The United States has long been known as the land of opportunity, a melting pot of nationalities brought by many different citizens. Many want to relocate to the U.S. to gain citizenship, a process that can take years to complete. Less well known is a quicker path to citizenship for those interested in opening a new business in this country. With the help of an immigration lawyer who are experienced with immigration law, prospective business owners can obtain earlier residency and citizenship with an EB5 Visa. Established to both help the economy as well as make it easier for certain individuals to become legal residents, the EB5 Visa can be a win-win situation for all parties involved.
How An EB5 Visa Works
Created by the Immigration Act of 1990, an EB5 Visa offers immigrant investors a chance to apply for residency by starting a business. By providing proof of a sound business plan and necessary funds to invest, approved applicants are given a 2-year green card for all immediate family members to relocate and open a business. An immigration lawyer advises clients that within two years, they must employ or be ready to employ at least ten U.S. citizens for a business. If efforts are successful, permanent residency and citizenship can result.
While the EB5 Visa provides an opportunity for U.S. residency and eventual citizenship, there are still many rules that must be closely followed. Failure to fulfill program requirements could result in deportation.
To comply with program requirements, immigrant business owners must invest one million dollars – or $500,000 in areas with high unemployment rates – into the business, hiring U.S. citizens as employees. Funds can be borrowed, although the emphasis is that applicants take a business plan seriously and build a successful company that will grow and pay back any debt. At least ten non-family employees must be hired or be almost hired to show proof of planned business growth. Immigrants who can demonstrate an active role in investing in business and the U.S. economy are rewarded with easier permanent residency. An immigration lawyer advises that unsuccessful results will lead to elimination from the program, as it is strictly monitored.
Benefits Of EB5 Visas
Immigrant business owners looking to live in the United States can benefit with an EB5 Visa by gaining earlier legal residency while creating a job for themselves. Immigrant-owned businesses also help to improve the financial landscape by investing in the U.S. economy and providing needed jobs, services, and products. When properly done, this plan is a great one, especially when unemployment is high and prospective entrepreneurs are even more likely to be approved for this program as long as the different requirements are met.
Per the advice of an immigration lawyer, non-residents wishing to relocate to the United States and become citizens can face many years before gaining legal residency. Anyone willing to invest in a good future in a new country and support it by starting a business can receive special consideration by applying for an EB5 Visa. This program can indeed be a winning venture for future citizens, the economy, and especially the United States!
Reynaldo G. Garza, III
680 E. St Charles, Suite 600
Brownsville TX 78520