If you’re looking at applying for EB 5 visas, you are probably thinking about where you would like to live. You also want to consider the project you will be investing in. Another concern might be if the EB 5 regional center needs to be in the same state where you want to move. Here is what you need to know about these visas:
How EB 5 Visas Work
When you apply for an EB 5 visa, you will choose a project that qualifies for the program. You will need to invest at least $1,050,000 or $800,000 if the project is in a rural area or an area of high unemployment. The project must also provide or retain at least 10 jobs.
Your first step is to fill out the application and file an I-526 petition with the United States Citizenship and Immigration Services (USCIS). When your application is accepted, you will receive conditional visas for you and your family. You can move to the US where you will live for the next two years.
At the end of the two years, you can apply for a visa with no conditions. The regional center will provide proof of the project that you invested in. The immigration attorney will need to file an I-829 petition to have the conditions removed. You will receive a permanent visa when the petition has been approved.
After five years, you can apply for US citizenship. An immigration attorney will help you with the process of completing the appropriate petitions to receive both visas while the regional center will provide documentation relating to the project you invested in.
Living Restrictions With EB 5 Visas
Your first concern may be about where you can live once you come to the US. The EB 5 program allows you to live anywhere in the US. You don’t need to live in the state where the regional center is located or where the project is established. You must show evidence of living in the country by opening bank accounts, getting a driver’s license, and renting or buying a home. You will file taxes just like any permanent resident, which also helps to establish your residency.
The program requires you to be in the US for at least six months every year to qualify as a resident. You can work overseas as long as you maintain physical residency for half the year. If you live in the US for less than six months, it can be viewed as abandoning your residency.
Managing the EB 5 Project
You may wonder how you will manage or be involved in the project you are investing in if you live in another state. The EB 5 program doesn’t require you to have any involvement in the project beyond the monetary requirement.
To check that your investment is sound and won’t require your attention, you want to do your research ahead of time. Numerous projects exist that qualify for the EB 5 program, but they don’t all carry the same level of risk.
The key to finding the right project begins with choosing the best regional center. Some centers act as middlemen without investing in the projects they represent. Others are the principal owner and invest their own capital, which lowers the risk for EB 5 applicants.
The first type of regional center gets its profits from loaning out EB 5 funds they have raised. The second type sees profits from the success of the projects they represent. They work with the developer and team to control savings and increase profitability.
When you choose the second type of regional center, you are partnering with them in the project. This gives you some added stability and peace of mind, knowing they are monitoring the operations and financial aspects to protect the money you have invested.
Find the Best Regional Center Today
To have that freedom that allows you to live and move wherever you please within US borders, you will need to work with a regional center that gets involved with their projects. The right regional center can help you find a qualifying project and take the appropriate steps so you and your family can receive your EB 5 visas.
