We are pleased to announce that EB5AN’s Snake River EB-5 project has created all the required jobs for all of its EB-5 investors to qualify for permanent U.S. Green Cards.
Snake River, a rural EB-5 project, is a luxury master-planned community in Wyoming.
The Snake River project had already received I-956F approval from USCIS, enhancing investors’ likelihood of a fast I-526E approval for their initial U.S. Green Cards. Now, fulfilling the job creation requirement well ahead of schedule lowers Snake River’s risk profile even further.
Both current and future EB-5 investors in the Snake River project can rest assured that, as long as their personal documentation is accepted, they should both qualify for their conditional U.S. Green Cards and then successfully have the conditions removed, becoming permanent residents of the United States.
“With this latest milestone, Snake River has joined an exclusive group of top-tier EB-5 projects that have both received I-956F approval and created all the required jobs,” points out Sam Silverman, EB5AN’s managing partner.
“Not only is Snake River in a strong financial position, with strong sales and business viability; it also has fulfilled two main requirements for investors and their families to gain their conditional and permanent Green Cards.”
“In the EB-5 market, it rarely gets much safer than this.”
In this post, we explain why job creation and I-956F approval are strong indicators that an EB-5 project will enable its investors to qualify for U.S. Green Cards. We also provide an overview of the Snake River project’s financial security, which makes it one of the most appealing rural offerings on the EB-5 market today.
How I-956F Approval Lowers Investors’ Risk
Job Creation: The Main Requirement for Permanent U.S. Green Cards
Snake River Has Created Over 640 EB-5-Eligible Jobs as of August 2024
Snake River Combines Immigration Safety with Strong Financials
Learn More About Snake River and the EB-5 Program
How I-956F Approval Lowers Investors’ Risk
Form I-956F, introduced by USCIS in June 2022, is the Application for Approval of an Investment in a Commercial Enterprise. This form requires EB-5 regional centers to submit exhaustive documentation describing their project and proving its compliance with USCIS requirements and responsible oversight of EB-5 funding.
I-956F applicants submit their project’s offering memorandums, limited partnership agreements, loan or equity agreements, comprehensive business plans, and economic impact analyses. These documents provide a clear picture of the investment structure, the new commercial enterprise (NCE), the job-creating entity (JCE), and the anticipated economic impacts, ensuring the project will create jobs.
Additionally, Form I-956F requires regional centers to provide background information on key personnel, identify potential conflicts of interest, and disclose any pending litigation. The form also asks regional centers to describe their policies for monitoring securities sales to investors and to confirm that all material risks have been communicated to investors.
When an EB-5 project receives I-956F approval, it means USCIS has thoroughly reviewed and confirmed that the project complies with its requirements.
This “pre-approval” allows investors to focus on their source-of-funds documentation and personal qualifications when submitting Form I-526E, the petition for an initial U.S. Green Card. Since USCIS does not need to reevaluate the project, investors can concentrate on their source of funds, which increases the chances of their Form I-526E petitions being approved.
Additionally, projects without I-956F approval may eventually be denied, which can result in requests for evidence (RFEs), notices of intent to deny (NOIDs), or outright denials of the investors’ I-526E petitions.
I-526E petitions focus on two sections: the project documentation and an investor’s source-of-funds evidence. Since the project documentation has already been reviewed, an approved Form I-956F generally means that investors can receive faster I-526E approvals—and their initial Green Cards. EB-5 investors and their families will then be able to live, work, and study in the United States with minimal restrictions.
In fact, I-526E petitions cannot be adjudicated until the project’s I-956F is approved.
Job Creation: The Main Requirement for Permanent U.S. Green Cards
Creating at least 10 U.S. jobs is the main requirement for EB-5 investors to obtain permanent U.S. Green Cards. Two years after receiving their conditional Green Cards, investors must submit Form I-829 and prove that their funds created the required number of jobs.
Many EB-5 investors choose early-stage projects that have not created all—if any—of the jobs required for their investors. In these cases, there is always the risk that the project may fail to create enough positions, leaving its investors without their Green Cards.
EB-5 investors, however, are allowed to invest in projects that have already created all of the necessary jobs.
By investing in an EB-5 project that has already created the necessary jobs, EB-5 investors eliminate much of their immigration risk. As long as an investor’s personal qualifications are approved, they should be approved for U.S. Green Cards.
Projects that are well under construction and have already spent substantial capital offer added security, as they have the resources and progress needed for job creation.
Snake River Has Created Over 640 EB-5-Eligible Jobs as of August 2024
The Snake River project is already well under construction, with the community’s lodge hotel scheduled for completion by late 2024. In the meantime, residents and guests can already enjoy the fully operational golf course and other amenities.
As of August 30, 2024, the developer has spent approximately $72.4 million in EB-5 eligible development activities for the Snake River project. These expenditures have created 645.8 qualifying EB-5 jobs, including 427.6 direct positions and 218.2 indirect roles.
This level of job creation more than satisfies the USCIS requirement of 10 jobs per investor, fully meeting the needs of all 63 EB-5 investor slots for the Snake River project.
All current—and future—investors in Snake River can be confident that the project’s documentation and job creation already fulfill USCIS standards.
Therefore, all investors should qualify for initial and permanent Green Cards as long as their personal documentation is approved.
We invite you to read in full the August 2024 economic report for the Snake River project.
Snake River August 2024 Economic Report
Snake River Combines Immigration Safety with Strong Financials
In addition to its I-956F approval and job creation, Snake River is already generating revenue through consistent sales and is steadily progressing toward completion and repaying its investors.
Through its rural status, Snake River also enables EB-5 investors to gain their Green Cards quickly and receive other exclusive benefits.
Financial Safety
- Secure Investment: The project is fully funded with a senior construction loan and backed by multiple institutional investors, ensuring financial stability.
- Progress and Sales: Construction is actively underway, with 10 out of 18 lodge cabins sold at an average price of approximately $3.3 million. Partnering with Compass, the largest independent real estate brokerage in the U.S., enhances the project’s market reach and sales potential.
- Investor Protections: The EB-5 loan is secured by membership interests and first and second mortgages. Investors benefit from a short four-year loan term, the option for partial initial investments below $800,000, and a series of guaranties including I-526E approval refund, job creation, and construction completion.
- Market Appeal: World-class amenities, including a private lodge and an award-winning golf course, ranked #2 in Wyoming. Strategically located just 90 minutes from Yellowstone National Park and 40 minutes from Jackson Hole Airport and Mountain Ski Resort.
Immigration Benefits
- Rural TEA status: Snake River Sporting Club qualifies as a rural TEA project, qualifying investors for faster USCIS processing and access to the 20% EB-5 visa set-aside category.
- Investors in rural projects are receiving their physical Green Cards in as little as 10 months.
- Chinese and Indian investors can potentially avoid years of delays by investing in the rural set-aside visa category.
- Concurrent filing: Visa holders such as H-1B, F-1, E-2, TN, and L-1 can promptly adjust their immigration status and concurrently apply for employment authorization documents (EADs) and travel documents.
Learn More About Snake River and the EB-5 Program
“In the EB-5 industry, it’s rare for all of these factors to come together in a project and create such a high level of financial and immigration safety,” comments Mike Schoenfeld, a managing partner of EB5AN. “We believe Snake River is an exceptional chance for EB-5 investors to reduce their risk and enjoy a smooth immigration process.”
With slots still available for EB-5 investors, Snake River is quickly becoming one of the leading rural projects on the market. We invite you to learn more about Snake River and how the EB-5 program can benefit you by scheduling a free consultation with EB5AN.
