The path toward getting legal permanent residency in the U.S. has always been a confusing journey with many different options to get the same result, a green card. To help streamline the process for investors, the U.S. passed the EB-5 Reform and Integrity Act of 2022 (RIA) to simplify the process of getting a green card for those whose investments would help develop targeted areas of the U.S. while creating jobs in the process.
The EB-5 visa was developed in 1990 to strengthen the U.S. economy by attracting foreign talent and investment capital while also offering a simplified process to obtain a green card. The biggest issues with the program were limited visa availability, which necessitated regular congressional approval for more visas, and the long wait times to get an EB-5 visa. The RIA updated and improved the EB-5 with the intention of simplifying the process of getting a green card while also better facilitating the creation of new permanent jobs and the development of rural areas. There is even an option for multiple people to pool their money at an EB-5 regional center to help facilitate commercial ventures such as building hotels, resorts, and even hospitals as long as there is also job creation.
There are many visas that can give an immigrant a pathway to a green card, but here are some reasons why the RIA updated EB-5 might be the right visa for you:
- EB-5 investors and their families can apply for, and obtain, a green card without having to leave the U.S., skipping lengthy consular processing.
- The EB-5 allows you to apply for work and travel permits when you file your visa petition.
- You don’t have to wait for a specific filing date as the RIA set aside visas specifically for those who invest in rural areas, high-unemployment locales, and infrastructure building projects.
- Petitions for rural projects typically only take 6-12 months to obtain an EB-5 approval. Partial investments are allowed and can come from various sources as long as the funds are legally acquired, and the remainder is paid within a year.
- There are protections for children of EB-5 visa holders to help ensure they don’t age out of the green card process as dependents.
- The strict transparency rules of the EB-5 visa reduces the risk of fraud and protects the investors capital and immigration benefits.
- If you have been denied a non-immigrant visa in the past it won’t affect your eligibility for an EB-5.
Overall, if either you or a few business partners have the capital, the EB-5 is a great choice. It offers reduced waiting times, more protections, and can allow individuals from impacted countries, such as China or India, to skip the long waiting times for other visa. The U.S. visa system isn’t getting any simpler, the time best time to apply for an EB-5 visa is today