The EB-5 Visa – Facts That You Need To Know
Many people dream of permanently living in the United States. Often called the “Land of Opportunity,” it provides people with a chance to have the life they have dreamed of. But applying for a visa can be a long and tedious process. Add to that, some applicants end up getting rejected just for minor filing problems. This can be a frustrating experience for most people to the point that they will think that they will never have their dream coming true.
Fortunately, the United States Citizenship and Immigration Services (USCIS) is now offering an easier and faster way to become a permanent resident of the United States. There are numerous advantages of applying for an EB-5 visa compared to other visa types. The EB-5 or Immigrant Investor Program has emerged as an important source of investment and development projects in the United States. Since its inception in 1990, it has attracted billions of dollars to the US economy while generating tens of thousands of jobs in the United States.
What Is The EB-5 Program?
Created in 1990, the EB-5 was designed to beef up the US economy by generating jobs and capital investment through foreign investors. In its initial stages, the program required investors to create an entirely new business. Back then, it only offered 10,000 available visas a year. This was attributed to the complicated nature of application, changes in financial requirements, and the high denial rates for investor petitions. Since 2005, however, approval rates has seen a marked improvement from 38% in 2005 to 6% in 2012.
How Does The Program Work?
To qualify for the program, the applicant should satsify the following requirements:
- They should invest in $500,000 in a project located in a Target Employment Area (TEA) and $1 million outside of the TEA.
- The foreign investor should create or maintain a minimum of 10 full-time jobs for American workers
- The applicant should have no record of prior convictions or violations of US immigration laws
- The cash to be invested must come a legal source
- The investment period is for at least 5 years
The Benefits of the EB-5 Program
Aside from being the fastest, easiest, and most reliable way to become a green card holder in the United States, the EB-5 program offers other benefits:
- The amount of investment is just $550,000 in exchange for a green card for the investor and their family
- The program does not require specialized skills or qualifications. It is also not subject to lottery system compared to other visa types.
- The investor’s children is eligibile for state and federal financial aid and pay lower “in-state” tuition at public universities
- Reside and work anywhere in the United States and can pursue a wide range of professional and business opportunities regardless of where the investment was made.
- There is no travel or age restriction, and no language skills required
- The investment and other aspects of the project are managed by third parties
- The investor can apply for US citizenship 90 days before the fifth year of reciept of conditional resident status
- The investor need not be proficient in English
Becoming a US citizen is just an investment away with the EB-5 Program. So what are you waiting for. Don’t miss this opportunity to become a permanent resident.