The United States government created the EB-5 Immigrant Investor Program in 1990 in an effort to attract foreign investment and boost economic growth, but due to its overall complexity and lack of success, the Regional Center program was launched in 1993 to help formalize and popularize the program by permitting investors to pool investments in larger projects.

Eligible foreign nationals can invest either $800,000 or $1,050,000 in a new or existing U.S. business. When investors demonstrate that their investment has created at least ten jobs for U.S. workers, they may receive Green Cards for themselves and their families.

The U.S. Citizen and Immigration Services (USCIS) office is the U.S. government agency that processes all immigration documents. A great amount of immigration information can be found on the USCIS website at www.uscis.gov, including additional information on the EB-5 Program, forms including the I-526E and I829, and much more.

The EB-5 Program allocates 10,000 visas per year for immigrants and their families whose qualifying investments result in the creation or preservation of at least ten full-time jobs for U.S. workers.

A central requirement of the program is that an EB-5 investor’s capital must remain “at-risk” for the duration of the conditional residency period, which is approximately two years after receiving a visa. Therefore, an investor may not be given any guarantee that his or her investment will be returned. This does not mean that the risk needs to be high. It just cannot be non-existent.

Yes, the EB-5 immigrant investor program is generally considered a passive investment program. Under the EB-5 program, foreign investors can obtain a U.S. green card (permanent residency) by investing a specified amount of capital in a new commercial enterprise that creates jobs for U.S. workers.

Failure by a project to return capital, in part or in full, can occur for several reasons, including:

• The project fails to reach solvency, cannot maintain cash flows, or is unsuccessful in some other respect.
• The fund does not have collateral on the project, or the ability to force withdrawal/repayment.

It has to be noted that a project may fail from the economic/financial standpoint, and still support the approval of the investors’ I-829 petition, as far as it can be demonstrated that the necessary jobs were created, and the qualified EB-5 investments were maintained for the required 2 years.

GoVisa organizes and manages new commercial businesses that foreign investors can invest in for the purpose of obtaining a US visa under the EB-5 Immigrant Investor Program.

GoVisa owns and rents regional centers and provides management and compliance services as an issuer to qualifying investment-grade EB-5 real estate development projects. They manage the entire EB-5 immigration compliance process with the assistance of the industry’s foremost EB-5 securities attorneys, immigration attorneys, economists, and foreign agents. The process includes EB-5-compliant business plans, economic impact analyses, jobs reports, an EB-5 Targeted Employment Area (TEA) qualification, capital expenditure reporting as well as preparation of securities offering documents that meet U.S. Citizenship & Immigration Services (USCIS) requirements.

Our goal and responsibility throughout the entirety of the EB-5 process is to protect the immigration interests of investors and their families so that they have the best experience while pursuing their own American dream.

GoVisa’s in-house EB-5 subject matter and source of funds experts provide all existing and potential clients with a complimentary source of funds qualification. Our clients save thousands of dollars and time with our quick, free professional review of the strength of your case approval. Maximum transparency and value to their clients is paramount.

Furthermore, GoVisa’s EB-5 project selection includes best-in-class EB-5 project options that meet 100% of the government’s EB-5 program requirements. GoVisa also structures the EB-5 project for safety and security for the investor, and provides oversight for the project, the developer, and the investment. We are backed by a strong network of immigration attorneys and developers.

GoVisa collaborates with leading global real estate developers renowned for their expertise in crafting innovative mixed-use commercial and residential building projects. Our team has a robust network of experts in the commercial lending, construction, finance, legal and marketing fields. With a unique and successful approach, GoVisa continues to raise funds and is involved with some of the most recognizable EB-5 projects across the U.S.

Though your immigration attorney oversees and prepares the entire application process, the GoVisa team possesses the expertise to guide you and your family through the entire immigration process. In addition, GoVisa is the only EB-5 finance firm that offers clients a complimentary source of funds qualification confirmations.

• With a foundational investment of $800,000 and additional expenses totaling approximately $70-80k over a span of 5 years, this initiative contributes around $7 billion and 200,000 jobs annually to the U.S. economy.

• EB-5 continues to receive bi-partisan support in the U.S. Congress, as it has zero negative impact on the U.S. taxpayer to fund economic development projects.

1. Minimum Capital Requirements:

• $800,000 investment in a new business: 90% of EB-5 applicants invest through the Regional Center Program at the $800,000 level, in a Targeted Employment Area (TEA)
• $1,050,000 option available for non-TEA areas

2. New U.S. Jobs Requirements:

• Create or preserve at least ten (10) full-time jobs for U.S. workers

3. “At Risk” Investment:

• Investment must be “At-Risk” (i.e., fully invested in the project, fund, or new company) for the duration of the investor’s conditional residency period
• Per U.S. law, the EB-5 investor cannot be offered any guaranteed return on or of principal nor possess any redemption rights

4. Legally Sourced Investment:

Acceptable options include (but are not limited to):

• Salary earned through lawful employment
• Sale of Portfolio or Property
• Gifts of money from family members, friends, employers
• Profits made from sale of a house, real estate, or other assets
• Loan against Collateral (Margin Loan or Loan Against Property)

In order for a project to qualify as an EB-5 Project with USCIS, the project manager must prepare multiple documents as evidence to determine whether or not the project is compliant with EB-5 Rules and Regulations. These include the Business Plan, PPM, Jobs reports, and all supporting documentation, which are provided by the project manager, and are all submitted to USCIS with the investor’s petition.

No. An EB-5 investor is not required to be the majority owner of the NCE or to be the sole owner of the NCE.

An investor must apply to the USCIS for EB-5 Visa qualification through the submission of several required elements including USCIS forms, extensive source and trail of funds, business plans and economic (job creation) predictions, financial information, and other supporting evidence.

There are no requirements with respect to prior business experience or education.

While not mandatory, it is highly advisable for non-English speaking investors to enlist the assistance of a translator. This ensures a comprehensive understanding of investment terms and meticulous review of offering materials prior to making an informed decision.

Yes, provided that any applicable gift taxes are paid, and the EB-5 investor can prove that the donor’s funds were lawfully sourced. It must be demonstrated that the gift is an actual arm’s- length transaction, and that it is a not a mere ruse nor that the gifted funds will be given back after Permanent resident status is granted.

During the EB-5 immigrant visa interview, applicants should be prepared with required documents, answer questions about their investment, background, and intentions, and undergo security checks. If approved, they will receive instructions on collecting the visa and entering the U.S. as a conditional permanent resident. Removal of conditions is required within two years of entry to obtain a permanent green card. Consulting an immigration attorney is advisable for a smooth process.

To maintain your Lawful Permanent Resident (LPR) or Conditional Residence status (Green Card), it’s essential to avoid relinquishing your U.S. residency. You can travel outside the U.S. for more than 180 days without compromising your residency status. To extend your time abroad, obtaining a re-entry permit is advisable. This permit permits a absence of up to two years without jeopardizing your U.S. residence.

You can apply for a re-entry permit (using Form I-131) before departing the U.S. It’s permissible to leave before the permit’s approval. With a re-entry permit, you’re free to return to the U.S. until the permit expires. These permits are initially issued for two years. After this period, you can reapply for another one. The second re-entry permit is also valid for two years. Subsequent permits, however, might be granted for one year at a time.

If you spend two or more years outside the United States after receiving a re-entry permit, you’ll need a Returning Resident (SB-1) immigrant visa. Failure to maintain your intention to reside in the United States while living in another country may result in the abandonment of your Permanent resident status, including your Green Card.

Once you receive a Green Card, there are only two conditions required to keep it for life. First, you must not become removable or inadmissible. The most common way of doing this is to be convicted of a serious crime.

The second requirement is that you not abandon the United States as your permanent residence. As long as you are not planning to make your home somewhere else, then legally you are still a resident of the United States.

By receiving your Green Card through investment (EB-5), you should have a conditional Green Card for two years. You must apply for removal of the condition within 90 days before the two years are up. Once that is approved, you have a regular unconditional Green Card, which must be renewed after ten years.

Short answer: There is a difference between “continuous residence,” which refers to a requirement for naturalization, and maintaining residence in the U.S. for Green Card purposes:

If you are interested in obtaining U.S. Citizenship as soon as possible and becoming a naturalized U.S. citizen, then as you receive a conditional Green Card and enter the country, you should aim to spend at least 180 days per year in the U.S.

If, on the other hand, you are interested in simply maintaining residency status and your Green Card, as long as you spend no more than 180 CONSECUTIVE days OUTSIDE of the U.S., you may fulfill this requirement. All decisions relating to the maintenance of the Green Card should be discussed with an immigration attorney.

1. Rights of Permanent Residents

U.S. Permanent resident status bestows immigrants with a multitude of rights and privileges. Green Card holders can establish their residence and employment anywhere in the United States, enjoying complete protection under federal, state, and local laws. They maintain the liberty to travel abroad, utilizing a valid passport from their home country. To maintain this status, meeting the physical presence requirement is essential, a topic elaborated upon in the subsequent section.

Beyond these rights, Permanent Residents enjoy an array of additional advantages, including access to top-tier higher education and exceptional healthcare facilities. Furthermore, they have the opportunity to pursue U.S. citizenship.

2. Responsibilities of Permanent Residents

Along with the rights and privileges mentioned above, Permanent Residents are expected to fulfill certain responsibilities:

Permanent Residents are required to pay all applicable state and federal income taxes. They must file income tax returns with the Internal Revenue Service (IRS), paying taxes on their gross worldwide income. Immigrants from countries with which the United States has tax treaties may be able to obtain credit for the payment of their foreign taxes.

Like all male U.S. citizens from age 18 to 25, male Green Card holders must register with Selective Service. Registration for Selective Service does not, in itself, entail service in the U.S. military, but it does mean that any male Permanent Residents from age 18 to 25 will be subject to the draft.

In addition to paying taxes and registering with Selective Service, Permanent Residents are expected to be of good moral character. In order to maintain Permanent resident status, an immigrant must fulfill the physical presence requirement, which generally entails physically residing within the United States for six months or more in any given year. If a Permanent Resident spends more than one year outside of the United States, he or she must obtain a reentry permit or face losing Permanent resident status.

If outside of the United States for two or more years after being issued a reentry permit, a Returning Resident (SB-1) immigrant visa is necessary. While outside the United States, Permanent Residents are still required to file U.S. income tax returns, and failure to do so may jeopardize their status. Permanent resident status will be considered abandoned if a Green Card holder moves to another country and no longer intends to reside in the United States.

Yes, exactly the same benefits except that they do not become permanent until the I-829 petition is approved.

An investor approved for an EB-5 visa (after the I-526E petition is approved) receives a conditional Green Card valid for two (2) years. In order to remain a Permanent Resident, a conditional Permanent Resident must file an I-829 petition (application) to remove the conditions 90 days before the conditional Green Card expires. The conditional card cannot be renewed. An unconditional Green Card is typically valid for 10 years and can be renewed indefinitely.

No, a sponsor is not necessary.

Yes. You must be able to prove that you do not have any communicable diseases and have evidence from a doctor of having all the required vaccinations.

After an investor has become a conditional Permanent Resident, he or she will have two years to prove that the EB-5 investment has created ten full-time jobs. Within 90 days of this deadline, the investor must file an I-829 petition for removal of conditions of permanent residence.

At the end of this process, investors are not guaranteed a Green Card, as the I-829 petition approval is based on whether the investment funds have created the requisite number of jobs (latest I-829 approval rates = 96% for FY 2016).

The EB-5 Program requires that the investment be at risk throughout this time period, meaning each investor faces some level of uncertainty. Therefore, if a new enterprise fails before the investor has filed his or her I-829 petition, USCIS may deny the petition because the jobs no longer exist, meaning the investor may lose the investment and will additionally be ineligible for a Green Card.

The I-829 petition is the final step in the EB-5 Immigrant Investor Program. Investors and their attorneys file this petition with USCIS and provide evidence that the investor has successfully fulfilled all of the Program’s requirements, particularly that investor funds resulted in the creation of at least ten jobs. Upon approval of the petition, investors and their family members receive permanent Green Cards.

The spouse of the investor and any unmarried children under the age of 21 at the time of application. It is possible for adopted children to be included in the family. Upon approval, you will receive a form evidencing approval and a travel document. You should also receive a temporary Green Card in the mail.

In this case, the second parent may take over as the Principal Applicant and the application continues. However, if you wish to not proceed with the application at all, then the second parent may refuse to step in as principal applicant, in which case the application itself will be denied by the USCIS.

Follow-to-join (FTJ) applications are commonly pursued when the petitioner is in the process of obtaining their Green Card at the U.S. Consulate. In this scenario, eligible family members who are present in the U.S. can “follow to join” by submitting adjustment of status Green Card applications, or the reverse may apply. In the context of an EB-5 case, a qualifying family member (such as a spouse or child under 21) can securely opt to join during the two-year period of conditional residency status held by the principal applicant.

Concurrent filing refers to the process where an EB-5 immigrant petition and adjustment of status can be filed simultaneously. This eliminates the need to await a consular interview in one’s home country after approval before proceeding to file for an adjustment of status. It was signed into law by President Biden in early 2022 with the EB-5 Reform and Integrity Act, the official reauthorization and reform of the EB-5 Regional Center Program.

It is designed for EB-5 investors or foreign nationals who are the primary applicant and are already physically located inside the United States on another visa.

This implies that the petitioner isn’t required to wait for the approval of their EB-5 petition. Upon the adjustment of their status, they can promptly seek travel rights and work authorization. Through this filing process, a work permit and advance parole can be obtained within a span of 3 to 9 months. This effectively enables individuals to reside in the U.S. shortly after making their investment for an investor visa, facilitating work opportunities and travel privileges.

The unmarried child, if a part of the I-526E petition, will retain the Green Card. Once granted, the Green Card is not rescinded if the person later gets married.

If the I-526E petition has been filed, then the principal applicant’s spouse may also obtain a visa.

However, spouses of children (dependent applicants) are not eligible to join the petition. As per the EB-5 Visa Program regulations, the Green Card may be given to only children below the age of 21 and unmarried at the time of application filing. However, the spouses of children may be benefited through other processes.

The I-526E petition is the initial application for the EB-5 Immigrant Investor Program. Prospective investors and their attorneys file this petition with the USCIS and include documentation demonstrating the investor’s eligibility.

After an EB-5 investor has chosen a project and completed the requisite investment, the next step involves filling out Form I-526, known as the Immigration Petition by Alien Entrepreneur. This form, accompanied by all necessary supporting documents, is then submitted to the U.S. Citizenship and Immigration Services (USCIS). The USCIS meticulously evaluates the I-526 petition to determine the applicant’s eligibility for the EB-5 visa program.

In this process, immigration attorneys take charge of compiling and submitting I-526 petitions on behalf of their clients. Upon submission, the investor can expect to receive an acknowledgement or receipt number for the petition, commonly known as I-797 (C), from the USCIS within 7 to 10 days. This acknowledgment signifies that the USCIS has received the submitted documentation and will begin the review of the investor’s application.

It’s worth noting that if any information is missing or inadequate, the USCIS may issue a Request for Evidence (RFE), which can prolong the approval process of the petition.

It is highly recommended that an investor obtains legal services for their immigration petition submission. The documentation needed for the I-526E petition package is extensive, and an experienced immigration attorney can provide valuable assistance with the petition, consular interview, and visa processing.

Once the I-526E petition is filed, the processing time can be verified directly in the USCIS website through this link: https://egov.uscis.gov/processing-times/. As of January 2023, the average processing time was 58.5 months, except for China and India petitioners. Once approved, the time for an investor to schedule and pass the U.S. Consulate interview may vary from a few to several months, depending on the U.S. Consulate’s schedule availability. After that, once the visa holder enters the U.S. with the EB-5 visa, the conditional Green Card should be received by mail in a few weeks.

Yes, the investor and his/her family can travel back and forth with no issues. An investor should consult with an EB-5-specialized immigration attorney.

Family members may be interviewed in different countries. The country of origin – or where the family has current ties – is the standard interview site. However, a student attending school in the U.S. would not have to return to the country of origin; status can be adjusted in the United States at the district office of the USCIS.

The purpose of the consular application is to ensure that the investor and family members undergo medical, police, security, and immigration history checks before the conditional Permanent Resident visas are issued. At the interview, the consular officer may address these issues and information printed on the I-526E petition, including the nature of the investment. If the investor and family are in the United States, they may apply to adjust their status at the appropriate office of the USCIS.

USCIS evaluates an investor’s I-526E petition based on the following five (5) criteria:

1. Investment amount meets EB-5 requirements

An EB-5 investor’s I-526E petition must demonstrate that the minimum required capital was invested in a new qualifying business enterprise. For projects located within a TEA, the minimum investment amount is $800,000. Projects not located in a TEA, however, require a minimum investment of $1,050,000. In order to meet USCIS requirements, the invested capital must also be considered “at risk” and irrevocably committed to the project.

2. Investment capital was lawfully obtained

The EB-5 investor must also be able to clearly demonstrate on his or her I-526E petition that the invested capital was obtained lawfully. The investor must trace the capital from its source—a salary, investment distribution, sale of property, loan against property, inheritance, margin loan based on marketable securities portfolio, etc.—to the NCE. Funds given to the investor must also be traced back to their source.

3. Capital was invested in a new commercial enterprise

An EB-5 investor’s I-526E petition must demonstrate that the necessary amount of lawfully obtained capital was invested in a NCE. An NCE is defined as a for-profit entity engaged in ongoing, lawful commercial business activity. The enterprise must have been established after November 29, 1990.

4. New commercial enterprise meets job creation requirement and business plan is compliant

Investing in an NCE is not, by itself, sufficient for EB-5 visa approval. USCIS requires that the Job Creating Entity (JCE) or Entities to which investor capital is provided must create at least ten full-time jobs for each EB-5 investor involved. The business plan underlying the project must also meet USCIS requirements.

For those who make direct investments, these ten positions must be created directly by the JCE and they must be permanent, full-time (at least 35 hours per week), and filled by W-2 employees. Positions filled by the investor’s family cannot be counted toward the minimum job creation requirement. The investor’s I-526E petition must demonstrate that at least ten jobs have been or will be created. To demonstrate future job creation, the I-526E must include a clear description of the NCE’s hiring plan, including which positions will be created and when they will be filled.

When sponsored by a regional center, an NCE must still create a minimum of ten positions per EB-5 investor, and these must also be full-time, but they can be created either directly or indirectly through investment in a JCE. Indirect jobs are those created through the operations of the JCE. Any indirect jobs counted toward an investor’s minimum job creation requirement must be predicted and described in the investor’s I-526E petition through an economic report.

5. Investor is actively involved in the new commercial enterprise

In addition to demonstrating that enough lawfully obtained capital was invested in an NCE—and that the investment was responsible for the creation of ten job positions—an I-526E petition must demonstrate that the EB-5 investor is actively engaged in managing the NCE. Those who make direct investments in an NCE may manage the enterprise, act as a member of the entity’s Board of Directors, maintain voting control, or otherwise demonstrate day-to-day involvement with the business. Typically, NCEs sponsored by a regional center are structured as limited partnerships. In such cases, an EB-5 investor is a limited partner, and within the framework of the Uniform Limited Partnership Act, he or she is considered sufficiently engaged in managing the NCE to satisfy the requirements of USCIS. The same applies for limited liability companies.

A re-entry permit, also known as Form I-131, is a travel document issued by U.S. Citizenship and Immigration Services (USCIS) that allows lawful permanent residents (green card holders) to re-enter the United States after traveling abroad for an extended period of time without jeopardizing their permanent resident status.

The primary challenge often arises from inadequate documentation of an EB-5 investor’s source of funds. It’s a common occurrence where individuals aim to provide the bare minimum information, only to receive a request for additional details. In this scenario, it’s wiser to err on the side of excess information rather than being overly concise. In today’s environment, where the federal government thoroughly examines foreign direct investment, USCIS case examiners demand comprehensive and well-substantiated proof of the funds’ origin.

Rejection in the past does not disqualify the applicant unless the reasons are related to immigration fraud or other significant problems. However past visa denials must be reviewed carefully with an experienced EB-5-specialized immigration attorney. It is most important that all criminal, medical, or U.S. immigration history problems be disclosed to legal counsel in advance of application.

Applicants (via counsel) may withdraw their I-526E at any time prior to adjudication by mailing a letter requesting withdrawal to the USCIS.

Withdrawal or denial should not have any negative impact on future visas or travels to the U.S.

1. If the project does not create the jobs required

If an investor cannot demonstrate that the project has created ten qualifying jobs, then the I-829 can be denied.

2. Failure to travel to U.S. (maintaining residency) by the investor

Once the conditional Green Card is obtained, the principal applicant must fulfill basic continued presence conditions. Investors should consult with immigration counsel how best to meet these requirements.

To ensure the continuity of residency status and to keep their Green Card active, an investor must not spend more than 180 CONSECUTIVE days outside of the U.S. It’s advisable for EB-5 visa holders to engage with their immigration attorney to understand the ongoing presence obligations. The conditional Green Card indeed grants its holder the freedom to travel in and out of the United States unrestricted.

Once the I-829 (permanent Green Card) petition is adjudicated, investment capital may be returned.

I-526E petitions are most commonly rejected due to the applicant’s failure to demonstrate that investment funds were lawfully obtained, or for project-related issues.

No, it does not.

In the event of an unforeseen denial by USCIS, the offering documents for the investment will specify how funds are returned. These procedures are usually specified in the Limited Partnership Agreement and the Escrow Agreement.

We can prevent any age out issues by filing the case before the child’s 21st birthday. Upon filing the I-526E petition, the child’s age will freeze for immigration purposes and remain that way until the I-526E is approved.

It depends on the specific state’s requirements. In most cases, the student would move to the U.S. after their junior year of high school and spend their final year in the state and may qualify for in-state-tuition.

Yes. This is a very common option; in fact, it is one of the most popular ones. It is important to note that BEFORE this transaction occurs (the gift), the couple should engage their financial adviser and immigration counsel so that this gifting process is done correctly.

The Child Status Protection Act (CSPA) provides some relief for children who would have maintained eligibility but for the time USCIS took to adjudicate the immigrant visa petition. This relief takes the form of subtracting the time the petition was pending from the child’s age; this is the child’s “CSPA age.”

Provided that the child’s CSPA age is under 21 at the time the immigrant visa is issued to the principal, the child will be eligible to receive a visa based on age, even if the child’s real age has reached 21.

Given that the I-526E process takes approximately 14 months for adjudication, the son’s age wouldn’t progress during this period. Once the Green Card (whether through Adjustment of Status or consular processing) is approved, the son’s actual age would be reduced by the 14-month processing time. If this calculation results in him crossing the age of 21, which is probable, he might no longer meet the eligibility criteria.

One of the most important rights legal permanent residents possess is the right to obtain U.S. citizenship after five years. There are two ways to become a U.S. citizen. One is by being born in the U.S. or being born to a U.S. citizen.

The other way is by naturalization. The first step in becoming a U.S. citizen through naturalization is to become a Legal Permanent Resident (LPR). Being an LPR for 5 years is one of the basic requirements to qualify for naturalization. A second requirement is being physically present in the U.S. for 30 months during the 5 years prior to the naturalization application. Upon attaining U.S. citizenship, an individual gains privileges such as the right to vote and the eligibility to hold public office.

Permanent resident status is not the same as U.S. citizenship. While permanent residents can live and work in the United States, they remain citizens of their home nation. As such, permanent residents cannot obtain U.S. passports, cannot vote in U.S. elections, and are not allowed to run for U.S. elected office.

U.S. citizens often find it more streamlined to sponsor foreign national family members for entry into the United States. Additionally, citizens enjoy enhanced opportunities for federal employment, as well as increased access to federal aid and benefits, encompassing Social Security and Medicare. The process of becoming a U.S. citizen involves permanent residents filing for citizenship through USCIS.

EB-5 investors may apply for citizenship after maintaining their permanent resident status for five years. This five-year period starts when an EB-5 investor is granted conditional permanent resident status.

Spouses, husbands, wives, and unmarried children under 21 years old are eligible to obtain permanent residency. The inclusion of adopted children in the family is also a possibility. After approval, you’ll receive a form confirming the approval and a travel document. Additionally, a temporary Green Card will be sent to you by mail.

If your goal is to achieve U.S. citizenship promptly through naturalization, it’s recommended that upon receiving your conditional Green Card and entering the country, you endeavor to spend a minimum of 180 days per year in the U.S. consistently for a duration of 5 years.

For naturalization, the individual must be physically present in the U.S. at least 50% of the time + 1 day for the last five years (so about 181 days per year). The clock for the five years of residence starts on the date of issuance of the first Green Card (during the conditional residence). Continuous residence entails that the individual refrains from undertaking trips outside of the U.S. exceeding a duration of 180 days.

USCIS employs a distinct method for counting days spent outside the U.S. In their calculation, even if you depart on a Friday and return on Monday at 8:00 AM (spanning four days), USCIS accounts for the day of departure, the days in between, and the day of arrival back in the U.S. Trips exceeding 180 days outside the U.S. are regarded as potentially disrupting your “continuous residence” for naturalization purposes.

Sometimes. The U.S. allows dual citizenship, but your original country of origin may not allow it.

The EB-5 process timing depends on a number of moving variables. These variables include investor preparation for filing, USCIS processing times after filing, visa wait times after approval, time for investor and family members to enter the U.S., and USCIS processing times for petitions to remove conditions.

Currently, there is no extended wait list for investors from countries other than Mainland China, Vietnam, and India.

Prospective investors are required to submit Form I-526E, the Immigration Petition by Alien Entrepreneur, along with supporting documents that validate the business where the investment is being made. These documents should fulfill the requirements outlined by the EB-5 Investor Visa Program. Upon the approval of this application, the investor, along with their immediate family (spouse and unmarried children under 21 years old), can proceed to apply for an immigrant visa at a U.S. Consulate. Alternatively, if the investor is already within the United States, they can apply for adjustment of status at a regional USCIS office.

USCIS’ prevailing policy permits the investor’s funds to be placed in escrow during the Form I-526E petition stage. These funds remain in escrow until the investor successfully secures conditional lawful Permanent Resident status. The investor’s funds are directly deposited into escrow and remain there until the conditions for release are met, as outlined in the project’s offering documents executed by the investor.

Upon reaching the Return of Capital stage, the investor has the option to repatriate the funds to a non-U.S. account or maintain them within the U.S. using a valid U.S. account in their name.

Visa backlogs mean that investors must wait to obtain their EB-5 visas after I-526E petition approval. The duration of the wait is determined broadly speaking by how many visa applicants are ahead of a particular investor in the visa queue. Because children keep aging until the parent-investor’s place in the queue is reached, in-depth discussion with immigration advisors is essential to informed decision-making and planning before investment.

The U.S. immigration system operates on a quota-based framework, which entails placing limitations on the number of visas issued annually. The EB-5 category typically offers around 10,000 visas per year. When the demand from visa applicants surpasses the available supply, a backlog ensues. Although backlog situations have long existed in other Green Card categories, the backlog in the EB-5 category is a more recent development, starting in mid-2015. As of January 2023, visa backlogs affect nationals from China and India.

The standard administrative fee in the EB-5 industry is between US$60,000 and US$90,000, which is what an EB-5 investor is typically charged by the issuer or the regional center.

See below for total fees/costs (and the timing) incurred by a new EB-5 investor across their 5-year investment, as of January 2023:

I-I-526E Filing Fees
USCIS filing fee: $3,675

Attorney fee: ~$15,000-$25,000 USD
Administrative fee: $50,000 – $100,000 USD
Principal investment: $800,000 USD

I-829 Filing Fees
USCIS filing fee: $3,750 USD
Attorney fee: Approximately $5,000-$8,000 USD

All EB-5 laws and regulations can be found on the USCIS website at the following page: USCIS Policy and Procedural Memoranda for EB-5 Immigrant Investors.

The EB-5 immigration law establishes a statutory cap of 10,000 investor visas annually for the EB-5 Program. Within this allocation, each country is assigned a quota of 7 percent. It’s important to note that the derivative family members of a principal investor also contribute to the tally against the annual cap.

A Request for Evidence (RFE) from USCIS is a request for additional evidence to address and support specific parts of the pending I-526E petition. The petitioner may have a certain number of days indicated in the RFE notice to respond to the requests in the RFE notice. If the petitioner (investor) does not respond within the indicated time, the petition may be denied by USCIS. After USCIS receives your response to an RFE notice, further action will generally occur within 60 days, but may take longer for some cases.

USCIS may issue an RFE for virtually ANY reason, although the following reasons for an RFE are not unusual:

1. Source of Funds:

The USCIS may ask the Investor for further clarifications / paperwork that the money they are using to invest in the fund are absolutely clean and they had control over that money when they invested that amount. All of this paperwork is done by lawyers on behalf of the investors and hence the SOF is the most important check for this. If the lawyer himself does not approve the SOF, then the application must not be made, In which case we will not take the case until we are fully satisfied.

2. Job creation or other project-related issues:

The USCIS may raise an RFE relating to the investment for evidence that the jobs were or are or will be created before the money is returned, or other business aspects of the investment. This is where the project due diligence plays such an important role and hence one must look at mature projects, which are nearing completion. Such an RFE requires the funds to prove that the at least 10 jobs per investor have been created.

Your initial step should involve notifying your immigration attorney. They will collaborate with both you and USCIS to ensure that any concerns raised by USCIS are adequately resolved. Ignoring the Request for Evidence (RFE) is not a viable option; failing to respond within the stipulated timeframe provided by USCIS might imply that the investor no longer intends to pursue the case.

Actual identifiable jobs for qualified employees located within the commercial enterprise into which the EB-5 investor has directly invested his or her capital.

Indirect jobs are those jobs shown to have been created collaterally or as a result of capital invested in a commercial enterprise affiliated with a regional center by an EB-5 investor. A foreign investor may only use the indirect job calculation if affiliated with an EB-5 regional center.

A TEA is a geographical area that is considered rural or has an unemployment rate of at least 1.5 times the national average. When EB-5 Visa applicants invest in a TEA, they can invest $800,000 rather than $1,050,000. Individual states issue letters confirming a location as a TEA.

TEA designation by USCIS requires the applicant to submit evidence (examples given above) that the location of the NCE in which the applicant is investing has an average unemployment rate of 150 percent of the national average, as shown by a letter issued by a state authority. The applicant can submit a letter from an authorized state government body stating that the location of the NCE has been designated a high unemployment area.

An EB-5 rural area is any area outside a metropolitan statistical area (as designated by the Office of Management and Budget) or outside the boundary of any city or town having a population of 20,000 or more according to the decennial census.

If you want to manage your own business, consider a “direct investment” approach to EB-5 by investing $1,050,000 (or $800,000 in a TEA) into your own business, which you control, and creating the necessary 10 new jobs within that new enterprise. If your goal is to have a Green Card and not to actively manage a business, it is more often more convenient and possibly with much less risk to utilize a structured investment program in the Regional Center EB-5 category rather than to start and maintain your own business.

In 1990, the EB-5 Program originated as a “direct investment” program, but due to its overall complexity and lack of success, the Regional Center Program was launched in 1993 to help formalize and popularize the program by permitting investors to pool investments in larger projects.

Regional centers are organizations with a defined geographic boundary authorized by United States Citizenship and Immigration Services (USCIS), through which EB-5 investor funds are received and managed by a New Commercial Enterprise (NCE). Regional centers promote economic development and job creation within a specific geographic area.

The I-924 is a form used to seek approval for designation of a regional center, and for preliminary approval of a business plan. This form is filed by the regional center operator.

Regional centers aiming for designation must ensure the submission of a robust application to USCIS to prevent unnecessary delays. A crucial aspect for regional centers is comprehending the distinctions and significance of the project types that can be included in the I-924 application—namely, “hypothetical,” “exemplar,” and “actual” projects. The differentiation between these terms might not be entirely clear. However, understanding their implications can significantly influence the quantity and nature of documents required within the regional center application, as well as the standard of adjudication applied to it.

A hypothetical project is a project included in an I-924 application that is not “shovel ready.” A hypothetical project is just that – a project that may or may not come to fruition.  USCIS will grant regional center designation when “general predictions” are made showing the job creation that will result from the hypothetical project’s business plan.  Hypothetical projects contain the minimum of required information.  This option is used by regional centers when they know they will develop a certain type of project in a certain geographic area in the future (for example, construction and operation of a hotel in Manhattan), but not all the plans are finalized yet.  Perhaps the hotel flag may change, or the project may change neighborhoods in Manhattan.  With this option, the regional center must submit a business plan and economic report to support the project, but many of the other ancillary documents, such as the offering, detailed feasibility studies, and permits, would not be required.

A second type of application is one based on an actual project, or a “shovel ready” project.  An “actual” application includes, among other things, a specific business plan and economic analysis, the actual capital-investment structures (the offering and ancillary securities and corporate documents), evidence of the other funding committed to the capital stack, feasibility studies, permits, licenses, and other documents to support the shovel-ready nature of the project. In other words, an “actual” project means that this project is moving forward once the regional center can accept EB-5 funds and investors can file I-526E petitions.  The actual project, however, is not being “pre-approved” by USCIS, and therefore, small changes can be made to the business plan, the economic report, and the offering documents as needed before investors file I-526E petitions.

An “exemplar” I-526E petition is a “sample” I-526E petition for an unnamed investor included with the I-924 application.  Of all 3 types of projects discussed here, this type of project requires the most documentation.  With an “exemplar” I-526E petition, the regional center prepares a full I-526E petition, including all project related documents, for a sample investor.  USCIS then “pre-approves” the project materials.  Theoretically, when the I-924 application is approved and the investors can file I-526E petitions, the only documentation that requires review by USCIS is the investor’s source of funds.  While this doesn’t always happen, and USCIS sometimes does re-review the project materials, it gives the regional center a distinct marketing advantage to tell investors their project has been “pre-approved” by USCIS.  Changes to any documents destroy the exemplar status, unfortunately, so the documents need to be static.

The takeaway is to select an option that fits the development timeline of the project.  A project that is not fully developed should be filed as a hypothetical project.  A project that may need a change in location, size, or scope should be filed as a hypothetical project.  Projects further along the development timeline, and that have required permit approvals and feasibility studies, should be filed as actual projects.  And finally, if the Regional Center would like a marketing advantage on an actual project, it should be filed as an “exemplar” I-526E petition project.

[Answer]

The I-829 petition is the final step in the EB-5 Immigrant Investor Program. Investors and their attorneys file this petition with USCIS and provide evidence that the investor has successfully fulfilled all of the program’s requirements, particularly that investor funds resulted in the creation of at least ten jobs. Upon approval of the petition, investors and their family members receive permanent Green Cards.