EB5AN is pleased to announce that its Hyatt Boca Raton EB-5 project, one of fifteen EB-5 projects with Kolter, has received its first Form I-829 approval from USCIS, indicating the project’s success in fulfilling the requirements of the EB-5 program. Investors who participated in this project are now receiving these approvals, marking the final step in their journey to obtain permanent resident status in the United States. They can now enjoy permanent Green Cards and will eventually have the option to pursue U.S. citizenship.
The Form I-829 approval process is crucial for the investors, as it removes the conditions from their temporary permanent resident status and grants them a 10-year renewable permanent Green Card. The approval is granted only after the investors have fulfilled the requirements of the EB-5 program, including creating at least 10 new jobs and keeping their capital investment at risk.
EB5AN’s Hyatt Boca Raton project has successfully met the stringent requirements of the EB-5 program. This is a significant achievement for both the project and the EB-5 applicants who have chosen to invest in it.
Just as noteworthy is the remarkably fast adjudication time for our investor: the I-829 petition was filed in November 2021. This means that the I-829 approval process took less than two years. This brief period is well below the average; as of March 2023, USCIS’s processing times page state that 80% of I-829 cases are completed within 61.5 months, or over 5 years.
The prompt approval of our investor’s I-829 petition is a testament to EB5AN’s compliance with all USCIS requirements for immigration success.
The Role of Form I-829 in the EB-5 Immigration Process
Form I-829 is a petition filed by EB-5 immigrant investors in the U.S. for the removal of the conditions on their permanent resident status. This form represents the final stage of the EB-5 process and must be filed in the last 90 days of an investor’s two-year conditional permanent residency period. Once the form is approved, the investor receives full permanent resident status. It is important for investors to work with experienced immigration attorneys to ensure that their I-829 petition contains the required evidentiary backing for USCIS approval.
To file an I-829 petition, immigrant investors must first file either Form I-526, Immigrant Petition by a Standalone Investor, or Form I-526E, Immigrant Petition by Regional Center Investor, to prove their investment and qualifications for immigration under the EB-5 Immigrant Investor Program. Investors and all of their eligible family members receive U.S. Green Cards with two-year conditional permanent resident status upon approval of their I-526 or I-526E petition.
On filing Form I-829, immigrant investors must provide evidence to show that their EB-5 investment project followed the plan set out in their I-526 or I-526E petition and met all the necessary criteria for the EB-5 program. They must also demonstrate that their EB-5 capital investment was made in a qualifying new commercial enterprise (NCE). The investor must prove that the required minimum investment was made with lawful funds, which remained “at risk” throughout the investment period.
The I-829 petition must also provide evidence that the EB-5 investment created at least 10 full-time jobs that lasted for a minimum of two years. Supporting evidence should include documents such as the NCE’s foundational documents, audited financial statements, investment agreements, payroll records, tax returns, bank account statements, legal permits, and contracts.
Immigrant investors must also provide bank statements, invoices, purchase contracts, sales receipts, securities agreements, mortgage agreements, and promissory notes as evidence of the investment. Investors should start preparing the evidence required for their I-829 petition well in advance of the final three months to ensure that they file the form within the required 90-day period.
An immigration attorney typically files Form I-829 on behalf of the investor and their family. Failure to file the I-829 petition within the required 90-day period will result in the termination of the investor’s conditional permanent resident status, and they will become removable from the United States.
Get Started on the Path to a Green Card
More than 2,000 investors from around the world have already begun the EB-5 immigration process with EB5AN. To join the growing list of EB5AN investors who are now permanent residents of the United States, we invite you to schedule a free consultation to discuss your immigration goals.
