On March 15, 2022, the United States enacted the EB-5 Reform and Integrity Act of 2022 as part of a large omnibus budget package of legislation, authorizing the program until September 30, 2027.
SO WHAT EXACTLY IS THE EB-5 VISA PROGRAM?
The fifth employment-based preference, also known as the EB-5 visa program was created by congress in the year 1990, as part of general revisions on the legal immigration system, or the Immigration Act of 1990. This visa program provides a way for foreign nationals who wish to invest money in the United States to obtain a green card.
IN ORDER TO QUALIFY FOR EB-5, THE INVESTOR MUST:
- Make an investment which creates jobs or save ten (10) full-time jobs. These ten workers cannot include the investor, or any member of the investor’s direct family.
- Establish or prove that the investment capital comes from legal sources
- Establish or prove that the money is fully invested and at risk
- File a Form I-526, Immigrant Petition for Alien Entrepreneur. Only when this is approved will they be allowed continual participation in the EB-5 program.
- After two years, file a Form I-829, which is a Petition by Entrepreneur to Remove Conditions. It is during this period that the immigrant investor must show that qualifications for the EB-5 program was constantly met, as stated previously ( required investment amount remained fully invested in the enterprise, business plan followed, 10-full time jobs created for at least10 U.S. workers).