The EB-5 visa is one of the most sought-after options for visa applicants who desire to obtain permanent residency in the United States. However, recent changes affected many aspects of the process of applying and obtaining an EB-5 visa.
In this article, you will find out how long it takes to get a green card through the EB-5 program.
What is the EB-5 Program?
Under the EB-5 program, investors are eligible to apply for a green card if they make the necessary investment in a US business and plan to create/preserve ten permanent full-time jobs for US workers.
Hence, investors can obtain a green card for themselves, their spouse, and their children (under 21) by either investing in a regional center project/commercial enterprise or investing in a Target Employment Area (TEA).
What is the Required Investment Amount to Obtain an EB-5 Visa?
For more than a decade, the amount of investment required to qualify for an E-B5 visa was $500,000. In November 2019, the required investment amount changed, as prospective EB-5 investors were required to invest at least $900,000 to participate in the program.
However, California-based company Behring Regional Center filed a lawsuit against the Department of Homeland Security. In the lawsuit, the company alleged improper factors related to the recent increase in the required amount by the EB-5 program.
In response, on June 22, 2021, the federal judge responsible for the case determined that the Department of Homeland Security incurred procedural errors when enacting the rule in 2019.
As a consequence, US Citizenship and Immigration Services (USCIS) officially updated its website affirming that “we are applying the regulations in effect before Nov. 21, 2019, on this website and in the USCIS Policy Manual, Volume 6, Part G, Investors.”
In essence, it means that the minimum investment required for prospective EB-5 has returned to the historical $500,000.
However, if the Department of Homeland Security corrects the procedural errors that invalidated the rule in court, they might be able to increase the required investment amount again. To avoid unexpected issues, prospective EB-5 investors should apply for a green card as soon as possible.
Applying for an EB-5 Visa in Florida – Step-by-Step
Selecting an EB-5 Investment Option
The first step for EB-5 applicants is researching to find a project to invest in. Typically, EB-5 investors have two options in Florida, which are either investing in a new commercial enterprise or investing in a Regional Center project.
As provided by US Citizenship and Immigration Services (USCIS), an EB-5 regional center is a US economic unit, public or private, that is involved with promoting economic growth. This way, the USCIS designates the regional centers for participation in the EB-5 program.
Making the Required Capital Investment and Filing an I-526 Petition
After selecting an EB-5 investment option, the applicant must invest the required investment amount in the chosen project. Currently, the minimum investment required is $500,000.
In Florida, many EB-5 applicants invest the required amount using an escrow account. With the money held in escrow, the applicant can have his/her legal advisor in Florida file Form l-526 (Immigrant Petition by Alien Investor) with USCIS.
Usually, USCIS informs applicants whether or not their petition has been accepted after 4 to 6 months.
Applying for an EB-5 visa is complex, as there is a wide array of requirements that applicants must comply with to obtain a US green card. Accordingly, it is fundamental to rely on the guidance of an expert business attorney in Florida to ensure a positive outcome.
How Long Does It Take to Get a Green Card through EB-5? – 2021 Overview
Currently, the average processing time for an EB-5 visa is six months. When the applicant meets all the requirements, USCIS usually approves the initial application and petition within 60 days from the date of filing.
After receiving USCIS approval, applicants must wait for the agency and the US Department of State to schedule an interview. Once an applicant receives the green card, it has a two-year period of imposed conditions, which are:
- Proving the legitimacy of the business investment
- Ensuring that the business has hired ten full-time US employees
After two years, the foreign individual under EB-5 status must go back to USCIS and request the removal of the conditions. This process usually is complex, but most applicants get their unconditional green card as long as they have met the pre-established conditions.
Work with Jurado and Associates, P.A. Today to Obtain an EB-5 Visa
Although getting a green card through EB-5 can be fast, the process is complex and time-consuming. To avoid stressful situations, call Attorney Romy B. Jurado, Esq. today at (305) 921-0976 or send an email at [email protected] to schedule a consultation.
