The fifth employment-based preference category (EB-5) is a U.S. permanent residence or "Green Card" program for immigrant investors. Created by Congress in 1990, the purpose of the EB-5 program is to stimulate the U.S. economy through job creation and capital investment by foreign investors. Attracting entrepreneurs continues to be a priority for the U.S. government based on our nations interest in promoting the immigration of people who invest their capital in new, restructured or expanded businesses and projects in the United States and help create or preserve needed jobs for U.S. workers by doing so. On March 15, 2022, President Biden signed the EB-5 Reform and Integrity Act as part of the Consolidated Appropriations Act, 2022 (Public Law 117-103), which created new requirements for the EB-5 immigrant visa category and the Regional Center Program. Immigrant visas are authorized under the Regional Center Program through Sept. 30, 2027. 

To qualify for an EB-5 green card, the basic criteria are as follows:

• The investor must invest or be actively in the process of investing at least $1,050,000 in a U.S. enterprise, or $800,000 if the investment is in a business in a "targeted employment area" if the petition is filed after March 15, 2022; and

• The investment must take the form of a contribution of capital that has been placed at risk;

• The capital must have been obtained through lawful means;

• The enterprise must benefit the U.S. economy and must create full-time employment for at least 10 qualifying employees.

• The investor must be engaged in the management of the enterprise, either through day-to-day managerial responsibility or through policy formulation.

While these criteria seem simple, there are detailed regulations governing how each of these terms are defined, such as what qualifies as "capital." In addition, the amount of documentation needed to file a successful EB-5 petition is lengthy; for example, investors must prove that the source of their funds is legitimate.

If approved, EB-5 investors receive a conditional U.S. permanent residence card that is valid for two years. Before the green card expires, they must apply to remove the conditions on residence, proving that:

• The individual invested or was actively investing the required capital;

• They sustained the enterprise and investment requirements; and,

• They created (or can be expected to create within a reasonable period of time) 10 full-time jobs for qualifying employees.

The EB-5 investor visa program has become very popular in recent years, with longer adjudication times and, in some cases, a backlog for immigrant visa availability. Grzeca Law Group provides guidance to EB-5 applicants on each of these requirements and advises investors through each step in the immigration process. For detailed information on EB-5 criteria, processing times and more, please contact our office.