There are a lot of types of visas that cater to different purposes and to different kinds of people. For employees or professionals, the most appropriate type of visa for them is either the L1 or H1B, but for investors living in other countries, the EB-5 green card is definitely the most suitable. An EB-5 green card is also known as the Immigrant Investor Visa, which obviously caters to foreign investors. In this type of visa, the hassle of waiting for a slot is ruled out. Obtaining a permanent resident status is also much quicker as compared to when applying for a regular visa.
How can one obtain an EB-5 green card? Well, there are requirements that have to be met, which are as follows:
- You may be able to obtain a US green card if you make an investment of $500,000 in “targeted employment places” in the US or $1,000,000 in newly commercialized areas.
- If you are able to create at least 10 fulltime jobs for US citizens, then you can become an EB-5 green card holder.
Aside from the investor, his or her spouse including their unmarried children below 21 years of age are also qualified for an EB-5 green card.
Procedures in Filing an EB-5 Green Card Application
- Form I-526 or the Immigrant Petition for an Alien Investor must be filed by the investor along with the needed requirements with the US Citizenship and Immigration Services or USCIS. After the petition is approved, which usually takes about 5 to 10 months, the investor as well as its family can already apply for a green card. This may be done in the US or in a US Embassy/Consulate outside of US. For investors who are already in the US, they may file a Permanent Residence Status with the USCIS. Initially, the green card that will be released is bound with conditions and will only be valid for 2 years.
- Before the validity of the green card expires, the investor has to file a Petition by Entrepreneur to Remove Conditions or the Form I-829 again with the USCIS. In the petition, the investor must prove that he or she has was able to invest the required amount and that the business has been operating for the past 2 years. Once approved, the investor will already be handed a green card permanently without any attached conditions.
Some Criteria in Obtaining a Permanent EB-5 Green Card
- Hand-on Management. The investor should be the prime handler of his or her business. He/She must also be an active participant in the creation of company policies or is one of the members of the board of directors. However, this may not be necessary for a limited partnership.
- Manifold Investors. The approval of the petition of an investor will also depend on the number of investors brought into the company. However, the investors also have to each meet the requirements, which were previously mentioned above, even though they don’t have any plans of obtaining an EB-1 green card.
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