EB-5 Investor Visas ("Million Dollar" Investor Green Card)

• What is an EB-5 Immigrant Investor Visa ("Million Dollar" Investor Green Card)?
• Who qualifies?
• What are the advantages of the EB-5 Investment Visa category?
• What are the disadvantages?
• What are the filing procedures?
• How long does the process take?
• Where can I learn more about EB-5 Immigrant Investor Visas?
• Can Peng & Weber help me with this option?

What is an EB-5 Immigrant Investor Visa ("Million Dollar" Investor Green Card)?

The "Immigrant Investor Visa" (EB-5) is an investment-based opportunity for a green card.  Immigration lawyers commonly refer to this green card category as "EB-5," but many people just call it the "million dollar" investor visa.

The general rule is that you can obtain U.S. permanent resident status (i.e., a "green card") through the EB-5 category if you fulfill two major requirements: 1) invest $1,000,000 of legally obtained capital (i.e., not money from drugs, corruption, etc.) in a commercial enterprise in the United States; and 2) create 10 jobs for U.S. workers.

The "investment" requirement can sometimes be lowered. For example, if you invest through a "Regional Center" or within a "Targeted Employment Area," then the investment requirement is only $500,000. ("Targeted Employment Areas" include "rural areas" or "high unemployment area.")

The "create 10 jobs" requirement is relaxed somewhat if you invest in certain ways. For example, if you invest through a Regional Center, CIS allows you to count the creation of "indirect" jobs in addition to the creation of "direct" jobs. The addition of "indirect" jobs makes it easier to meet the "create 10 jobs" requirement. Also, if you invest in a "troubled" business, you can count jobs "saved" in addition to jobs "created." This also makes it easier to meet the "create 10 jobs" requirement.

Who qualifies for EB-5 immigrant investor green cards?

The principal investor and the investor's spouse and unmarried children can all obtain their green cards through this category.

What are the advantages of the EB-5 Investment Visa category?

In general, the EB-5 Investment Visa has the following advantages over employment-based green card options and achievement-based green card options:

• Does not require a PERM labor certification. That is, there is no need to show there is a shortage of U.S. workers to perform your job.
• Does not require a permanent job offer in the United States. In comparison, if you instead use the more common business-related green card category, EB-1C Multinational Executives or Managers (which is the "permanent" version of the L-1A Multinational Executives or Managers nonimmigrant visa), you have to prove that you have a permanent job offer.
• Does not require you to maintain your existing home-country business. If you want to abandon your business operations outside the United States, you can shut down those operations and still obtain your green card in the United States. (You should always check with your immigration lawyer before shutting down your overseas business, though.) In comparison, under the EB-1C Multinational Executives or Managers green card option, you must maintain your business operations in your home country throughout the green card application process.
• Does not require Extraordinary Ability (or "national interest" level achievements) in business. You do not have to be great in business. You just have to have $1 million in legitimately obtained money to invest in the United States.

Disadvantages Compared to Other Options

In general, the EB-5 Immigrant Investment Visa category has the following disadvantages compared to employment-based green card options and achievement-based green card options:

• Requires lots of money. Depending on how and where you invest, you must invest at least $500,000 or $1 million just to meet the EB-5 "investment" requirement. As with investments in real life, however, the green card visa-related investment requires substantial additional work (and money)  above and beyond the investment itself. Therefore, before embarking on this path toward your green card, you need to understand all of the additional work needed and expenses required (administrative fees, legal fees, and other expenses) above and beyond the required investment amount. You should definitely have a financial "cushion" available for unexpected problems that may substantially affect your investment or the 10 jobs being created during the two-year conditional residence period. (Having financial reserves available is especially important if you choose to invest on your own instead of through a Regional Center, because when you invest on your own, you will be directly responsible for ensuring that the enterprise meets the "create 10 jobs" requirement.)
• Involves investment risk and other challenges. All investments involve financial risks (i.e., you could lose your money). There are also several areas of additional risk of investing in a new country, such as the United States. Cultural, language, legal, and business differences can all make your job of investigating and carrying out your investment more difficult in the United States than in your home country.
• Removes your non-immigrant "safety net." Unlike most other green card paths, the EB-5 category gives you "conditional" permanent resident status (i.e., a temporary green card) up front. This "conditional resident" mechanism means that after you receive your conditional green card, you will lose any previous nonimmigrant status (e.g., H-1, L-1, E-2, etc.) you may have had. Effectively, this particular green card mechanism pulls your nonimmigrant "safety net" out from under your green card effort. Therefore, if you plan to go down this EB-5 path to your green card, it is critical that your case is ultimately successful.

Filing Procedures

Obtaining your green card through the EB-5 immigrant investor program is a two-step process. First, you file a CIS Form I-526 Immigrant Petition for an Alien Investor. If you are in the United States at the time of filing, you can also file your Form I-485 Application to Register Permanent Residence or Adjust Status. (If you are not in the United States at time of filing, you will need to obtain your initial temporary green card ("conditional" green card) through consular processing.) Once you obtain your green card, you will be able to keep it for two years while you operate your investment (or while you allow a Regional Center to operate the enterprise to which you contributed the investment funds).

Second, near the end of the two-year conditional residence period (within the last 90 days of that period), you must file your Form I-829 Petition by Entrepreneur to Remove Conditions. If that is approved, you get a permanent green card without any remaining conditions.

How long does it take?

If you do not run into any unexpected trouble along the way, it usually takes one month to several months to prepare your documentation and file your Form I-526 (and, if applicable, your Form I-485). It usually takes several months to a year for CIS to adjudicate these initial applications. It also typically takes several months to a year for CIS to adjudicate your Form I-829 petition to "remove conditions," which you must file within 90 days before the end of your two-year conditional green card period.

Where can I learn more?

You can find more information about the EB-5 Immigrant Investor category in our EB-5 Immigrant Investor Frequently Asked Questions (FAQs) page.

Can Peng & Weber help me with this option?

If you would like Peng & Weber lawyers to help you resolve the many immigration-related challenges of obtaining your and your family's green cards through the EB-5 immigrant investor category, or if you would like more information about this green card category, please contact us for more information.