The approval of the application process for an EB-5 Visa normally varies and it depends on few circumstances. Normally, the entire process takes 9 months. It takes nearly two months to process the investment, government documents and completing the application work with the USCIS. Most of the application gets approved easily within six month of period or less. If the applicant is living in the United States while the application is in process, then he will be eligible to apply for the conditional green card without having to move outside the United States. This process takes six months or more. If the applicant is not based in the United States than they need to apply for an Immigrant Visa at their local Consulate or at the U.S. Embassy, this process may take six or more months for the approval. It normally depends on the country in which the applicant resides.
The most common reason for rejection of the EB-5 visa application is the failure of the applicant to reveal that he/she had legally earned the invested money. The applicants need to prove that his entire investment must be lawfully gained through the legal business process, sales, investment or through inheritance. If there is any kind of hint regarding the illegal financial gain, soon the visa application will be denied. Thus if you want a permanent residency in United States through the EB-5 Visa Plan, make sure all your funding are earned legally.
The EB-5 visa started in the year 1991 and the regional centers started in the year 1993. During the mid 1990, many companies were competing for the investment capital for the program. But, the companies didn’t offer good investments and thus the full amount $500,000 capital was not raised. Thus to stop the abuses the USCIS filed the law suits and the EB-5 program was kept on hold between the year 1999- 2002. But later in August 2003, the USCIS again started approving the regional center petition for the first time since 1998.
The EB-5 investor visa program renders opportunity for many foreign investors to become permanent resident of the United States. Through this plan, the foreign investors, their spouse and their children (below the age of 21) get conditional green cards wherein they can work legally in the United States or can even choose to enjoy their retirement by staying at home. There are many benefits of choosing the EB-5 visa, some of they are given below:
- No need to manage the entire business
- The applicant can live or work anywhere in the United states
- Investment of USD $900,000 plus the processing overhead cost, legal and filing fees into a USCIS designation regional center.
- The investors can gain profit on his investments and earn his/her living.
- Investment management is handled by experienced and well-trained professionals.
- If the application is denied, your investment will be returned back to you.
Below are the basic requirements for an EB-5 Visa:
- The foreign candidate needs to independently establish a business. The individual can also invest into an existing business but it should have been created after 19th November 1990.
- The investor should invest USD $1,800,000 plus the processing overhead cost, legal and filing fees into any business or USD $900,000 plus the processing overhead cost, legal and filing fees into a USCIS designation regional center.
- The investor should be able to create at least 10 ten full time job for legal U.S. residents.
To deter any kind of fraud, the EB-5 Visa applicant, their spouse and their children are given a conditional green card status for a two year of probation period. The applicant has to file a petition to remove the conditional green card status during the last 90 days of the 2 year term. After completing two year term, the USCIS will inspect the business investment and decide whether or not the investor has met the necessary requirement and will provide the permanent green card residency based on the proof.
Any foreign applicant who can invest either $1.8 million or $900,000 plus the processing overhead cost, legal and filing fees into the American economy and can document that the amount was earned legally and meet the basic requirements is qualified for an EB-5 green card. The applicants spouse and the minor children (under 21) are also eligible to qualify for the green card. Below is the list of some people who can qualify for the EB-5 green card
- Professionals, business people
- Retirees who want to invest in business
- Parents willing to facilitate their child’s education
- F-1 students who wish to start their business
- L-1 transferee employee
- Doctors who have not passed the USMLE 1, 2 and 3 exam
The EB-5 investors are not required to work and thus investors can choose the option to travel all over the United States and can even maintain the dual residence of their Native Country and in America.