Indians increasingly seeking EB-5 Visas for resettling in the US

Indians are opting for EB-5 Visas in large numbers for resettling in the US amidst worries about job cuts as revealed by the latest data from United States Citizenship and Immigration Services.

For obtaining the EB-5 Visa which is on par with the US Green Card, individuals have to make an investment of at least $800,000 for creating at least 10 job opportunities. Through this program, investors inclusive of their spouses along with single children less than 21 years are qualified to file an application for legal Permanent Residency provided they:

• Make the required investment in a business enterprise in the US
• Intend to create or preserve ten full-time jobs for eligible US workers

The fifth preference employment-based Visa received by the participants of this program is popularly known as the EB-5 Visa.

The Immigrant Investor EB-5 Visa Program is administered by the USCIS. It was created in 1990 by the US Congress for stimulating the nation’s economy through financial investment and the creation of jobs by overseas investors. The program was launched as a pilot initially in 1992 and has been reaffirmed repeatedly after that.

Investors are also eligible for classification under EB-5 by making investments through USCIS-designated Regional Centers as per proposals for the promotion of economic growth.

EB-5 Reform and Integrity Act

US President Joe Biden assented to the EB-5 Reform and Integrity Act on 15th March 2022. This was under the Appropriations Consolidated Act, 2022 (Public Law 103-117). It created the latest criteria for the EB-5 Visa and Program for Regional Center. US Immigrant Visas are sanctioned under this program till 30 September 2027.

The policy of the USCIS regarding adjudications on EB-5 is in the USCIS Policy Manual – Volume 6, Part-G for applications filed prior to and after the EB-5 Reform and Integrity Act was enacted. USCIS will regularly revise its policy manual with the provisions of this act.

All investors under EB-5 have to make investments in a fresh business enterprise that was launched:

• After 29 November 1990; or
• Before or on 29 November 1990, which was:

§  Bought and the current business is redesigned or rearranged in a manner that results in the creation of a fresh commercial enterprise; or

§  Expanded via investing and resulting in a minimum of 40% hike in the number of employees or net worth

A fresh business enterprise implies any profit-making activity formed for carrying out the operations of the current legal business inclusive of:

• A single proprietorship
• Partnership – general or limited
• Holding firm and its fully-owned subsidiaries
• Business Trust
• Joint Venture
• Corporation
• Limited Liability Business
• Other entities which can be owned privately or publicly

The above definition is not inclusive of noncommercial activity like owning and managing a personal residence.

Immigrant Petition by Standalone Investor - Form I-526, or by Regional Center Investor- Form I-526E

You can submit an application for Registering Permanent Residency or Adjustment of Status Form I-485 along with Form I-526 or I-526E if an Immigrant US Visa is instantly available for you. This is during the processing of these forms or after their approval.

For ensuring that an Immigrant Visa is instantly available for you while you submit the form I-585, you can refer to the Priority Dates and Visa Availability and Status Adjustment Filing Charts in the USCIS website’s Visa Bulletin pages or Visa Bulletin.

After approval of your Application Form I-526 or I-526E by USCIS, either:

• Submit Application for Alien Registration and Immigrant Visa DS-260 Form with the Department of State in the US for receiving the EB-5 Visa overseas to obtain approval for arriving in the US; or
• Submit Application for Adjusting Status or Registering Permanent Residence I-485 Form with USCIS (if you have not already submitted form I-485 before approval of Form I-526 or I-526E) for adjusting status to provisional PR within the US

After your I-485 Form is approved by the USCIS or after arrival in the US on an Immigrant Visa, the EB-5 Investor and the accompanying family members get a provisional PR for a 2 years period.

You have to submit I-829 Form Application by Investor for Removal of Conditions on Status as Permanent Resident within 3 months immediately prior to the 2nd anniversary of your status adjustment or arrival to the US as a provisional PR. If this application is approved by the USCIS, it will eliminate conditions from your legal PR status and from any accompanying dependents included in your application.