January 2020 Update: This post was originally written and posted in 2015. In November 2019, EB-5 minimum investment amounts increased to $1.8 million (and $900,000 for investment in Targeted Employment Areas).
Considering that the economy has been struggling to get back on track since the Recession of 2008, the jobs created through the EB-5 program are a boon for the United States. There are, however, questions regarding the safety of this type of visa plan. The following describes 3 myths regarding the EB-5 visa program and the facts that answer the question, “is the EB-5 visa program safe?”
Myth – The EB-5 Program is a loophole for Criminals
Fact – After the initial application is screened, the individual is given a conditional green card. The source of the investor’s funds is also investigated to ensure that the source of any money that is used is lawful. Background checks are conducted by the U.S. Department of Homeland Security (DHS) as well as other government agencies.
Myth – Background Checks for All Individuals is Inadequate
Fact – The program requires that a person’s background be checked twice throughout the process. This happens the first time when obtaining a conditional green card and a second time before a permanent green card is issued. The project for investment is also reviewed to make sure it meets all regulatory requirements.
Myth – The EB-5 Program Enables Wealthy Individuals to “Buy” a Green Card
Fact – The EB-5 program is highly regulated and takes years to complete. The process requires specific proof of a qualified project that the applicant will invest in. The program also requires evidence of an investment of $1 million dollars or $500,000 dollars and the creation of at least 10 jobs for United States workers.
Individuals who need help with the process of obtaining a visa for investment purposes will want the assistance of a qualified EB-5 attorney. For more information regarding the process of obtaining an EB-5 visa, contact the offices of David Hirson & Partners at 1-. With more than 30 years of experience in immigration law, the attorneys at David Hirson can offer qualified assistance in all areas of business and investment immigration.