With the long delay in the processing of family-based and 3rd
preference employment-based visas, a viable option for investors
who want to immigrate to the U.S. fast is the EB-5 category.
Under this category, the investor can invest $500,000 and he and
his family may obtain their conditional green cards in less than
a year. The money must have been obtained through lawful means
such as gift, loan, investment, sale of property or inheritance.
The EB-5 category was created in 1990 for those who could invest $1 million (or $500,000 under certain circumstances) in a new commercial enterprise that create at least 10 full-time jobs. 10,000 visas are allotted annually.I
nitially, only a few availed of the benefit because of the
restrictive requirements. In 1993, a pilot program was established
which allowed more flexibility in complying with the requirements.
This attracted more applicants.
The pilot program designated “regional centers” that
could participate in the immigrant investor visa
program. These regional centers are allotted 5,000 of
the 10,000 EB-5 visas available. This program expires on
September 30, 2008.
The regional centers currently approved by the USCIS to
participate in the program are located in Pennsylvania,
California, South Dakota, Washington, Louisiana,
Vermont, Texas, Wisconsin, Iowa and Alabama.
“Regional centers” can satisfy the job creation requirement by
counting not only the direct jobs created as a result of the
investor’s investment but also indirect jobs created in related
industries. This means that the investor does not have to hire 10
persons himself.
The investor is not required to manage his investment on a daily
basis as he can be just a limited partner. As a limited partner, he
will only be required to get involved in policy activities. There is
also no requirement as to business training and experience or
language skills.
To obtain the green card, the investor has to file Form I-526,
Immigrant Petition by Alien Entrepreneur and once it is approved, he
is interviewed by a U.S. Consul abroad. If he is in the U.S. he may
file for adjustment of status.
Upon passing the consular interview or the adjustment of status
interview, the investor is granted a conditional green card for 2
years. To remove the condition, he must submit Form I-829, Petition
by Entrepreneur to Remove Condition about 3 months prior to the
expiration of his green card. He will have to demonstrate that he
has satisfied all the requirements of the investor program.
REUBEN S. SEGURITAN
has been practicing law for
over 30 years. He was former immigration editor and is author of a
book on immigrant experiences. He frequently speaks on immigrant
issues and for his advocacy efforts he was the recipient of two
presidential awards by President Ramos and an award by the
Commission on Filipinos Overseas. He previously taught business law
and international politics. For further information, you may call
him at 212 695 5281 or log on to his website at www.seguritan.com
has been practicing law for
over 30 years. He was former immigration editor and is author of a
book on immigrant experiences. He frequently speaks on immigrant
issues and for his advocacy efforts he was the recipient of two
presidential awards by President Ramos and an award by the
Commission on Filipinos Overseas. He previously taught business law
and international politics. For further information, you may call
him at 212 695 5281 or log on to his website at www.seguritan.com