The United States is still the land of opportunity. This is why many people all over the world want to work and live in the country.
The steps to getting permanent residency, however, leading to a green card is a complicated one. There are many requirements and qualifications, sometimes even with a retrogression problem. Ultimately, applicants become frustrated, having spent many years waiting.
There is a kind of a visa called the EB5, an alternative route for people with money. Here is what you should know about the EB5 visa plan.
What is EB5 Visa?
The EB5 visa is a quick way of getting you and your family to the United States legally. This entails an investment at least one million dollars in the United States to create a company. The aim of the EB5 visa is for job stimulus, where the investment’s goal is to create or preserve 10 jobs, excluding you and your family. First created in 1990, the EB5 scheme originally stipulated that the investors create a new commercial enterprise.
EB5 Pilot Program
In 1992, EB5 accommodated the Pilot Program. This allowed investors to inject the cash into an existing troubled company to preserve at least 10 jobs, or to a third-party outfit called a Regional Center. The Regional Center manages the investor’s investments, which will then create the necessary jobs or enterprise from the million dollars.
As of 2014, there are 532 EB5 Regional Centers in the US, with the highest concentration in California according to Rahbaran & Associates.
Who has a Million Dollars Lying Around?
The sheer amount of money intimidates most people, but there is still a way to qualify even with half the amount. An investment worth $500,000in a location with high unemployment, called a “Targeted Employment Area” nets you the EB5 visa.
What Happens Next?
The EB5 visa expires after 2 years, but in those 2 years you will receive conditional permanent residence status. 3 months before the visa expires, however, you must show proof that you have generated at least 10 jobs, or preserved 10 old ones. When you meet these conditions, the State Department approves your status for the final time.
This is an attractive alternative for people who want to become American citizens in the fastest way possible. This also helps the country in general, as it helps create jobs for other people.