If you are looking to come to the United States to carry out an investment project, understanding how this process works is critical. Generally, you’ll need to begin by applying for the appropriate visa, which in these instances is an EB-5 visa. If you’re unsure what an EB-5 visa is or if you meet the eligibility requirements, you’ll want to keep reading. The following blog explores what you must know about these important matters and the importance of working with Fairfax County work visa lawyers to help you through this process.
What Is an EB-5 Visa, and Who Qualifies?
There are a number of different employment-based visas that are classified by “preference categories.” Essentially, each type of visa has a certain percentage available annually based on the demand of each category. For example, EB-1 visas are available for priority workers, meaning those with extraordinary abilities, and this category receives 28% of the 140,000 employment visas available for workers annually.
An EB-5 visa is the final and lowest preference category, offering only 7.1% of visas for eligible individuals each year. This category focuses on foreign investors looking to create businesses.
In order to qualify for an EB-5 visa, the applicant must invest between $800,000 and $1,050,000 for current applications. The amount you invest will depend on the employment rate in the targeted area. If the area has a high rate of unemployment or is rural, the investment value will decrease. However, if you filed your application prior to March 15, 2022, this amount must be between $500,000 and $1,000,000. Additionally, the investment must create full-time employment opportunities for citizens, lawful permanent residents, or other eligible individuals. This cannot include the investor or their family.
What Steps Must I Take to Apply?
If you wish to apply for an EB-5 visa, it’s important to understand how the application process works. Generally, the first thing you’ll need to do is file Form I-526, Immigrant Petition by Alien Investor. It is critical to understand that the associated fee with filing a Form I-526 is $11,160, and the processing time is generally around 70 months.
In addition to filing the completed form, you’ll need to submit a considerable amount of supplemental documentation. First and foremost, you’ll need to provide the documents showing that your business venture is legitimate and planned out. This includes articles of incorporation or partnership agreements. You will also need to submit a business authorization, evidence of your investment in the appropriate targeted investment area, and evidence of job creation.
As you can see, there is a considerable amount of documentation that goes into the application process for an EB-5 visa. Additionally, this process can be incredibly expensive, with the final fee total generally amounting to over $20,000. That is why it is critical to connect with an experienced attorney during this process. Just as you wish to invest in a business, you should invest in the assistance of the team at Goel & Anderson to assist you in applying. Our legal team will do everything possible to ensure this process goes as smoothly as possible. Contact us today to learn how we can fight for you.
