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The
Immigrant Investor Program, which is administered by the United
States Citizenship and Immigrations Services (USCIS) agency, was
established by Congress over twenty years ago to encourage foreign
investment and economic growth in the U.S. By investing at least
$500,000 in a commercial enterprise that creates or preserves 10
permanent full-time jobs, foreign entrepreneurs can secure a
permanent visa, or green card. A green card awarded through the
Immigrant Investor Program is also called an EB-5 visa, since it is
the fifth category of employment-based visas created by the U.S.
government.
There
are two options available to foreign investors who want a permanent
visa, each distinguished by the amount of the investment. For
example, a foreign national could invest $1,000,000 in a commercial
enterprise anywhere in the United States, and if that investment
leads to the creation or preservation of 10 permanent full-time jobs
within two years (with certain exceptions), the investor will be
given a permanent visa.
Or,
a foreign investor could obtain a permanent visa by investing
$500,000 in a commercial enterprise in a Targeted Employment Area
(TEA) and create or preserve 10 permanent full-time jobs as a result
of that investment. A Targeted Employment Area is a rural area or a
region that is currently experiencing 150% of the national
unemployment rate. The required investment, while substantial, is
not unreasonably high and is relatively affordable for foreign
nationals with access to significant financial resources.
The
Regional Center model has become by far the most popular option for
foreign investors seeking permanent visas through the Immigrant
Investor Program. An EB-5
Regional Center
is an entity that is involved in the promotion of investment, job
creation, and commercial development. The “Regional Center”
designation is given by USCIS when certain criteria, such as the
filing of a business plan and economists’ report demonstrating the
reasonable expectations of the proposed commercial enterprise, have
been met. There are several reasons why the Regional Center approach
has become so popular in recent years.
First,
investments from several foreign citizens can be pooled and managed
by a group of U.S.-based managers who can help shepherd a commercial
project to completion. Theoretically, a foreign national can make an
investment and let the managers do the rest. Once USCIS verifies the
investment and designates the Regional Center, the investor can
obtain a conditional visa that allows him or her to stay in the
United States until the job creation requirement of the Immigrant
Investor Program is met, generally two years. Moreover, whereas an
investor in a commercial project that is not a designated Regional
Center must show that 10 permanent full-time jobs have been created
as a direct
result of the investment, a investor in a Regional Center can meet
the job creation requirement by demonstrating that 10 jobs have been
created either directly or
indirectly as a result
of the investment, a slightly more flexible standard. The
application process for Regional Centers can also be expedited in
certain circumstances, given Congress’ and USCIS’s stated
preference for the Regional Center model. Of the 10,000 EB-5 visas
set aside each year, at least 3,000 are designated for foreign
nationals who invest in Regional Centers. USCIS has said that the
3,000 permanent visas represent a yearly minimum, and the agency will
award more as needed.
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