they will guide you on how you can get and provide them.
- Due to their experience and expertise, they can guide you on specific TEA areas. This information is vital as it will make you eligible for the reduced investment of $800,000 and other possible benefits.
Most people know the importance of working with a lawyer who is experienced in handling EB-5 visa applications. But they may be unaware that this should be the first thing that they should do. Here are a few reasons why you need to talk to a lawyer before you begin your application:
- Depending on your situation, they can advise if it is a good idea to go for an EB-5 visa.
- A lawyer will help you understand that just because a family or friend got a green card using the EB-5 visa procedure, it may not be your only option.
- Through a lawyer, you might find out simple and quick ways to achieve your immigration goals.
- The initial consultation fees for immigrant attorneys are usually free. So why not learn more about the EB-5 visa cost and requirements directly from a professional?
EB-5 US Visa Requirements
An EB-5 visa acts like a green card for a foreign investor. Therefore, as an applicant, you must meet the following requirements to apply for one:
- At least have an investment worth $1.05 million in a local US business.
- Or invest at least $800,000 in a targeted employment area. This is essential as it guarantees at least 10-full time employment for US residents within two years.
- You need to ensure the investment you go for can contribute to the US economy by filling domestic markets with your goods or services.
But before you apply for an EB-5 visa, you don’t need to have the following:
- It is not necessary to disclose your net worth.
- A job offer or labor certification is not a primary requirement for getting the EB-5 visa.
- The EB-5 visa requirement is different from the E2 Treaty Investor Visa Program. With an E2 Treaty Investor Visa Program, the investor must manage the business. While with an EB-5 visa, as an investor, you will not need to be very involved during the process.
Benefits of EB-5 Visa
As a successful EB-5 visa holder, you can immediately apply for your green card to become a resident of the United States. This is possible because the EB-5 visa is part of the immigrant visa category. Here are some of the benefits of having an EB-5 visa:
- Your spouse and children who are under the age of 21 and unmarried will be eligible for green cards if you successfully get an EB-5 visa.
- Your kids will have access to education in the United States.
- With an EB-5 visa, working for a sponsoring business is not necessary. Besides, the visa gives you access to any legal employment.
- The EB-5 visa allows you to legally reside and work anywhere in the United States.
- You will have access to medical healthcare in the United States.
- An EB-5 visa gives you access to a social security number (SSN).
- It is a profitable and worthwhile investment.
- You won’t need a special work authorization permit to get a job offer in the US.
Take Away
It can be daunting to get a legal US residency. This is due to the high number of people yearning to live and work in the US. On the other hand, it shouldn’t always be an arduous job, especially if you’re an entrepreneur.
Getting an EB-5 visa is a good way for you to start your US relocation journey. This quick guide highlights some crucial aspects you need to be aware of when applying for a US green card using the EB-5 visa.
If you need further clarification ensure you involve trusted legal experts with experience in EB-5 visa application.
