Despite its popularity, the EB-5 investment program can be intimidating to foreign nationals looking to relocate to the United States. Every EB5 investment must comply with United States Citizenship and Immigration Services (USCIS) regulations, which are numerous and detailed. Another factor that can intimidate investors is the length of the EB-5 process, which takes several years. In addition, simply making an EB-5 investment does not ensure that a foreign national will obtain permanent resident status.
This situation also affects U.S. businesses interested in EB-5 funding. In the wake of the economic difficulties caused by the COVID-19 pandemic, many businesses are looking to the EB-5 program as a convenient source of capital. However, failure to prepare their projects according to the regulations set forth by USCIS could result in the denial of their EB-5 investors’ visa petitions.
For these reasons, both business owners and EB-5 investors need the guidance of an EB-5 immigration attorney. These experienced attorneys know the details of USCIS regulations and can help ensure compliance, avoid mistakes, and increase the likelihood of immigration success.
How Do EB-5 Investors Benefit from Immigration Counsel?
The first part of the EB-5 investment process is to select a suitable EB-5 project. Immigration attorneys can offer crucial advice in selecting projects that comply with USCIS regulations and can meet the job creation requirement. Job creation is a key component of the EB-5 program, so it is essential for investors to subscribe to a project that can generate at least 10 jobs as a result of their investment.
Foreign nationals must file Form l-526 once they have made an EB-5 investment. All information about the EB-5 business and the EB-5 investment must be included here, demonstrating that USCIS regulations have been followed. Part of this process involves verifying that the funds used for the EB-5 investment were sourced legally. This step can involve a lot of legal documentation, and investors are advised to work with immigration attorneys to prove the sources of their funds.
Once the I-526 petition has been approved, an investor will be granted a two-year conditional residency in the United States. Toward the end of this period, investors must file Form l-829. At this stage, the investor must demonstrate that the capital used for the EB5 investment was held at risk and that the job creation requirement of 10 jobs has been met. There is a 90-day window in which an EB-5 investor must file the I-829 petition, so the support of an immigration attorney to help collate the necessary documentation and file the petition before the deadline is invaluable.
How Do EB-5 Business Owners Benefit from Immigration Counsel?
An EB-5 immigration attorney can assist business owners in designing a USCIS-compliant business. For example, all EB-5 investment funds must be at risk, meaning that investors will be subject to profit or loss. Similarly, USCIS will not approve an EB-5 project if its business plan is unfeasible or if it lacks the necessary permits and licenses to conduct business legally. Immigration attorneys can also ensure that the project is appealing to EB-5 investors.
It is essential for both project developers and investors to find an experienced immigration attorney before entering the EB-5 industry. These professionals play a crucial role in the EB-5 investment process, making the experience more streamlined and effective for all parties.
