What Is an EB-5 Visa?
The EB-5 (employment-based, 5th preference) investor visa grants permanent resident status to investors who satisfy certain criteria. With this visa, the applicant’s spouse and unmarried children below the age of 21 may also receive a green card.
The visa, administered by U.S. Citizenship and Immigration Services’ (USCIS’s) Immigrant Investor Program Office (IPO), was first introduced in 1990 to help boost the economy by growing employment and attracting foreign capital.
How long does it take to get an EB-5 visa?
Current Processing Times
FORM I-526 (“IMMIGRANT PETITION BY STANDALONE INVESTOR”)
The processing time for the I-526 form is currently between 31-50 months. The goal of this form is to make sure the investor is eligible and the investment is legitimate.
IF YOU ARE IN THE U.S. (ADJUSTMENT OF STATUS)
For applicants already in the U.S. on a different nonimmigrant visa, the next step after I-526 approval is filing Form I-485 (“Application to Register Permanent Residence or Adjust Status”). This process can take approximately 6 to 8 months, depending on the service center handling the application.
IF YOU ARE OUTSIDE THE U.S. (CONSULAR PROCESSING)
For applicants outside the U.S., after I-526 approval, they must file Form DS-260 (Immigrant Visa Application). The National Visa Center or the U.S. consulate typically provides instructions within 30 to 45 days of receiving the USCIS approval. An interview is scheduled within 60 to 90 days if the priority date is current.
FORM I-829 (PETITION BY INVESTOR TO REMOVE CONDITIONS ON PERMANENT RESIDENT STATUS)
The final step, Form I-829, can take between 22 to 48.5 months. This step removes the conditions on permanent resident status, allowing the investor and their family to live permanently in the U.S. once approved.
How much does the EB-5 visa cost?
The total cost for an EB-5 investor visa is between $21,130 and $22,225, depending on where the applicant is filing from.
For an Applicant Within the U.S. (Adjustment of Status)
- Form I-526: $11,160
- Form I-485: $1,540
- Form I-829: $9,525
Total: $21,130.
For an Applicant Outside the U.S. (Consular Processing)
- Form I-526: $11,160
- Form DS-260: $325
- Affidavit of Support Fee: $120
- Form I-829: $9,525
Total: $22,225
Note these totals exclude required investment and administrative fees (learn more below).
Eligibility
There are two basic criteria that must be met to receive an EB-5 visa. The applicant must:
- Invest in a U.S. business: The investment must meet the minimum requirement, as determined by 8 CFR § 204.6.
- Intend to create, or maintain, at least 10 full-time jobs which can be filled by U.S. workers.
Capital Investment
The applicant must invest in a company that was created after November 29, 1990. If the business came into existence prior to, or on, that date, then it must essentially be a new company, due to a purchase or radical restructuring, or the investment must result in a 40% expansion of overall worth or number of employees.
For the purposes of the EB-5 visa, the business must be for-profit and must be one of the following:
- Corporation
- Joint venture
- Business trust
- Sole proprietorship
- Holding company
- Partnership
- Other publicly or privately owned structure
The capital investment may come in the form of:
- Cash
- Equipment
- Inventory
- Other property
- Secured debt
The value of the investment — which is to be determined by the fair market value — must meet certain minimums depending on the area of investment. If the petition was filed after November 21, 2019, the investment must be at least $1.8 million. That is, unless the investment is in a targeted employment area (TEA) — which is either a rural area or an area with high unemployment — in which case it must be $900,000 at minimum.
If the applicant filed their petition prior to November 21, 2019, the minimum invested is $1 million. If they are investing in a TEA, the minimum is lowered to $500,000.
Job Creation
If the business is located in a regional center in an area that is supporting economic growth, the investment must result in either direct job creation (in which case the company is the employer) or indirect job creation (in which case the jobs emerge as a result of the business’ activities). If, however, the commercial enterprise is located outside a regional center, then it must directly create the 10 new positions.
There may be some allowances for “troubled businesses” with economic difficulties. A troubled business is one which has existed for at least 2 years and has experienced a net loss — equal to at least 20% of the net worth — within 1 to 2 years of the filing date.
How to Apply
File Initial Petition
To successfully obtain an EB-5 investor visa, the applicant must first submit Form I-526 with evidence showing:
- That the applicant has invested in a for-profit venture satisfying the above-mentioned criteria
- That the area is indeed a TEA (if applicable)
- That the applicant will be involved in the business as a manager
- That the new venture will require 10 new employees, as described in the previous section
- That, for 2 years following the petition, the number of employees will not dip below the pre-investment levels (if investing in a troubled business)
For a more detailed explanation of the required documents, read pages 9 and 10 of the USCIS instructions for Form I-526.
Submit Green Card Application
Once Form I-526 has been approved, the applicant can begin the green card application process. This process will be different depending on the circumstances. If the applicant lives abroad, they will need to go through consular processing, in which case they will need to fill out Form DS-260 (officially called the “Application for Immigrant Visa and Alien Registration”) and get a medical exam. They will then need to attend an interview at the U.S. Embassy or consulate, bringing with them the required documentation. If living in the United States, the applicant will need to go through the Adjustment of Status process, which requires filing Form I-485 and, in many cases, attending an interview.
If successful, the applicant — and any family members attached to the application — will receive a conditional green card, which will remain valid for 2 years.
Remove Conditions
Once the 2-year period has lapsed, the applicant will need to apply to remove the conditions from their green card, which means they’ll need to file Form I-829 (officially called the “Petition by Investor to Remove Conditions on Permanent Resident Status”) within 90 days of the green card expiration date. As part of this process, they must gather documentation pertaining to the status of the commercial enterprise, including information about the number of employees, the region where the business is located, and the total amount of capital invested in the company.
If conditions are removed, the applicant will be granted lawful permanent residence, which means they will have 10 years before they need to renew their green card.