The I-829 petition is the final step of the EB-5 investment visa process. The petition includes evidence that the EB5 investor successfully met all program requirements that are stipulated by United States Citizenship and Immigration Services (USCIS). Once the I-829 petition is approved, the investor’s conditional residency status is changed to lawful permanent residency status. This allows the investor, their spouse, and their unmarried children under the age of 21 to live as permanent residents in the United States.
An EB-5 investor can file Form I-829 within the final 90 days of their two year conditional residency period. This is typically done with the assistance of an EB5 immigration attorney to ensure the necessary documentation is included. After USCIS receives an I-829 petition, they will issue a notice of receipt to the investor. The investor should receive this notice within two to three weeks after filing their petition. With the receipt notice, the investor’s conditional residency status is extended for 24 months to account for I-829 processing times. If these 24 months pass without petition adjudication, an investor’s conditional residency status is extended in one-year increments while the I-829 petition is pending.
If an investor’s I-829 petition is approved, they and their derivative beneficiaries will be granted permanent resident status. Although this status is valid for life, it must be renewed every 10 years. Being a permanent resident comes with a variety of benefits, including the ability to apply for U.S. citizenship through naturalization after five years of continuous residence in the nation.
On the other hand, if an EB5 investor’s I-829 petition is denied, they will face immigration proceedings for another chance to obtain I-829 approval. If this fails, an investor will likely face deportation unless they can find some other means of maintaining lawful status in the U.S.