This talk will cover what families and foreign students need to know about changing their visa status from F-1 to a work visa category and potentially how to gain permanent residency (or a “greencard”) in the United States.
We will focus on how students and their families can also use the EB-5 Immigrant Investor Program as a vehicle towards a green card. Fragomen Worldwide is the world’s largest law firm practicing exclusively business immigration. The firm employs over 2500 professionals and over 500 attorneys and solicitors and currently has over 43 offices around the world.
Golden Gate Global is licensed by the United States Citizenship and Immigration Services to help facilitate EB-5 Immigrant Investment into high-economic impact projects in multiple regions in the United States. Golden Gate Global’ s proven track record includes over 600 EB-5 investors and 300 million dollars invested in projects over the past 4 years.
Orient and Pacific Vietnam is a trusted partner in global citizenship. We work with top business partners to provide the possibilities of acquiring Permanent Residence of preeminent locations in the world to our individual clients. After careful listening and assessing each clients’ situation, we present available options, advise clients to make the best choices and develop a plan of action to make it happen.
EB-5 PROGRAM OVERVIEW
Congress created the fifth employment-based preference (EB-5) immigrant visa category in 1990 for qualified foreigners seeking to invest in a business that will benefit the U.S. economy and create or save at least 10 full-time jobs.
The basic amount required to invest is $1 million, although that amount is reduced to $500,000 if the investment is made in a rural or high unemployment area. Of the approximately 10,000 EB-5 green cards available each year, 3,000 are reserved for foreign nationals who apply through a USCIS investment program.
More Information About The EB-5 Regional Center Investment Program
To encourage immigration through the EB-5 program, Congress created a pilot program in 1993. The program specifically sets aside 3,000 visas annually for foreign investors who apply through a United States Citizen and Immigration Services (USCIS) designated Investment Program.
An investor seeking a visa through a direct investment must generally make a qualifying investment of $1 million and demonstrate that at least 10 jobs were directly or indirectly created through the investment. Certain rural, high unemployment or Targeted Employment Areas (TEA) qualify for a lesser capital investment of $500,000. Lucky’s Market is a direct investment program.
An investor seeking an EB-5 immigrant visa through a direct investment must also demonstrate that at least 10 jobs were directly or indirectly created through the investment. The Lucky’s Market utilizes a USCIS approved job methodology to measure and verify a qualifying project’s required job creation.
An investor seeking an EB-5 immigrant visa through a designated regional center must also demonstrate that at least 10 jobs were directly or indirectly created through the investment. The Lucky’s Market utilizes a USCIS approved job methodology to measure and verify a qualifying project’s required job creation.
Before participating in a Direct Investment EB-5 investment program, each investor independently petitions USCIS for an EB-5 visa. Qualified investors investing through a Direct Investment receive a conditional green card valid for two years. The investor, spouse and unmarried children (under age 21 at the time of petition) can then apply for permanent residency based on investment. If approved, the investor and his immediate family become permanent green card holders and can later apply to become U.S. citizens. Upon receipt of conditional permanent resident status, the investor and immediate family are entitled to the same benefits as other lawful permanent residents.
Please contact Orient & Pacific Vietnam for more information about EB-5 visa.
Orient & Pacific Vietnam is a trusted partner in global citizenship. We work with top business partners to provide the possibilities of acquiring Permanent Residence of preeminent locations in the world to our individual clients. After careful listening and assessing each clients’ situation, we present available options, advise clients to make the best choices and develop a plan of action to make it happen.
- No quota backlogs like those found in many other employment and sponsorship visa programs.
- Foreign investors use their own funds and do not need sponsorship from relatives or employers.
- Day to day management responsibilities are not required by investor.
- Ability to live and work anywhere in the United States.
- Foreign investor is not required to speak English, have related business experience, or achieve minimum education requirements.
- The right to travel outside of the United States and return to the United States without a visa.
- Education at colleges and universities for students at U.S. resident costs.
- Ability to apply for U.S. citizenship once you have been a permanent resident for more than five years.
- You can develop and run your own business.
- You do not need a family member or employer to sponsor you.
- You can sponsor Green Cards for your relatives
- Investment capital can come from a gift, inheritance, business ownership, or any other lawful activity.
- Targeted Employment Areas (TEA) that require a lesser capital investment of $500,000.
- Qualification by both direct and indirect employment creation of at least 10 jobs.
EB-5 ELIGIBILITY & REQUIREMENTS
USCIS administers the Immigrant Investor Program, also known as “EB-5,” created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. All EB-5 investors must invest in a new commercial enterprise, which is a commercial enterprise:
– Established after Nov. 29, 1990, or
– Established on or before Nov. 29, 1990, that is:
- Purchased and the existing business is restructured or reorganized in such a way that a new commercial enterprise results, or
- Expanded through the investment so that a 40-percent increase in the net worth or number of employees occurs Commercial enterprise means any for-profit activity formed for the ongoing conduct of lawful business Joint venture
Job Creation Requirements
- Create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor’s admission to the United States as a Conditional Permanent Resident.
- Create or preserve either direct or indirect jobs: Direct jobs are actual identifiable jobs for qualified employees located within the commercial enterprise into which the EB-5 investor has directly invested his or her capital.
**Note: Investors may only be credited with preserving jobs in a troubled business.
Capital Investment Requirements
Capital means cash, equipment, inventory, other tangible property, cash equivalents and indebtedness secured by assets owned by the alien entrepreneur, provided that the alien entrepreneur is personally and primarily liable and that the assets of the new commercial enterprise upon which the petition is based are not used to secure any of the indebtedness. All capital shall be valued at fair-market value in United States dollars. Assets acquired, directly or indirectly, by unlawful means (such as criminal activities) shall not be considered capital for the purposes of section 203(b)(5) of the Act.
**Note: Investment capital cannot be borrowed.
Required minimum investments are:
- General. The minimum qualifying investment in the United States is $1 million.
- Targeted Employment Area (High Unemployment or Rural Area). The minimum qualifying investment either within a high-unemployment area or rural area in the United States is $500,000.
A targeted employment area is an area that, at the time of investment, is a rural area or an area experiencing unemployment of at least 150 percent of the national average rate.
A rural area is any area outside a metropolitan statistical area (as designated by the Office of Management and Budget) or outside the boundary of any city or town having a population of 20,000 or more according to the decennial census.
For more information about EB-5 immigration, please visit the USCIS website: www.uscis.gov
EB-5 IMMIGRATION PROCESS
The foreign investor must complete three phases of the application process to become a permanent US resident:
Step 1 – To obtain immigrant investor status, the foreign investor must submit a completed Immigrant Petition by Alien Entrepreneur Form (Form I-526) to US Citizenship and Immigration Services (USCIS) along with supporting documentation clearly demonstrating that the investment meets all EB-5 requirements. Lucky’s Market provides all the necessary documentation to the Investor’s attorney to satisfy the requirements for the EB-5 investment application. Upon approval of the I-526 Petition, this will be the foundation for Step 2.
Step 2 – If the foreign investor is residing within the US and has received Form I-526 approval, he or she may obtain conditional resident status by submitting a completed Application to Register Permanent Residence or Adjust Status (Form I-485) to USCIS. If residing outside the US, the foreign investor must apply for an immigrant visa at a US Consulate abroad. The Investor’s attorney will instruct the EB-5 Investor and family with the location and required procedure.
Step 3 – During the 90-day period prior to the expiration of the conditional period, the investor should file a completed Petition by Entrepreneur to Remove Conditions (Form I-829) to USCIS. In this petition, the foreign investor must demonstrate that the investment was sustained over the two-year conditional period, and the requisite jobs were created. Lucky’s Market provides the required documentation to satisfy the EB-5 employment creation to the Investor’s attorney. Upon approval of the I-829 petition, the conditional nature of the green card is lifted and full permanent residence is granted to the investor and the investor’s family members under 21 years of age.
Please contact us if you are interested in this opportunity.