The Most Important Questions for EB5 Applicants
The following are a few of the most significant questions I have encountered while filing EB-5 visa applications with the United States government. The short answers are meant to be understood as a brief overview of the problem the applicant was dealing with and its passing solution.
If you are interested in commencing the EB-5 Process but already live in the United States under a non-immigrant visa such as an H-1B, E-2, or F-1, the smartest course of action would be to retain the non-immigrant status for yourself and immediate family members. Only at the point at which your family obtains immigrant visas or temporary lawful status will you be clear to begin applying for the EB-5 investment program.
The answer to this question can truly depend on several factors. However, as of October 21 2011, the processing time has been reported to be in the eight month time frame. If there is some kind of problem with the application and an RFE exists, the time for approval can increase considerably. Recently, there has been an increase in RFE and denials by the USCIS due to inconsistent job hiring practices by the companies the applicant invested in or faulty investment figures. These slight fraud related issues have caused the turnover rate for applications to increase substantially in the past two years.
The best EB-5 Project that you can discover has a few criteria. First, you should go with a group or project that has had successful I-526 applications in the past. If you are not the first to jump in the water, you'll know that it's not too hot or cold. Second, the jobs "created" by this project need to actually be useful to the business and not simply made for the purpose of appeasing the investor. This step is crucial for approval. Last, make sure that this investment, as any you would make, has potential to last. Try and avoid startups and stay in the realm of the real estate market – the economy is good right now and regional centers provide direct contacts to construction projects in the area.
If I am interested in the EB-5 visa, should I maintain my H-1B (or similar) status or renounce it? If so, then when?
If you are interested in commencing the EB-5 Process but already live in the United States under a non-immigrant visa such as an H-1B, E-2, or F-1, the smartest course of action would be to retain the non-immigrant status for yourself and immediate family members. Only at the point at which your family obtains immigrant visas or temporary lawful status will you be clear to begin applying for the EB-5 investment program.
How long does it take after filing the EB-5 application until my family obtains conditional green cards?
The answer to this question can truly depend on several factors. However, as of October 21 2011, the processing time has been reported to be in the eight month time frame. If there is some kind of problem with the application and an RFE exists, the time for approval can increase considerably. Recently, there has been an increase in RFE and denials by the USCIS due to inconsistent job hiring practices by the companies the applicant invested in or faulty investment figures. These slight fraud related issues have caused the turnover rate for applications to increase substantially in the past two years.
If I choose the Regional Center Option, which particular kind of project do you recommend?
The best EB-5 Project that you can discover has a few criteria. First, you should go with a group or project that has had successful I-526 applications in the past. If you are not the first to jump in the water, you'll know that it's not too hot or cold. Second, the jobs "created" by this project need to actually be useful to the business and not simply made for the purpose of appeasing the investor. This step is crucial for approval. Last, make sure that this investment, as any you would make, has potential to last. Try and avoid startups and stay in the realm of the real estate market – the economy is good right now and regional centers provide direct contacts to construction projects in the area.
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