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Congress created the Immigrant Investor Program in 1990 to stimulate the U.S. economy by allowing alien investors to invest capital and create new jobs in the U.S.
An investor must have $500,000 or $1,000,000 to invest in a new business, a reorganized business or a through the expansion of an existing business resulting in at least a 40% increase in net worth and or the number of employees.
The investor must be a manager or policy-maker in the business and must invest the required amount. The lesser amount of $500,000 must be invested if the new or reorganized entity is located in a Target Employment Area (TEA).
The investor may create jobs by applying to the Basic Program or to the Regional Center Pilot Program. The Regional Center Pilot Program, created in 1992, allocates 10,000 EB-5 visas each year. The same investments amounts apply to applicants to both the Basic and Regional Center Pilot Programs and the business entity that is established by the investor must be within the United States.
When applying to the Regional Center Pilot Program, the foreign investor must file a Regional Center Proposal with the appropriate Service Center to request approval of the proposal by the USCIS, and designation of the entity that filed the proposal as a regional center.
When applying through either the Basic or the Regional Center Program each foreign investor must file an individual I-526 petition to establish his or her eligibility for classification as an EB-5 alien investor. Once the EB-5 petition is approved, the investor must file an I-485 Application to Register Permanent Residence or Adjust Status, or apply for an immigrant visa in his or her country of origin, in order to obtain Conditional Permanent Resident (CPR) status.
The foreign investor must create or preserve ten full time jobs for qualifying U.S. workers within two years of the his or her admission to the U.S. as a CPR. The ten jobs that are created by the entrepreneur may be direct, indirect or induced. (Induced jobs include jobs created to provide services that the direct employees or other workers use thereby stimulating the local economy).
Within 90 days of the two year anniversary of the alien entrepreneur’s admission to the U.S. or adjustment of status as a CPR the investor must file an I-829 Petition to Remove Conditions.
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