To get an EB5 visa, there are 5 basic requirements:
- You must invest in a new commercial enterprise.
- An investment of $1 million (or $500,000 if the investment is located in a targeted employment area).
- The investment must lead to the creation of 10 full-time jobs for US workers.
- The investment funds must be put at risk (meaning that the funds cannot just sit in the business bank account, they must actually be spent).
- The source of investment funds should be transparent and compliant with FEMA.
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EB5 Visa Procedure Step by Step:
The process of getting an EB5 visa has multiple steps.
1. Put funds at risk: You are first required to put your investment funds at risk by actually investing the funds or through a qualifying escrow arrangement.
2. Form I-526: Once the funds are invested, you can then file the Form I-526. The I-526 is the initial form you are required to file for your EB5 visa. Once the I-526 is approved, you can then apply for your immigrant visa or apply to adjust status if you are in the US.
3. Visa Processing/Adjustment of Status: The Form I-526 does not give you any status in the US. Once your Form I-526 is approved, you will need to either apply for an immigrant visa (if you are outside of the US), or you will apply for an adjustment of status (if you are in the US in a valid non-immigrant status).
4. Conditional Permanent Residency: Once enter the US with your EB5 visa, or your adjustment of status petition is approved, you are classified as a conditional permanent resident for a 2-year period. As a conditional permanent resident, you have all of the same rights as a permanent resident with the exception that your status as a permanent resident only lasts for a 2-year period. During this time, you are required to keep your EB5 investment funds at risk and you are also required to create the 10 full-time jobs for US workers.
5. Form I-829: Before your conditional permanent resident status expires, you are required to file a Form I-829. The I-829 is the petition required to remove the condition from your permanent resident status. Once the I-829 is approved, you are officially a permanent resident (no longer “conditional”).
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List of all EB5 Visa Fees:
Here is a list of all the fees and costs that are needed for an EB5 Visa:
The biggest and most important cost required to get an EB5 visa is your EB5 investment. The EB5 investment is the sum you are required to invest to qualify for an EB5 visa. The current minimum investment amount to qualify for an EB5 visa is $1 million. However, if you invest in a business that is located in a targeted employment area, you may qualify to invest a reduced amount of $500,000. An area can qualify as a targeted employment area if it is a rural area or an area of high unemployment.
To qualify for an EB5 visa, you can either start a business, invest in an existing business, purchase an existing business, or invest in a regional center.
To qualify for an EB5 visa, you must file a Form I-526 with USCIS. The Form I-526 is also called the Immigrant Petition for Alien Entrepreneur. To process your Form I-526, USCIS charges a fee. The current filing fee required for the Form I-526 is $3,675. You are only required to pay this fee once, for you and all dependents included in your EB5 visa case.
The amount Ozg Immigration Lawyers will charge you to prepare, file, and handle your EB5 case along with online / telephonic communication. These fee does not include the lawyer’s appointment or advisory on non-case related things.
The Form I-526, by itself, does not give you any right to live or work in the US. Once your Form I-526 is approved, you must then either apply for an immigrant visa or apply for an adjustment of status.
Here’s the difference between these 2 options:
An adjustment of status is when you go from a non-immigrant status to immigrant status. In order to be eligible for an adjustment of status, you need to be in the United States in a lawful non-immigrant status that allows for an adjustment of status. The entire adjustment of status process is handled inside the US. To apply for an adjustment of status, you are required to file a Form I-485 with USCIS. The filing fee for the Form I-485 is $1,225 per person (if you are age 14-79) and slightly less if you are either younger than 14 or older than 79.
If you are in India, you will likely have to do visa processing. Visa processing, or consular processing, is when you apply for a visa at a US embassy. To apply for an immigrant visa, first you have to apply for police verification then you must file a Form DS-260 with the Department of State. The filing fee for the DS-260 is currently $345 per person. In addition to filing the DS-260, you will also be required to attend a visa interview.
Once you enter the US with your immigrant visa, or your adjustment of status is approved, you are classified as a conditional permanent resident for a 2-year period. Within 3 months of your conditional permanent resident status expiring, you are eligible to apply for a removal of conditions on your permanent resident status. To do this, you must file a Form I-829 with USCIS. The USCIS filing fee for the Form I-829 is $3,750.
You and each of your dependents (ages 14-79) must also pay an additional fee of $85 for biometrics.
To qualify for an EB5 visa, you can either make a direct investment or you can invest in a regional center. A regional center is a business entity, designated by USCIS, to collect EB5 investment funds from multiple EB5 investors. Regional centers typically develop large projects such as resorts and other major developments. A direct investment is when you either start your own business, invest in another business (not a regional center), or purchase an existing business.
If you choose to invest in a regional center, your role in the management of the project is very limited. The regional center managing directors will manage the business, be responsible for EB5 job creation, and handle other management tasks. Your role in the operations of the business are very limited. For most regional center projects, EB5 investors are classified as limited members and have voting rights and other similar rights.
Regional centers typically charge an administration fee to manage the EB5 project. Administration fees typically range from $50,000 to $70,000 depending on the regional center.
If you choose to do a direct investment (meaning that you will either start a new business, purchase an existing business, or invest in an existing business that is not a regional center), you are required to submit an EB5 compliant business plan along with your Form I-526. Due to the specific requirements of EB5 business plans, the business plan should be prepared by a company that either specializes in or has extensive experience in immigration business plans and EB5 business plans. An EB5 business plan typically costs around $3,500. If you choose to invest in a regional center, the regional center will provide you with the business plan and other necessary project documents.
If you choose to do a direct investment for your EB5 visa, you may need to set-up a new company (such as an LLC or a corporation). To do this, you can take services of Ozg Law. The fee we charge you to set-up your company will vary depending on requirements.
When you apply for an EB5 visa application, there are hundreds of documents that must be submitted with your case to Ozg Documentation Centre. These documents include your KYC documents like Aadhar, PAN, Bank Statements etc. All documents in any language other than English must be translated to English by a certified translator before they are submitted to USCIS.
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