Created in Section 203(b)(5) of the INA (Immigration and Nationality Act), the EB5 visa program issues 10,000 US immigrant visas to foreign investors.
Basic requirements of EB5 visa program---
Job creation and capital investment are the two main requirements of this US visa program.
Each immigrant investor wanting to come to the US under the EB5 visa program must invest $1,000,000 preferably in cash although he is allowed to make investment in the form of tangible items including equipment, inventory etc.
Under the TEA (Targeted Employment Area), the immigrant investors wanting to come and establish business in the US are required to make an investment of $500,000. TEA is for any region having a jobless rate of 150 percent or any other rural region having a population below 20,000 inhabitants.
As far as the number of jobs to be created is concerned, every immigrant investor must create 10 full time jobs in the US.
Process of the US EB5 visa program---
• The immigrant investor is required to fill in and submit I-526 petition to the US immigration department-USCIS (US Citizenship and Immigration Services).
The main aim of the I-526 petition is to ensure the USCIS that the concerned immigrant investor is making a valid proposal for creating jobs in the US.
Also, he has followed various requisite steps regarding transfer of amount for investment in the US. The applicant must provide a legal proof of his or her source of money to the USCIS.
• Once the I-526 gets approved by the USCIS, the immigrant investor has to undergo either through the US Consular Processing if he is living outside the US or through I-485 Adjustment of Status process if living in the US on a non-immigrant US visa.
• After approval of I-485 application or after a successful interview at any US consulate, the immigrant receiver a conditional US permanent residence for a period of two years.
• The next step is submission of an application form I-829 to the USCIS within or before 90 days of the expiry date of the conditional permanent residence of the investor in order to remove his conditional permanent residence in the US.