The Requisites
The U.S. Congress created the fifth-employment based immigrant visa category (EB-5) in 1990 for the qualified foreigner willing to invest in a business that will benefit the U.S. economy and create or save, at least, 10 full-time direct jobs.
In 1992 the U.S. Congress extended the EB-5 category to create the EB-5 Regional Center Program, allowing qualifying foreign investors to alternatively invest in projects sponsored by a U.S. Citizenship and Immigration Services (“USCIS”) designated EB-5 Regional Center. Investing through a Regional Center permits the inclusion of indirect job creation for meeting the EB-5 job creation requirements, and allows the investor to take on a more passive investment role i.e. no day-to-day management of the commercial enterprise.
Effective March 15, 2022, the investment requirement is typically US $1,050,000 per foreign investor. A minimum investment of US $800,000 is accepted if the investment is made in a designated Targeted Employment Area, such as a rural or high unemployment area. In the past, the entire island of Puerto Rico has consistently qualified as a Targeted Employment Area and it is expected to continue doing so, and therefore all projects offered by Iconic-Caribbean EB-5 Regional Center will likely require only the minimum of $800,000 investment to qualify for the program.
The Benefits
Upon making the investment, the foreign investor gains the opportunity to become a conditional resident of the United States for a period of two years. This residency status is often referred to as having a Conditional Green Card.
After the two-year period and upon satisfying the requirements of job creation and maintaining the investment in the target business, the investor can apply for the lifting of conditions and upon approval receives unconditional permanent residency in the form of a 10-year Green Card.
After five years of holding a conditional residency/Green Card, the foreign investor can apply for U.S. citizenship. There is no obligation to remain in the United States on a continuous basis as a conditional or permanent resident to be able to apply to become a citizen i.e. travel is possible, but residence in the United States must be maintained during that time.
Immigrant investors may include their spouses and unmarried children under the age of 21 in their EB-5 application.
Please consult your immigration lawyer for applicable procedures and other specifics.
For more on this and other aspects of the EB-5 program, visit the official website at https://www.uscis.gov/EB-5.