EB-5
Investor Visa Program Extended
About the EB-5 Visa and Regional Centers Under section 203(b)(5)
of the Immigration and Nationality Act (INA), 8 U.S.C. § 1153(b)(5),
10,000 immigrant visas per year are available to qualified individuals
seeking permanent resident
status on the basis of their investment in a new commercial
enterprise (generally of at least $1 million). Of the 10,000
investor visas
(i.e., EB-5 visas) available annually, 3,000 are set
aside for those who apply under a pilot program involving an
CIS-designated “Regional
Center.”
The Regional Center
program was established by Congress as a pilot program to determine
the interest of foreign investors, in exchange for a green
card, in specific investment areas, determined by the U.S. government,
which are in need of investment capital and development. The general
requirement of $1 million investment is lowered by half, to $500,000,
for qualifying Regional Centers.
A Regional Center
is generally set up and run by a third party, that allows the
prospective foreign national to invest $500,000 in a high unemployment
or rural
area in the US. The investor does not have to be directly involved
in the oversight of the investment nor the job creation. The
Regional Centers are designed to create a minimum of 10 new jobs,
directly or
indirectly, on behalf of the investor. The Regional Center program
thus allows foreign investors to obtain the benefit of their
investment, receive a green card, and avoid the requirements
of having to be involved
in the day-to-day operations of their U.S.-based business.
Extension
of the EB-5 Program
The EB-5 is a temporary
Program, which was scheduled to expire on September
30, 2008.
However, Congress has extended its expiration
through March 6, 2009.
The U.S. House of
Representatives has passed
the bill authorizing the
extension of the EB-5 program, but the Senate
has yet to review it as of the time of this writing. It then has
to be signed by the President into law. However, in the meantime,
the EB-5 program has been authorized
by a stop-gap resolution signed by the President. It is fully expected
that the EB-5 program will be extended on a permanent
basis.
EB-5 Statistics
To support the
increasing popularity of the Regional Center program, USCIS recently
released statistics on EB-5 applications:
Fiscal
Year 2007:
- Form I-526's,
Immigrant Petitions for Alien Entrepreneur: 473 approved and
148 denied
- Form I-829's,
Petitions by Entrepreneurs to Remove Conditions: 111 Approved
and 49 denied
Fiscal Year
2008:
- 12 new EB-5
regional centers approved
- Form I-526's,
Immigrant Petitions for Alien Entrepreneur: 540 approved and
120 denied
- Form I-829's,
Petitions by Entrepreneurs to Remove Conditions:159 Approved
and 68 Denied
There are currently
853 pending I-526's and 489 I-829's.
There are 32 Regional Centers approved.
These
numbers suggest some very good news for foreign EB-5 investors who
seek to obtain a green card. The
USCIS is designating
more
new Regional Centers.
There are still an abundance
of investor visas available
to fill
the annual cap of 10,000
and the approval rate is increasing. |
