What are the eligibility requirements for EB-5 Visa Program?
The EB-5 visa program is a popular option for foreign investors seeking to obtain permanent residency in the United States. However, in order to qualify for the program, investors must meet certain eligibility requirements. In this article, we will discuss the eligibility requirements for the EB-5 visa program, including the minimum investment amount and job creation requirements.
Minimum Investment Amount
The minimum investment amount for the EB-5 visa program is $900,000 for investments made in a targeted employment area (TEA), and $1.8 million for investments made outside of a TEA.
A TEA is an area with high unemployment rates or is located in a rural area. The investment can be made directly in a new commercial enterprise or indirectly through a regional center.
Source of Funds
Investors must provide evidence that their investment funds come from a legal source. The source of funds can be from various sources such as employment, business ownership, inheritance, or sale of assets. Investors must provide comprehensive documentation to prove the legal source of their funds. The documentation may include tax returns, bank statements, financial statements, business licenses, and property records, among other documents.
Job Creation Requirements
In order to qualify for the EB-5 visa program, investors must create or preserve at least 10 full-time jobs for U.S. workers. These jobs must be created within two years of the investor’s admission into the United States, or within a reasonable time thereafter. The jobs can be created either directly by the commercial enterprise or indirectly through a regional center.
Accredited Investor Status
Investors must have accredited investor status to participate in the EB-5 visa program. To have this status, investors must have a net worth of at least $1 million, excluding the value of their primary residence, or an annual income of at least $200,000 for the past two years. Investors can prove their accredited investor status by submitting their financial statements, tax returns, or other relevant documents.
Background Check
Investors must undergo a background check as part of the EB-5 visa application process. The background check includes a review of the investor’s criminal history, as well as any history of immigration violations or other issues that could impact their eligibility for the program. Investors must disclose all relevant information and provide documentation to support their application.
Conditional Permanent Residency
Investors who meet the eligibility requirements for the EB-5 visa program are granted conditional permanent residency for a period of two years. During this time, they must maintain their investment and job creation requirements in order to be eligible for permanent residency. The investor and their family members can live, work, and study in the United States during the conditional period.
Removal of Conditional Status
After the two-year conditional period has expired, investors must file a petition to remove the conditional status of their permanent residency. This involves demonstrating that the investment has been made and the job creation requirements have been met. Once the conditional status has been removed, investors and their families are eligible for permanent residency in the United States. Permanent residents can live, work, and study in the United States indefinitely.
