The EB-5 visa is for foreign investors who wish to attain a green card. As part of the application process, foreigners must invest $1,000,000 or at least $500,000 in an area with high unemployment. Whether it is through investing $1,000,000 or $500,000, visa applicants must create at least 10 jobs for U.S. workers. Proving that the investment results in job creation is one of the many complications in a successful Eb-5 process. Some investors choose to send their money to regional centers– many of which have already had success in proving job creation.
Therefore, it can be advantageous for investors to invest in companies or projects that have gained an official regional center designation from the U.S. Citizenship and Immigration Services. Such companies often have a track record of receiving investments from foreigners wishing to be part of the EB-5 visa program.
In order to become a recognized regional center from USCIS, organizers will have to prove that they are an economic entity that is directly involved in the promotion of economic growth and job creation. Companies work with immigration attorneys to submit a plan that focuses on a specific geographical region in the United States. The plan must substantiate how they will promote economic growth in the area. They will also have to provide details regarding how investments in their company will create jobs and how those jobs will benefit the community.
Economic entities that want to become a regional center under the Immigrant Investor Pilot Program will have to fill out Form I-924, provide a significant amount of financial documents and pay a fee of $6,230. Companies will only be approved if the application is filled out accurately and if the business plans clearly show that jobs will be either indirectly or directly created through investment.
Foreign investors should know, however, that investment in a regional center does not automatically result in an EB-5 visa. If the investor’s money is improperly used and insufficient jobs are created, the investor’s petition may be denied. This is why investors would be well advised to research the quality and success rate of the regional center with which they wish to invest. Our experienced Los Angeles immigration lawyers can help. Please contact us at (213) 375-4084 for more information.