As a leading economic and political power, the United States offers security, social equality, better economic opportunities, higher standards of living, and a host of other benefits, including world-class education and healthcare to its residents.
Among other available options, the EB-5 investor visa is the fastest and the most straightforward route for foreign nationals to secure permanent resident status, also known as the Green Card, in the United States through investment in a business enterprise.
The EB-5 Immigrant Investor Program, administered by the federal agency United States Citizenship and Immigration Services (USCIS), was introduced by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by immigrant investors.
Under the EB-5 program, foreign nationals and their eligible dependent family members (the spouse and unmarried children under 21) can receive lawful permanent residency in the United States by investing in a commercial enterprise and creating 10 permanent full-time jobs for qualified U.S. workers.
Obtaining an EB-5 visa is essentially a four-step process:
– Selecting a suitable EB-5 project to invest in.
– Investing in the chosen project and filing an EB-5 petition (Form I-526E).
– Upon I-526E approval, obtain a two-year conditional Green Card.
– At the end of the two-year conditional residency period, file the petition for removal of conditions on your Green Card (Form I-829).
In this article, we will discuss some important aspects of the last step in the EB-5 process: filing of the I-829 petition.
Conditional Permanent Residency
After the approval of the I-485 petition for adjustment of status (for investors already living within the United States) or the DS-260 petition (for investors applying from abroad), the EB-5 investors and their qualifying dependents get a conditional permanent resident status, and USCIS issues them a Green Card valid for two years.
During this two-year period, the EB-5 investors and their dependents can live and work anywhere in the United States and receive all other Green Card benefits.
However, they must ensure to retain their investment in the EB-5 project and fulfill all residency requirements of their conditional permanent resident status.
The I-829 Petition Requirements
The final step in the EB-5 visa process is the application for removal of conditions to permanent residency.
The conditional permanent resident status expires after two years and cannot be renewed. Therefore, within the last 90 days of the two-year conditional residency period, the investor must submit Form I-829, i.e., Petition by Investor to Remove Conditions on Permanent Resident Status, to USCIS.
It is important for EB-5 investors to submit this form within this timeframe, as failure to do so may jeopardize their chances of gaining lawful permanent resident status and lead to deportation.
An I-829 petition must prove with accompanying documentation that the investor has met the following requirements of the EB-5 program:
– A new commercial enterprise was established, which continued to exist during the investor’s two-year conditional residence.
– The requisite capital was invested and remained “at risk” for at least two years after being made available to the EB-5 project.
– The investor’s capital investment resulted in the creation of 10 full-time jobs for U.S. workers that lasted for the entire two-year period.
Documents such as audited financial statements, invoices, bank statements, contracts, business licenses, investment agreements, tax returns, payroll records, etc., can be used as evidentiary documentation.
The petitioners must also include the following documents with the I-829 petition:
– Sufficient personal background information and biometrics.
– Photocopies of conditional Green Cards of the primary applicant and dependents.
– Adequate legal documents in case any applicant has a criminal record.
The USCIS filing fee for Form I-829 is $3,750, which includes fees for the primary investor and all dependent family members.
However, each applicant aged between 14 and 79 years must also pay an additional fee of $85 for biometrics.
In addition, the filing fee for Form I-829 will increase to $9,525 as of April 1, 2024.
I-829 Processing
On receiving a properly filed Form I-829, USCIS sends a Notice of Action (Form I-797) to the applicant. Since I-829 approval usually takes longer than the validity of the conditional residency, the receipt notice automatically extends the validity of the conditional Green Card for an additional 48 months beyond the card’s expiration date.
The applicants must carry this receipt notice with their expired conditional Green Card while their I-829 petition is pending to prove their valid resident status.
Upon approval of the I-829 petition, the applicants receive lawful permanent resident status and a new unconditional Green Card reflecting the status change, which can be renewed indefinitely every 10 years.
Five years after first receiving their conditional permanent resident status, EB-5 Green Card holders become eligible to apply for U.S. citizenship.
The EB-5 process may seem overwhelming for applicants to navigate on their own without expert guidance. It is highly recommended that EB-5 investors seek legal counsel from an experienced immigration attorney while filing their I-829 application for a successful and hassle-free immigration journey.
