Why Iconic Caribbean?
Besides the advantages explained below of processing your EB-5 visa through us, our local expertise allows us to help you maximize your investment by aiding you in identifying additional tax incentives unique to Puerto Rico that could apply to you.
A foreign investor can participate in the EB-5 visa program on their own by making a direct investment in a new business in the United States that creates and/or saves the requisite 10 jobs for qualifying U.S. workers within two years. However, there are significant advantages to making your investment through a designated EB-5 Regional Center like Iconic Caribbean:
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Of the approximately 10,000 EB-5 Green Cards that are made available each year by the U.S. Citizenship and Immigration Services office, 3,000 are reserved for foreign nationals who choose to invest through a Regional Center.
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By pooling your investment with that of other foreign nationals through a Regional Center, you do not have to get involved in the day-to-day management of the commercial enterprise you are investing in and can enjoy the freedom of being a limited partner.
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Investing through a Regional Center allows for a more flexible and expansive definition of the requisite job creation or preservation criterion, to include indirect jobs created or preserved. This broader measure does not apply to employment generated by direct investments.
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As mentioned in the EB-5 Program’s Overview section, effective March 15, 2022, the minimum investment requirement is $1,050,000. However through Iconic Caribbean EB-5 Regional Center, this amount is reduced to just US $800,000 because of Puerto Rico’s likely continued designation as a Targeted Employment Area.
Our Process
Once a project is selected for sponsorship by Iconic Caribbean and offering documents have been prepared, our network of overseas (non-US based) marketing agents begins signing up foreign investors to specific projects.
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In general, overseas marketing agents find foreign investors, screen them for financial eligibility to participate in the EB-5 program, provide them with an overview of the EB-5 process, and share with them the offering documents of Iconic Caribbean’s sponsored projects on a select and tracked basis.
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Investors pay Iconic Caribbean a processing fee for participating in the Regional Center’s EB-5 program, part of which may be used to pay overseas marketing agents’ fees.
Our 12-Step Process
Below is the 12-step summary of what a foreign/immigrant investor can expect once he or she has decided to participate in Iconic Caribbean’s EB-5 program via one of its projects as outlined to them by an authorized party, such as an overseas marketing consultant:
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Investor fills out the Investor Profile form to help determine financial eligibility.
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If eligible, the investor will receive offering documents of investment project from overseas marketing consultant.
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Investor appoints/engages an Immigration Attorney at own expense.
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Upon satisfactory review of offering documents, the investor signs a Subscription Agreement and sends funds by wire transfer, typically to an escrow account designated in offering documents.
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Investor provides his or her Immigration Attorney with evidence of legal source of investment funds and other information required for filing the I-526 petition for conditional residence/Green Card; Iconic Caribbean supports preparation of I-526 by providing requisite project and job creation information. Iconic will also provide the investor, in most cases, with a template I-526 petition which will improve the odds of individual I-526 petition approval and will also typically reduce the approval time of individual I-526 petitions as well as the related attorney’s fees. Estimated time to filing I-526 is 3-4 months i.e. when critical mass of investors has been reached per offering documents.
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Upon filing I-526 for conditional residency, investor’s investment funds and fees are partially released from escrow per the terms of offering documents, which includes refund in case of I-526 denial.
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Current estimated processing time of the I-526 petition is 31.5-52 months. Estimated processing time of the US Consulate interview for a foreign investor resident overseas/ adjustment of status once the I-526 petition is approved is 3-6 months (if temporarily resident in United States, your Immigration Attorney will advise). Once conditional residency is approved by US Citizenship and Immigration Services, remaining escrow funds and fees are released and investor may no longer withdraw.
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Investor begins receiving quarterly updates on their investment.
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In most projects, the investor may be eligible to receive a nominal interest on their investment, even though in order to comply with applicable EB-5 requirements, there is no guarantee.
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Investor will receive from Iconic Caribbean a reminder notice of due date of the I-829 filing 4 months before end of the two-year period of conditional residency; this filing to remove conditions from residency and obtain permanent Green Card is due in the last 3 months of the two-year residency period. Iconic Caribbean will support the I-829 filing preparation by providing the required job creation data.
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Irrespective of how long it takes to process the I-829 petition (currently about 22.5-45 months), the investor can apply for US citizenship 5 years after conditional residency was granted provided they have maintained residency in the US during the period. Other factors which influence ability to gain citizenship include no felonies or tax evasion, among others.
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The average investment term currently is 8-10 years i.e. when the investor may be able to exit project partnership and receive funds, based on the current estimated period for final adjudication of an I-829 petition.
Our Expertise
Our experience has been gained through multiple and varied projects executed throughout Puerto Rico, across the U.S. mainland, select countries in Asia, Eurasia, sub-Saharan Africa, the Middle East and North Africa, as well as Central and Eastern Europe. We speak six languages and have served as a bridge between the United States and many countries in a number of industries over a period of thirty-plus years.
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Over 45 years in US federal, state and local project management.
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Over 35 years in project and real estate finance.
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Over 30 years in audit, accounting and financial management.
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Over 30 years in construction project development.
Our Strategic Partners
We have partnered with some of the top EB-5 service companies in the United States to provide advice and support for your EB-5 investment and visa process, covering a range of sectors such as:
Economic Studies
Baker Tilly
Heidi Calero Consulting Group
Escrow Management & Reporting
JTC Group
Members
Miguel Ferrer
Leena El-Ali
Roberto Cacho
Other Team Members
Other Team Members
Matthew Virkstis
Corporate Principles
Core Identity
Bridge Building: Like Puerto Rico itself, we believe we are uniquely positioned geographically, culturally, and through our historic experience to serve as a vibrant two-way bridge between the US and the rest of the world.
Core Value
Win-Win: We are inspired by a mission that helps foreign investors and their families start a new life in the United States, while simultaneously creating sustainable jobs in Puerto Rico.
Core Commitment
Diligence: Whether in terms of the projects we choose to sponsor, our monitoring of your investment, or our support of your visa application process with requisite data and other information, we commit to being there from A to Z.