Hackensack-based EB-5 Lawyer is Working with Entrepreneurs to Strengthen Communities
The EB-5 visa program is overseen by the United States Citizenship and Immigration Services (USCIS) and provides a way for foreign investors, along with their spouses and young children, to achieve Lawful Permanent Residency if they plan to invest in and maintain economic growth within the United States.
EB-5 visa applicants will be required to make a US $500,000 or $1,000,000 capital investment into a commercial enterprise in the United States. The investment may be in cash, inventory, equipment, secured indebtedness, tangible property, or cash equivalents and is valued based on U.S. dollar fair-market value.
What Else Should I Know About an EB-5 Visa?
If the EB-5 project investment is made in a commercial entity that is located in a targeted employment area (TEA), the capital requirements may vary. For example, if the investment is made either in a rural area or in an area that has high unemployment, the minimum amount of capital required may be decreased from $1 million to $500,000. A high unemployment area is a geographic location with an unemployment rate that is at least 150 percent of the national unemployment rate at the time of the EB-5 investment. Rural areas are geographic regions that are outside of a city with a population of 20,000 or more. Rural areas can also be geographic regions that are outside of what the U.S. Office of Management and Budget has designated as metropolitan statistical areas.
How Does an Investment Qualify for EB-5?
To qualify, the EB-5 investment must generate ten full-time jobs in the United States and must be created within the two-year period after the investor has received the conditional permanent residency. In some cases, the investor must be able to prove that their investment led to the creation of direct jobs for employees who work directly within the commercial entity that received the investment. However, the EB-5 investor may only have to show that 10 full-time indirect or induced jobs were created if the investment was made in a regional center. Indirect jobs are those created in businesses that supply goods or services to the EB-5 project. Induced jobs are jobs created within the greater community as a result of income being spent by EB-5 project employees.
There are several types of business entities in which an EB-5 visa applicant can invest. In general, the applicants can invest directly in a new commercial enterprise or in a regional center. New commercial enterprises are lawful for-profit entities that can take one of many different business structures. Such business structures include corporations, limited or general partnerships, sole proprietorships, business trusts, or other privately or publicly owned business structures. All new commercial enterprises must have been established after November 29, 1990.
However, older commercial enterprises may qualify if the investment leads to a 40-percent increase in the number of employees or net worth, or if an older business is restructured to such a degree that a new commercial enterprise results. In addition to individual business enterprises, EB-5 visa applicants can also invest in EB-5 Regional Centers. Regional centers administer EB-5 projects. It may be more advantageous for an investor to invest in a regional center-run project because the investor will not have to independently set up the EB-5 projects.
How can I Apply for EB-5?
Foreign investors interested in applying for the EB-5 Visa must start by submitting form I-526, the Immigrant Petition by Alien Investor. Once this petition has been approved by USCIS, further forms will detail the plans for your investment, the community you will impact, and the jobs you will be expected to maintain within that community. An immigration lawyer that is knowledgeable about the EB-5 Visa Program will be able to help you make your proposal as impactful as possible, increasing your chances of a successful application.
Can the Law Office of Nita Kundanmal Help Me With an EB-5 Program Application?
If you have any questions about the EB-5 visa program and how to apply for it, do not hesitate to contact the Law Office of Nita Kundanmal today by calling us at (201) 883-9800. We are equipped to work with EB-5 applicants in New Jersey and New York and throughout the United States.