Thousands of businesses in the U.S. are attempting to advance in their industries, economically depressed regions are desperately trying to create jobs for their unemployed residents, and yet - outside the country - affluent foreign nationals are looking for a way to become U.S. residents.
The EB-5 visa program, a federal initiative run by the U.S. Citizenship and Immigration Services (USCIS), essentially allows each of these parties to meet their goals through cooperation.
The EB-5 visa program is an immigration project that gives foreign investors the chance to attain a U.S. green card in exchange for a high-priced investment in an American company.
Each year, the USCIS sets aside 10,000 visas for EB-5 status immigrants who are looking to establish a permanent residence in the U.S.
Congress created the EB-5 pilot program in 1993 to encourage foreign investment in the U.S. economy, and has extended the program at every chance, most recently extending it until 2010 with a bipartisan vote.
Though the program went largely unnoticed for about 15 years, its popularity has been rapidly growing, as dictated by economic conditions in the U.S. and a consistent demand for U.S. green cards.
According to the State Department, the number of immigrants, including the family members of investors, who obtained EB-5 visas jumped from 1,443 in fiscal year 2008 to 4,218 in fiscal year 2009. Additionally, over the past year, the number of EB-5 visa program regional centers - enterprises certified by the USCIS to receive EB-5 investments, has grown from about 20 to 82.
Putting the increased appetite for EB-5 investment opportunities simply, immigration attorney H. Ronald Klasko told Law.com that the EB-5 visa program was "the hottest thing going on right now in immigration."
To qualify for an EB-5 visa, prospective immigrants must invest at least $1 million - or $500,000 in areas with particularly high unemployment rate - in a U.S company and create at least 10 jobs by way of their financing.
After an EB-5 application is approved, the investor and his or her immediate family members are given a two-year conditional residency visa, while the initial investment takes effect.
After two years, a successful follow-up application that shows the investment has created as least 10 jobs must be filed. If accepted, all family members are given a U.S. green card and can enjoy the perks of full U.S. residency.
