The EB-5 Investor Visa Program seems to be the rage these days. Program Summary Under federal law, 10,000 immigrant visas per year are available to qualified individuals seeking permanent resident status on the basis of their engagement in a new commercial enterprise. This visa program is popularly called the EB-5 visa program. Permanent resident status based on EB-5 eligibility might be available to investors who have invested – or are actively in the process of investing – at least $1,000,000 into a new commercial enterprise that they have established. A new commercial enterprise includes: the creation of an original business, the purchase of an existing business and restructuring or reorganizing the business to the extent that a new commercial enterprise results, or expanding upon an existing business. An applicant seeking status as an immigrant investor must demonstrate that his/her investment will benefit the United States economy and create full-time employment for no fewer than ten qualified individuals, or maintain the number of existing employees in a “troubled business.” If the investment in a new commercial enterprise is made in a Targeted Employment Area (TEA), the required investment is decreased to the $500,000 investment level. A TEA is either a “high unemployment area” in an urban setting (being part of a metropolitan statistical area) that has experienced an unemployment rate of at least 150 percent of the national average rate or a “rural area.” Applicants to the EB-5 visa program must demonstrate that they meet all requirements of the program prior to filing with the U.S. Citizenship and Immigration Service (USCIS). If it is determined that the investment criteria is met and properly documented, an investor may be granted conditional permanent residence status for a period of two years. At the end of the conditional period a permanent green card may be issued. An investor may apply for U.S. citizenship five years after the initial grant of conditional permanent residence. EB-5 Visa Program is a Federal Government Program The EB-5 visa program is administered by the U.S. Citizenship and Immigration Services and is therefore governed by federal laws and regulations. It is not a program administered by a state agency, and is therefore not governed by California State law. For more detailed information about the EB-5 visa program, its laws and administration please call for an appointment at 305-661-7000.. State Involvement in the EB-5 Visa Program There is no state involvement needed if the investment in the new commercial enterprise meets or exceeds the $1,000,000 investment level. Such investment may be made in any location in the United States and without respect to high unemployment in the area. If the investment in the new commercial enterprise is made at the $500,000 investment level, state involvement may be necessary in designating the area of the enterprise as a TEA. However, state designation is not essential. Pursuant to the EB-5 federal regulations, there are two ways for a visa applicant to show that the area in which the new commercial enterprise is going to principally do business is a high unemployment area. A) Designation of TEA by USCIS: Designation or acknowledgement of a TEA by the USCIS could be achieved by the visa applicant submitting “evidence” that the metropolitan statistical area, the specific county within a metropolitan statistical area, or the county in which a city or town with a population of 20,000 or more is located, in which the new commercial enterprise is principally doing business has experienced an average unemployment rate of 150% of the national average rate. This process is available pursuant to 8 CFR §204.6(j)(6)(ii)(A). B) Designation of TEA by state go vernment: A letter from an authorized body of the government of the state in which the new commercial enterprise is located which certifies that the geographic or political subdivision of the metropolitan statistical area or of the city or town with a population of 20,000 or more in which the enterprise is principally doing business has been designated a high unemployment area. This process is available pursuant to 8 CFR §204.6(j)(6)(ii)(B).
Posted on: Tue, 12 Aug 2014 07:36:56 +0000