A couple of weeks ago we heard from a particular family who were looking at the EB5 visa as their best method of obtaining permanent residency in the USA. They had a number of questions to ask and during the course of our conversation it became clear they had learnt about a particular EB5 visa program through friends in their home country.
The regional center in question had strong contacts with this particular country but was a new and unproven center with no record of visa approvals. Unproven centers maybe a concern given there is often little statistical information to factor into due diligence considerations.
As first generation immigrants we can understand why sometimes potential immigrants place emphasis on working with people who come from their home country, perhaps on the basis that they have experience of the journey they are planning to take. However, looking at the regional center project this family was considering it became clear that they had not been given all the information necessary to make a judgment.
Apart from having no track record the regional center had other critical issues.
• The project in question may or may not have been a viable business proposition, from an immigration perspective it needed to satisfy certain standards including creating approved jobs. Failure to do so could lead to eventual deportation from the USA.
• The project had an ambiguous exit strategy. This raised questions such as when or indeed if they were likely to see the return of the $500,000 they would need to invest to make their EB5 visa application.
• It is also interesting to compare current processing times between various regional centers. We are aware of one long-established regional center that currently is having applications approved in six weeks where a number of new small and un-established centers are still waiting for their I-526 applications to be approved over a year later!
It could take several years before an EB5 visa holder realizes that they have made a bad decision in their choice of a regional center project.
Assuming an applicant does get approval for the visa it could be at least two years before they become aware of a problem and later find they have not been approved for the all-important I-829 (removal of conditions) petition. (This is required after two years and approval is dependent on the funds being invested in accordance with the original application and the creation of ten jobs as laid out under USCIS requirements)
In some cases it could be even longer, maybe five years, maybe ten years or longer before investors realize they may not see the return of some or all of their $500,000 investment. Bottom line, it is critical to get independent and impartial EB5 visa information when considering this visa.
As many of you are aware, I am a first generation immigrant and profusely proud to be “An American”. Yesterday the USCIS launched a campaign to increase U.S. Citizenship by encouraging Legal Permanent Residents (Green Card holders) to become citizens of this great country. One of the tools they are using is a video staring new immigrants who share their experiences on becoming U.S. Citizens. Watch the video then share this with everyone you know.
U.S. citizenship means a better life. BORN IN THE PHILIPPINES. I chose opportunity. BORN IN MEXICO. I chose freedom. BORN IN VIETNAM. I chose responsibility. BORN IN CHINA. I chose to become an U.S. citizen. BORN IN THE UNITED KINGDOM I’m a proud American.
Share this with everyone you know so that they might one day enjoy the benefits of becoming an American Citizen.
Concerns about the limited availability and long application times for a number of traditional visa options is contributing towards the increasing popularity of the EB-5investor visa.
For citizens of China, India and Mexico the EB-3 visa is proving very frustrating, resulting in many immigrants looking for better alternatives.
Many immigrants in the USA who are on H-1B or L1 visas also have concerns about visa renewal. This helps to explain why so many are interested in the EB-5 visa as an attractive option to obtain permanent residency in the USA, typically within a one year time period.
For more information on how you can use the EB5 visa contact Which EB5
Make sure your children are not turning 21 anytime soon if you are applying for an EB5 Visa
The time frame for becoming able to apply may be a problem for a client who has a child or multiple children, who is/are due to reach 21 years of age in the next year or so. On the one hand, the Child Status Protection Act can freeze a child’s age at date of filing the initial I-526 petition. However, if that I-526 petition is denied and the child reached 21 years of age while it was pending, then that child will not have a second chance to get the green card together with the immigrant parents.
The EB-5 immigrant might be able to re-file the I-526 petition if the reason for denial of the previous petition can be cured, but if the child has aged out prior to the filing date of the second I-526 petition the child cannot immigrate together with the parent based on the second petition.
The necessity of filing a second I-526 petition after curing a problem that disqualified the immigrant in the first I-526 petition maybe more likely in a petition based on a stand-alone EB-5 business than an EB-5 Regional Center program.
A few regional center programs highlight, as a positive indicator, the point that some of their investors are US citizens who although not requiring a visa still decide to invest on the same terms and share the same investments as EB-5immigrant. This raises other questions which need to be answered such as:
Is this a historic position going back several years, and in the current economic climate is this still the case?
How many new American investors made investments in the past six months?
Presumably the American investors focus was investment, however, from the alien EB5 immigrant perspective, job creation is a critical factor otherwise they risk losing their green cards at I-829 stage (removal of conditions),
It is critical for the potential EB-5 immigrant to make sure all is as it seems – for more information contact us.
A recent article in the Economist magazine (December 19th 2009) looked at this question in some depth and made some interesting points; including the observation that one of the greatest strengths of America is that people want to live there. A recent immigrant was quoted as saying “America is a land that offers the chance to be whatever you want to be, it is a place where nearly any immigrant can find a niche. In America you can say what you think.”
The article points out that as America is so big and diverse that immigrants have an incredible array of choices. The proportion of Americans who are foreign born is 13% and nearly all Americans are descended from people who came from somewhere else in the past couple of centuries. No matter where an immigrant comes from he can find a cluster of his ethnic kin somewhere in America.
America has 50 states with 50 sets of laws. In America people with unusual hobbies are generally left alone.
Alejandro Mayorkas of the United States Citizenship and Immigration service is quoted as saying “People come to America either because they yearn for freedom or because they are fleeing something – be it a war or a culture that irks them “.
Many calls, messages and emails this week from potential EB-5investors concerning the strength or otherwise of the U.S. economy and its potential effect on the future of the EB-5 visa.
It is important that potential EB-5 investors see exactly how they US economy can have an effect, positive or negative, on thier choice of Regional Center project.
As an immigrant myself, (I’ve been resident since 1991) who arrived in America during an economic downtown, I can say that this one is different. (Slight understatement there) What I can also say is that overwhelmingly, the American people, through history, have shown an amazing resilience to adversity. That said, we have a lot to put right. But then so does the rest of the world.
I do believe, that despite the current economic climate, and the bickering in Washington over A.I.G bonuses, we are just beginning to see the first signs that a bottom is in sight. But please don’t take my word for it. Below is the first video in a set of two (the second one out tomorrow) which show an amazing alignment of views from a) perhaps the worlds most powerful banker, chairman of the Federal ReserveBen Bernanke and b) perhaps the worlds most prominent, long-term successful businessman Warren Buffet (second most welathy man in the USA) head of Berkshire Hathaway.
Take a look at the video from Federal Reserve Chairman Ben Bernanke (I assure you it’s worth your time) and note the specific points of light he sees. We will then compare these to the points that are raised by Warren Buffet in tomorrow’s video and you will see why I beleive the USA will lead the rest of the world out of this current downturn.
Feel free to contact us with comments and concerns using this blog, Twitter or Skype.
WhichEB5.com, its owners and associates, do not function as attorneys or legal counsel and do not attempt to interpret immigration law and do not provide or offer legal advice or legal services or investment advice. Anyone considering an Investment based Visa should seek independent professional advice. The information on this site is intended to be general on the subject of the EB5 investment visa green card program and should not be relied upon for any specific situation. Any reference to designated regional centers on this website is posted as reference material only. For legal advice, please contact one of our attorneys. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each person. Which EB5 is a service of Ireeco LLC 1515 N.Federal Hwy. Suite 300 Boca Raton Florida 33432 USA Telephone: +1-561-771-1330.
