EB-5 Investor Green Card Update

There have been a number of developments on EB-5 investor green cards. The EB-5 immigrant investor category allows a person and his or her dependent family members to get a green card (i.e., live permanently in the U.S.) by investing in the U.S. and creating or saving 10 U.S. jobs. The minimum amount of investment is $500,000 if invested in a rural or high unemployment area. Otherwise one must invest at least $1,000,000. Most invest in limited partnerships called Regional Centers and the investment amount including their fee is $525,000 to $550,000. People can create their own business as well.

Congress has passed a three-year extension of the Regional Center statute which now sunsets October 30, 2012. Senator Leahy, Chair of the Senate Judiciary Committee, has introduced a bill for a permanent extension – a link to the bill is found on my web page http://www.aboutvisas.com/ in the EB-5 section. It contains my proposal for a “good faith waiver” in case the 10 jobs are not created through no fault of the investor. This is a safety net which I proposed and is being supported by many others.

USCIS has begun to process cases faster. USCIS announced at the American Immigration Lawyers Association (AILA) first all EB-5 conference that they would decide a sample EB-5 petition for the Regional Center so that the center project aspect of the EB-5 investor case did not have to be decided with each investor’s application. The investors still must prove the investment is made, funds are at risk and the funds come from a legal source. This new process should streamline the deciding of cases.

I spoke at AILA’s EB-5 conference on the process of obtaining removal of conditional resident status, the I-829 application.

I have learned this fiscal year (beginning 10/1/09) that 422 EB-5s have been issued conditional green cards. Most were cases which could not be completed in September, the last month of fiscal year 2009.

The EB-5 classification is one of the fastest ways to immigrate compared to the other slow immigrant EB-2 and EB-3 preference categories.

Contact me for an EB-5 flowchart explaining the EB-5 immigration process.

Martin