What is the EB5 Visa?
The EB5 Visa is a US green card investment program established in 1990 under the employment-based immigration category. This program allows 1 investor to be granted a green card to immigrate to the United States (with spouse and unmarried children under the age of 21) if the investment in the United States has an amount of $ 500,000 to 1,000,000. US dollars (depending on where invested) and created 10 jobs in the United States.
EB5 visa requirements:
1. Investment amount is 500,000 to 1,000,000 USD
Applicants must demonstrate that they have been and are in the investment process. The investment amount is $500,000 or $ 1,000,000 depending on the place of investment:
a. 1,000,000 dollars if invested in normal areas
b. $500,000 if invested in economically disadvantaged areas (Targeted Employment Area)
c. $500,000 if investing in a project that has been approved by the Immigration Department (Regional Center)
Immigration law requires applicants to prove that the money used to invest is a legitimate source of money.
2. Create 10 new full-time jobs
Applicants are required to demonstrate that this investment will create 10 new full-time jobs for Americans.
Note: These 10 jobs must be 10 new jobs created. For example, if the applicant purchases an existing restaurant; With an amount of 1,000,000 dollars, this investment is not qualified because the jobs created should not be new jobs but existing jobs.
When investing in projects that have been approved by the Immigration Department (Regional Center), applicants will not need to worry about proof that can create 10 jobs because these projects are required to prove. previously have the Immigration Department their ability to create jobs and have been approved by the Department of Immigration ready to invest.
EB5 VISA APPLICATION PROCESS
There are 5 basic steps that an investor must complete to get an EB5 investment visa and develop into a US permanent resident, then can apply for US citizenship. Moreover, the investor’s spouse and single children under the age of 21 will also be granted a green card to become a US permanent resident. Steps to apply for an EB5 investor visa include:
Step 1: Identify the EB5 . investment project
The 1st EB5 applicant needs to buy a suitable US investment project. EB5 investment projects can be initial investment commercial projects or Regional Center projects that have been approved by the Immigration Department. Our immigration attorneys will assist you in choosing the lowest EB5 investment project.
Step 2: Prepare investment capital and file I-526
After choosing a project to invest in for US immigration, the applicant is required to prepare an appropriate investment capital with the investment capital of each project. This amount will usually be transferred through a escrow account. You are then required to choose an attorney or service office to assist in preparing the paperwork and completing the Form I-526 – EB5 Investor Visa application to submit to the USCIS. Within 3.5 – 6.5 years (currently), the Immigration Department will inform the applicant whether the EB5 investment visa application is approved or rejected. Most Regional Centers projects will refund the investment amount to the applicant if your EB5 investor visa application is denied.
Application fee to the immigration department: $3,675
Step 3: Procedure at NVC (National Visa Center and Interview at the US Consulate)
Once approved by the Department of Immigration, the documents will be transferred to the state visa center (NVC). NVC will complete the application and schedule an interview at the US consulate in Vietnam. You are required to have a physical exam, vaccinations and follow-up with these results to your interview.
NVC filing fee: $120 per application and $345 per person
Fees for medical examination in Vietnam:
Children 2-15 years old: $240
Children under 2 years old: $165
Step 4: Conditional Green Card (2-year green card)
If the EB5 investment visa application is approved, the applicant will be granted a visa to the US and after coming to the US will be granted a conditional green card (2-year green card), ie after 2 years this green card will expire. term and must apply for a permanent green card (10-year green card). The EB5 investment visa is an immigrant visa that the applicant’s relatives (spouse and unmarried children under 21 years old) can accompany and will also have the same 2-year green card as the applicant.
Green card fee paid to the Immigration Department: $220 per person
The EB5 immigrant visa, like most other immigrant visas, is usually valid for 6-12 months. The applicant and his family should be close to arranging a business trip to the US before the visa expires. After coming to the US and being granted a green card, the applicant is required to maintain permanent resident status in the US, although he can still leave the US and return with a green card, but he is not required to live outside the US for more than 6 months to 1. five. If you leave the US for more than 1 year without applying for a re-entry permit (Re-entry Permit), you cannot enter the US because when you are absent from the US for more than 1 year, your green card will be cancelled.
Step 5: Apply for a permanent green card (10-year green card) and Form I-829
The EB5 Immigrant Investor Program requires applicants to maintain their investment for 2 years and demonstrate a benefit from this investment to the United States within those 2 years. Therefore, EB5 immigrant investor visa applicants need to apply for a permanent green card after the 2-year green card expires. The Form I-829, a 10-year green card application, requires applicants to demonstrate that they have met the requirements of the EB5 immigrant investor program before the applicant is satisfied with a permanent green card.
PROVIDED OF MONEY (EB5)
The EB5 Immigrant Visa was introduced to the market by Congress in 1990 to influence the US economy through job creation and investment capital from foreign investors. To qualify, an EB5 investor needs to invest at least $500,000 in a new supermarket that creates at least 10 full-time jobs for U.S. workers.
EB5 investment is divided into two types: direct investment and investment by Regional Center.
Form I-156 – EB5 immigrant visa application, must be submitted along with new supermarket paperwork and investment capital. The requirements for the direct investment capital and the investment under the Regional Center project are the same.
EB5 regulations require investors to prove that the source of the investment is a legitimate source. In other words, the required investment capital is a source of clean money that is not involved in illegal activities. The regulation has listed 4 main lines of documents to prove the legal source of money:
1. Business registration license
2. Tax return or interactive document for the last 5 years
3. Proof of capital source
4. Notarized copies of promotion documents within the last 5 years
In practice, the Immigration Service will require primary evidence to prove the source of funds. In addition to the invested capital, investors may need to pay additional management costs. Many projects will charge management fees that include operating and marketing costs. Management fees for projects usually hover around $50,000. The Immigration Department also requires proof of the source of this management fee.
In addition to proving the investment capital is a legal source, the investor is required to prove that the investor has received the above amount and transferred the investment amount to a supermarket in the United States legally.
There are so many secrets to proving your investment capital. To be able to decide on the best strategy to demonstrate funding, investors and attorneys are forced to answer the following questions for themselves:
Where is the money now? Where does the money come from?
How is the capital transferred to the project or assigned to the third party to keep the money source?
Investment money can come from the following sources:
1. Income from work and bonuses
2. Income from business investment
3. Selling business assets
4. Inheritance property
8. Real estate transactions
9. Home mortgage loan
10. Borrow from business owners
11. Borrowing from financial institutions
12. Borrow from friends or family
Note: The loan is required to be collateralized. The source of funds from the lender is also required to be shown to be a legitimate source.
Each line will need to produce the appropriate certificate of origin. For example:
The source of money from the loan must be with the loan agreement, financial statement, mortgage (with valuation sheet) and confirmation from the bank.
Gift money from family, friends need to have a letter of gift and confirmation from the bank that the amount has been deposited into the investor’s account.
The source of money from income or trade should be with the labor contract, information about the company, confirmation of the bank about the income level, tax documents.
Because the source of the money should be clear from the original source, documentation is needed to prove the source of the money can be divided into many parts. For example, in the case that an investor uses accumulated income to find real estate, and then uses that wealth as a mortgage for a bank loan, the documents should include 3 parts for this example:
1. Documents proving accumulated income:
Bank certificate proving personal income transfer
2. Proof of real estate purchase
Certificate with property
Bank confirmation of payment
Certificate of property tax payment
3. Documents proving the use of assets as collateral for bank loans
A loan or mortgage agreement from a bank, specifying the use of the property as collateral
Property valuation report
Bank confirmation indicating the borrowing
The method by which the funds are transferred to the project or third party equipment must be clear and legitimized.
The Immigration Department requires investors to submit tax documents within the last 5 years. If you do not file a full tax return within 5 years or your tax return does not indicate the amount of your investment of $500,000, you should explain and submit proof of where the investment came from.
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