EB-5 Visas Archives - Page 2 of 3

EB-5 Visa Program Extended without Reforms for the Second Straight Year

For the second straight year the EB-5 visa program, was nearly allowed to expire. The EB-5 visa program is a means through which certain entrepreneurs who make a minimum qualifying investment and satisfy certain job creation requirements can receive a green card. The program was initially authorized in the early 1990s and was intended to attract job-creating investment into the United States. However, the program was little-used in its first two decades of existence and only began to attract attention following the global financial crisis in 2007. After the financial crisis, interest in the program skyrocketed as investors from China, Brazil, and other nations sought safe investments that could lead to a better life for themselves and their qualifying family members.

EB-5 I-526, I-829 and I-924 Processing Times Reach New Records as Thousands of Applications Await Processing

The EB-5 visa program is a government program that can permit foreign entrepreneurs to invest in the United States to create jobs in exchange for a temporary green card. Provided that the terms and conditions of the program are satisfied, the conditions on the temporary green card can be removed and the EB-5 investor can, in time, petition for naturalization as a U.S. citizen. Thus, EB-5 visa investors must make multiple legal filings — including a comprehensive business plan — and prove an array of facts ranging from the investment funds being lawfully sourced to the satisfaction of the job creation and other requirements.

What are the Differences between Direct EB-5 Investment and Investment in an EB-5 Regional Center?

The EB-5 visa program allows alien entrepreneurs to achieve a U.S. green card status by investing in the United States. The investment must be a minimum of $1 million, or $500,000 in a targeted employment area (TEA), and meet certain job creation requirements. However, meeting these conditions and the array of filing requirements is extremely worthwhile since a successful application will provide a green card for the entrepreneur and all qualifying family members.

Foreign Investment Conference in Lakeland, Florida Emphasizes Growing Importance of EB-5 Visa

Recently, an I-4 Commercial Corridor conference was held in Lakeland Florida at the Florida Polytechnic Institute. The I-4 corridor stretches from Tampa Bay to Daytona Beach and travels through the Orlando and Disney World Resort areas. The I-4 corridor is one of the fastest growing and developing areas in all of Florida. Perhaps it is no surprise to many familiar with commercial real estate development, but the EB-5 visa program has played an integral role in driving this growth.

Considering EB-5 or other Visas? USCIS Proposes a Significant Fee Schedule Increase

Most individuals seeking to immigrate to the United States permanently or to live and work in the U.S. temporarily understand that there is a cost associated with various filings they must complete to receive visa authorization. In most cases, the fees set forth by USCIS are fairly reasonable in light of the purpose of the visa and whether an individual or business is likely to apply for it.

USCIS Calls for Public Comment as it Considers EB-5 Program Changes

The EB-5 visa program has been under sustained political attack from Representatives and Senators in Congress. These attacks have not gone unnoticed. Recently, the SEC and FINRA have announced enforcement actions and an enforcement focus on EB-5. Furthermore, United States Citizenship and Immigration Services has announced its intention to redraft some of the regulatory and policy aspects of the EB-5 program.

Multiple SEC Actions Show the Importance of Working with an EB-5 Lawyer

The EB-5 visa provides hard-working and entrepreneurial individuals a pathway to U.S. citizenship while also benefiting U.S. Citizens and workers. The program provides foreign nationals a pathway to a green card and citizenship provided that they make a qualifying investment into a U.S. business and create at least 10 jobs. For Eb-5 projects not located in a targeted employment area (TEA), a minimum investment of $1 million is required. However for projects in a TEA, an investment of $500,000 is sufficient. Thus, an EB-5 project in a TEA is often a good fit for individuals in a country with strict capital controls such as China.

Extension of EB-5 Visa Policy Until September Provides Additional Opportunities to Secure U.S.Citizenship

The EB-5 investor visa program has long provided a win-win solution for entrepreneurial-minded foreign nationals and the citizens and permanent residents of the United States. At the most general level, the EB-5 program allows for investment into new, or in some cases existing, businesses that create a certain number of jobs can provide the foreign individual a permanent green card. Furthermore, a spouse and certain children can also obtain derivative green cards through the program. Thus, an entire family can receive green cards through an investment that will also benefit the family’s new home.

Despite Extension, Congressional Battle Over EB-5 Visa Program Reform Continues

When we last discussed on the ongoing saga concerning EB-5 visa and its reauthorization, the program had been reauthorized by Congress in its current form. Thus, no changes were made to the program that has been in operation since the early 1990s. Furthermore, the program was not expected to be subjected to any amendments, alterations, or other changes until after the expiration of its reauthorization on September 30, 2016. However, like most items handled by recent Congresses, the handling of issues and concerns has been extremely unpredictable and subject to erratic and unexpected changes.

What Methods Can A Regional Center in the EB-5 Program Use to Evidence Job Creation?

EB-5 visa investors are required to file an initial I-526 petition where, among other items, they set forth a business plan that shows how the EB-5 project will create or preserve at least 10 full-time jobs for Americans. After a successful initial petition the individual will receive conditional green card. But the immigrant-investor must also file an I-829 petition to remove those conditions and convert the card to a permanent green card. One of the things that must be shown in the I-829 petition is that a sufficient number of full-time jobs were created.

What is the Typical Process Faced by an EB-5 immigrant-Investor?

The EB-5 visa was established in 1990 to encourage investment and job creation in the United States. While the program got off to a slow start during its first two decades of existence, demand for U.S. green cards through the program skyrocketed in 2014. In that year and for the first time ever, the cap on visa through the program was reached. Roughly 85 percent of the requests for visas came from wealthy Chinese investors. In 2014, Chinese investors accounted for 90 percent of the EB-5 visas issued. In 2015, the program hit its cap in April – again due to strong demand from wealthy Chinese investors.

SEC Is Closely Monitoring EB-5 Activities As Evidenced By Action Against South Florida Asset Manager

Intending immigrant-investors and others familiar with the EB-5 visa investment program are well aware that while the program provides a much-needed alternative source of investment capital, it is replete with legal requirements involving not only the immigration aspect of the investment, but also the financial considerations and transactions that give life to the program. Thus, aside from satisfying the regulations, standards and requirements set forth by United States citizenship and Immigration Services (USCIS), EB-5 investments and the developers handling them must also maintain full compliance with securities regulations as set forth by the Securities Exchange Commission (SEC).

Miami’s Panorama Tower Begins Accepting EB-5 Investments

In Miami, Orlando, and throughout Florida many opportunities exist for immigrant-investors to make investments into the EB-5 and regional center program. While returns on an EB-5 investment are typically modest, the real return on an EB-5 investor’s investment is a permanent U.S. green card for themselves and for qualifying family members. However, investors should always consult with an experienced EB-5 lawyer prior to making any investment because all investments into the EB-5 program must be “at-risk” meaning that either a gain or a loss can be realized. An unwise EB-5 investment can result not only in the loss of the investment funds, but also a lost opportunity to secure a permanent green card and a path to citizenship for the investor and the investor’s family.

The Importance of Understanding How EB-5 Project Type Can Affect Job Creation Requirements

Potential or intending immigrant-investors who have researched the EB-5 visa process likely know that aside from making a sufficient and qualifying investment into a U.S.-based new commercial venture, the investment must also create or preserve at least 10 full-time jobs for U.S. citizens. If these jobs have already been created when the immigrant-investor files his or her I-526 petition, they must be evidenced in the filing. If the jobs are not already in existence, the immigrant-investor must present a business plan that explains how these job creation targets will be satisfied. Then, when the immigrant-investor files his or her I-829 petitions to remove the conditions on his or her green card he or she must be able to prove that the required jobs were actually created and that they are still in existence.

Must EB-5 Projects be Financed & Carried Out through a Regional Center?

Most developers are aware of the EB-5 program and its ability to provide sources of foreign investment and funding. Many wealthy foreign individuals seeking a pathway to a green card and U.S. citizenship are also aware of the program and its benefits. Finally, a number of U.S. citizens benefits from the program by gaining a full-time job from the jobs created by the investment. In many ways the EB-5 visa program is a win-win-win proposition for all involved parties.

Senator Flake Introduces Competing EB-5 Regional Center Reform Plan

We have written extensively about the expiration of the EB-5 visa and regional center programs last September 30th and the temporary reauthorization measure that provided the program with a much-needed lease on life. However, the extension was merely a short-term measure that did not address many of the concerns regarding the EB-5 program. While some critics have attacked the program as being wasteful, others have called for the expansion of the EB-5 program since it brings capital investment to the United States. While many people get caught-up in the minutia of the program, it is important to recognize that the EB-5 program allows some of the world’s best and brightest to invest in the United States while making the country their permanent home. This program attracts entrepreneurs and other successful job creators to the United States from abroad which is likely to reinforce the American entrepreneurial spirit while creating much-needed full-time jobs for American citizens. Senator Jeff Flake’s reform is one of many bills competing to become part of the final EB-5 reauthorization and reform bill. We have already looked at competing proposals from Senator Paul and from Senators Leahy and Grassley. Here, we will look at some of the changes this reform would bring.

Senator Paul Introduces Invest in Our Communities Act as Competing Bill to Grassley-Leahy EB-5 Reform Measure

While the EB-5 visa program was reauthorized on a limited basis prior to its September 30, 2015 expiration, that reauthorization is only temporary through December 11, 2015. Furthermore, longstanding questions regarding program reform were not answered or even addressed by the short-term measure. Thus, while intending immigrant investors and immigration practitioners were happy to see the program extended, it was abundantly clear that this extension merely marked the start of the work on EB-5 and not the conclusion of the reauthorization process.

EB-5 Visa Program Faces Uncertain Future After September 30th Re-Authorization Deadline Passes

We have previously written about the then impending September 30th reauthorization deadline for the EB-5 visa program. At the time, we speculated that a small glimmer of a possibility existed that Congress may be able to put aside its differences and pass a full reauthorization bill that included a number of reform provisions. We believed that an increase in the minimum qualifying investment and other changes were likely to the EB-5 program.

U.S. EB-5 Investor Immigration Program Faces Challenges in the Upcoming Months

The EB-5 visa has become an essential immigration tool that is a win-win for both the intending immigrant and the United States. Under terms of the program, an intending immigrant may make a qualifying investment, typically of $500,000 or $1 million, that creates or preserves at least 10 full-time jobs for Americans. This immigrant receives conditional permanent residence and if he or she is successful in the investment and job creation requirements, he or she may petition to remove the conditions on the green card. The EB-5 visa also provides a pathway to citizenship. At the same time, the United States gains needed investment, job creation, and a dedicated hard-working individual.

Understanding the Future for the EB-5 Visa and Its Job Creation Requirements in Light of Unprecedented Demand

The EB-5 Immigrant Investor program has been a remarkable success in recent years. In fact in 2014, for the first time in program history, the demand for EB-5 visas exceeded the amount available under the program. In anticipation of the continuing deluge of EB-5 applications, United States Citizenship and Immigration Services (USCIS) has issued a proposed Policy Memorandum seeking to clarify two important grounds for eligibility: job creation and the sustainment of the investment.

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