Frequently Asked Questions
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In 1990, under section 203(b)(5) of the Immigration and Nationality Act (INA), 8 U.S.C. § 1153(b)(5) the US Congress created the fifth employment-based preference (EB-5) immigrant visa category. Each year, the provision grants 10,000 immigrant visas to qualified individuals seeking permanent resident status on the basis that their investment in a new commercial enterprise will benefit the U.S. economy.
To encourage immigration through the EB-5 program, Congress created a Program in 1992. The program specifically sets aside 3,000 visas annually for foreign investors who apply through a United States Citizen and Immigration Services (USCIS) designated Regional Center Investment Program. Investing through a Regional Center allows for the inclusion of both direct and indirect job creation, and permits the investor to take on a more passive investment role i.e no day-to-day management responsibilities.
Effective March 15, 2022, an investor seeking an EB-5 immigrant visa through a designated regional center must generally make a qualifying investment of US $1,050,000. Certain high unemployment or rural areas (known as Targeted Employment Areas) qualify for a lesser investment of $800,000.
Additionally, the foreign investor must demonstrate that at least 10 jobs were directly or indirectly created through the investment.
There are 10,000 EB-5 visas available to qualified foreign investors each year, and 3,000 of those visas are reserved for foreign nationals who invest through a USCIS designated Regional Center.
Effective March 15, 2022, the minimum capital requirement is US$800,000 when you select a project in a Targeted Employment Area; for all other projects, the capital requirement is US$1,050,000. All projects offered by Iconic Caribbean are expected to require the minimum of $800,000 investment if Puerto Rico as a whole continues to be designated a Targeted Employment Area.
Legally yes. However, people from countries that do not have reliable tax and other financial documentation will need to be more actively involved in proving the legal source of their investment funds to process an EB-5 visa application.
In 2015 and 2016, the USCIS approval rate of initial EB-5 visa applications (form I-526) was 87% and 77% respectively; the fiscal 2016 approval rate of removal-of-conditions applications (form I-829) was 95%.
The most common reason an applicant is rejected for an EB-5 visa is that the applicant cannot prove that the investment capital was legally earned.
It is strongly recommended that every foreign investor who invests with Iconic Caribbean enter into a separate representation agreement with an attorney of their choice or with an attorney recommended by Iconic Caribbean. We are familiar with highly qualified and experienced members of the American Immigration Lawyers Association.
The attorney shall prepare the I-526 Petition for you as a foreign national investor. Upon approval of the Petition, the appointed Immigration Attorney shall guide you through the consular processing/adjustment of status phase, and in the third phase is the application for conditional residency which consists of consular processing or an adjustment of status application. Before the end of the two-year Conditional Permanent Residency period, the appointed Immigration Attorney shall prepare for you Form I-829, the Immigrant Petition to Remove the Conditions of your Permanent Residency. Approval of your I-829 is the final step necessary for you to obtain unconditional Permanent Residency/Green Card.
Rejection in the past does not disqualify the applicant, unless the reasons relate to immigration fraud or other grounds of inadmissibility or removability. It is most important that all criminal, medical, or U.S. immigration history problems be disclosed to the Limited Partnership and Immigration Attorney in advance of application.
A “conditional” Green Card is valid for two years, after which it is automatically renewed for an additional year at a time as necessary until the I-829 petition is adjudicated. During the 90 days before the card expires the cardholder must file a petition to remove the conditions or they will lose the opportunity to apply for permanent resident status.
A conditional Green Card is a temporary Green Card valid for two years. One year and nine months after it is issued, a three-month window opens up during which an individual must file another application with the USCIS to verify that all of the funds have been invested and the required employment has been created. Otherwise, the two cards offer the same rights and privileges. When the conditional resident status has been lifted, full resident status is granted and a permanent Green Card is issued.
Yes, you must submit to and pass a medical examination either as part of the U.S. Consular or Adjustment within the U.S. process before a conditional EB-5 Visa is granted.
Yes, family members may interview in different countries. For example, a family member studying in the U.S. would not have to return to the country of origin. Please consult your Immigration Attorney for status adjustment procedures within the United States.
No, this is not a requirement.
Husband, wife and any unmarried children under the age of 21. It is possible for adopted children to be included in the family.
Permanent residency entitles an investor to the same benefits as a U.S. citizen with a few exceptions: you do not have the right to vote, hold public office, or work as a federal employee as a Green Card holder.
Upon receiving the visa at an overseas U.S. Consulate the investor must enter the United States within 180 days of visa issuance. The investor must then establish residency by renting or buying a home, opening a bank account, obtaining a social security number or driver’s license, etc.
You are entitled to travel outside of the United States for up to six months at a time during the period, however there may be variations so it is important to consult your Immigration Attorney. Staying for long periods of time outside of the US could lead to a bar/revocation of an investor’s permanent residency. Please consult your Immigration Attorney for details. If you need to travel for more extensive periods, you must apply for a travel permit and confirm that you are not abandoning your US residency. It is important to note, however, that extended time spent outside of the United States may be deducted from the total requirement of U.S. presence when applying for citizenship. Please consult your Immigration Attorney.
You have to be a Green Card holder for 5 years to become a U.S. citizen. This time can include the two years with a “conditional” Green Card.
No, an EB-5 visa holder is free to live, work, attend school, or retire anywhere in the United States or its territories, irrespective of the location of the investment. That said, Puerto Rico offers unparalleled tax advantages for new residents and businesses, including no federal income tax, as outlined here.
A Limited Partnership is a business organization with one or more General Partners who manage the business and assume its legal debts and obligations, and one or more Limited Partners who enjoy rights to the Partnership’s cash flow in proportion to their investment.
The Limited Partners are passive investors liable only for the value of their investment. The limited partnership income is taxed at the partner level, not at the entity level.
The Limited Partnership agreement lists the names and percentage interests of the Limited Partners. The deed for the investment property is held in the name of the Limited Partnership, which is public record. This means the property cannot be sold, mortgaged or altered without complying with the terms of the Limited Partnership agreement. Iconic Caribbean only works with experienced and established partners. We provide rigorous due diligence for each business. We work with the EB-5 business or project to plan aggressive and realistic financial goals.
No. U.S. regulations require an “at risk” investment without guarantees or redemption rights. As in any investment there is a risk of total loss. All investors are provided with sound references to permit independent verification of the information contained in the investment prospectus. Iconic Caribbean urges prospective foreign investors to please consult their own financial advisors for advice on investing through this program.
The full investment amount or $900,000 may be returned to the investor if their I-526 petition is denied. Each project has its own offering documents which specify the terms and conditions of refund due to denial.
Yes, provided that any applicable gift taxes are paid. It must be demonstrated that the gift is an actual transaction and is a not a ruse or that the gifted funds will be given back after permanent resident status is granted.
No, the investor is not required to have a certain level of education or business experience. Iconic Caribbean does require that the investor be accredited i.e. meet suitable standards of income and/or net worth, and it is requirement to prove with supporting documentation that the source of investment funds is legal.