[Previous entry: "USCIS Announces Proposed Rule to Extend Maximum Stay for TN Nonimmigrants"] [Main Index] [Next entry: "Are you a Frequent International Travler? CBP Now Accepting Applications for Global Entry Pilot Program"]

05/08/2008 Entry: "USCIS Approves Southeast Los Angeles Regional Center for EB-5 Pilot Program"

A person could invest in a government- designated "regional center", create ten jobs "indirectly" and invest only $500,000. 3,000 of the 10,000 visas are reserved for those who invest in a regional center.
A major advantage of investing in a regional center is that the investor does not have to be involved in the day-to-day operation of the business. It is not even necessary that the investor reside in the same state where the investment is located.

The Immigration Act of 1990 included 10,000 green cards per year for investors and their spouses and children. The law required that persons
(1) invest $1 million of their own money into a business;
(2) hire a minimum of ten U.S. workers; and
(3) that the business be "new", that is, created after the day that President Bush signed the bill into law.
If the business was located in either a rural or a high-unemployment area, the person could qualify for an EB-5 green card with a minimum investment of $500,000.
Since there were easier ways for investors to obtain permanent residence, the number of people qualifying under the EB-5 category averaged between 3,000 and 4,000 yearly.
INS regulations were issued to increase the number of investors (e.g., the "troubled business" exception"), yet the number of EB-5 green cards issued never came close to reaching 10,000.

The law was changed to make it even easier to qualify for permanent residence through investment. A person could invest in a government- designated "regional center", create ten jobs "indirectly" and invest only $500,000. 3,000 of the 10,000 visas are reserved for those who invest in a regional center.

One major advantage of investing in a regional center is that the investor does not have to be involved in the day-to-day operation of the business. It is not even necessary that the investor reside in the same state where the investment is located. The investor may continue to work in his own field, may own and operate his/her own business completely independent of the regional center.

Once the person invests in the regional center, an Immigrant Petition by Alien Entrepreneur (form I-526) petition is filed with the USCIS. An Application for Adjustment of Status to Permanent Resident (form I-485) is submitted after the petition is approved if the person is present in the U.S. If the investor is abroad, he must apply for an Immigrant Visa at the U.S. Embassy or Consulate in his country. Since there is no backlog in the EB-5 category, this is a quick and easy way to obtain permanent residence for those who can afford to invest in a regional center. It is also beneficial to our economy since each EB-5 investor creates a minimum of ten jobs for U.S. workers.

Once the green card is approved, the EB-5 investor becomes a "conditional" permanent resident. Before the green card expires in two years, he must submit a "Petition by Alien Entrepreneur to Remove Conditions" (Form I-829). When the I-829 is granted, the investor is granted a ten-year green card.

Print this Page

© 2006 Garmo.com. Disclaimer Site design by Swift Global.