EB 5 Requirements
The EB-5 program has been introduces to help both foreign nations who hold an interest in acquiring a lawful resident status within the U.S. and the nation. Investing in commercial projects in U.S.A., these immigrants help create American jobs, benefiting the country as a whole.
Foreign nationals who wish to obtain an EB-5 eligibility are expected to follow certain requirements that have been set by the United States Citizen and Immigration Service (USCIS). If approved, the green card eligibility is extended to the applicant as well as his or her spouse and unmarried children who are below the age of 21.
BASIC EB-5 VISA REQUIREMENTS
The requirements for an EB-5 visa is majorly capital. The applicant requires a minimum of $1 million (based on current USCIS guidance) to be invested in establishing a new commercial enterprise. In case of investments made in a TEA or Targeted Employment Area, the capital amount is halved. TEAs such as these are found in rural areas or areas where there is high unemployment.
In case of EB-5, high unemployment areas are locations wherein the unemployment rate is a minimum 150% higher than that of the nation. Rural areas as areas outside a town or city with a population of a minimum 20,000.
Individuals who are nonconditional Green Card holders for at least five years can apply for naturalization upon meeting the following requirements:
- Be 18 years or older.
- Have lived within the state, or USCIS district with jurisdiction over the place of residence, for at least three months prior to the application.
- Have continuous residence in the U.S. as a Green Card holder for at least five years immediately preceding the application.
- Be physically present in the U.S. for at least 30 months out of the five years (60 months) immediately preceding the application.
- Reside continuously within the U.S. from the date of application for naturalization up to the time of naturalization.
- Be able to read, write and speak English, and have the knowledge and an understanding of the U.S. history and government (civics).
- Be of good moral character in keeping with the principles of the Constitution of the United States, and well-disposed to the good order and happiness of the United States during all relevant periods under the law
Documents required for EB-5 visa approval
The United States Citizenship and Immigration Services (USCIS) requires the source of the investment to be legal and documented as such. There must also be a proper documentation mentioning how the funds of the investors were acquired. In case of any evidence suggesting that the funds were acquired illegally or if one is unable to figure out the source or enough documentation, the application can be denied.
Other Requirements For EB-5 Visa
The attronery handling your visa application will prepare a form I-526 or the Immigration Petition by Alien Entrepreneur. You would be required to pay an additional $3,675 to file this form along with the attorney fee. The file would also need some documents to accompany it.
The following documents would need to be submitted by the EB-5 investors for investment funds:
Atleast 2 years’ banking records
Previous five years’ personal tax returns
Previous five years’ business tax returns
Proof of business ownership
Certificates of employment
Proof of owning other securities that are relevant
The EB-5 applicant may also make use of gifted funds to make the EB-5 investment. However, the documentation for the same or the sources for these funds remain mandatory. If the funding is partially or completely from gifted funds, the USCIS would require:
Documents stating how the gift was received
Death certification in case the gift was an inheritance
Proof of tax payment of the inheritance
Gift tax returns
In case the fund was donated, the documents stating the relationship between the investor and donor
Documentation by the donor to prove they have the funds to make a gift to the investor
When the funds are a gift, the USCIS would need to ensure that the funds donated were acquired legally.
