Originally established in 1990, the EB-5 program has enjoyed a resurgence in popularity since the economic downturn as many disadvantaged communities seek novel ways to increase job creation and decrease unemployment.
The main purpose of the EB-5 program is to encourage foreign investors to make targeted investments that create permanent U.S. jobs. The foreign investors – who must make a minimum investment of $1,000,000 in the regular program or $500,000 in specially targeted high-unemployment areas – qualify for immediate conditional permanent resident status in the U.S., permanent resident status after two years, and citizenship after five years. The United States Citizenship and Immigration Services set aside 10,000 green card visas annually for EB-5 program participants, but in 2009, issued just over 4,200 of them, most of them in a newer section of the program, the EB-5 Regional Center program.
EB-5 Regional Centers are gaining popularity with disadvantaged communities seeking foreign investors to help rejuvenate their failing job market. In just the past few months, such diverse areas as Montana, Missoula, Missouri, North Bay, California and Grand Forks, North Dakota have announced the formation of an EB-5 Regional Center to attract immigrant investors to their cities and towns.
The rules governing EB-5 investment are complex, both for the immigrant investors and for those seeking to create an EB-5 Regional Center. Like many laws dealing with immigration, citizenship and trade, there are many regulations that must be followed and conditions that must be met in order for the immigrant investor to qualify for a permanent green card visa for himself and his immediate family. In addition, the EB-5 Regional Center must be approved by USCIC before investors can make an application for an EB-5 visa. Complying with the various rules and regulations is vital to the success of the EB-5 Regional Center application, as well as for the approval of each EB-5 visa.
Research is no substitute for experience. There are several law and consulting firms nationwide that have successfully navigated the system for EB-5 Regional Center approval, and shepherded immigrant investors through the EB-5 application process. Whether you’re seeking approval for a new EB-5 center or applying for an EB-5 visa, don’t go it alone. Consult an experienced EB-5 consulting firm to help you through the complex process and increase your chances of success.
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