How Long Does EB5 Take
If you want to know how long does Eb5 take, then read this blog. In the year 1990, a United States of America visa program EB-5 was created. This program gives an opportunity for foreign investors to get a United States of America visa. A background check is run to ensure that the investor is not a criminal or law broker.
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The investor has to invest a minimum of $500000 in a business that will create jobs and benefit the economy of United States of America. The source of investment capital must be traceable and legal.
You will get a permanent green card, a repayment of your investments and an optional United States of America citizenship by participating in EB-5. All of this is applicable after your selected EB-5 project is completed and you fulfill all United States of America Citizenship and Immigration Service (USCIS) requirements.
To get a green card in the United States of America is a huge investment. Your career, budget, and future all revolve around this visa. For you to make the right decision, you must know how long does Eb5 take?
Before you understand the entire process and time period, it is important that you know ways to ensure a fast speed of your EB-5 application. For this, you should understand what causes the delay in the process. Following are three things that might hinder the speed of the EB-5 process:
- Basic Errors: Before submitting any data or information for the petition, make sure that everything is free of errors. Do not leave any fields unfilled in a form. If the immigration officials find any errors then they will ask for resubmission of documents or information which will slow down the speed.
If your application includes multiple errors then it might result in rejection of the petition. Hire a professional and knowledgeable immigration attorney to avoid this issue.
2. Evidence Requests: Sometimes the United States of America Citizenship and Immigration Service (USCIS) issues a Request for Evidence (RFE) to you to submit a document to support your case. This causes a delay in overall processing time.
It is preferable to submit all documents that United States of America Citizenship and Immigration Service (USCIS) can ask as evidence. To avoid any increase in processing time create a solid case backed up by all necessary business plans and documentation.
3. Fees Submission: A very important step is to check that you are paying the right fees to correct authorities. You should note down the recent fee structure from the United States of America Citizenship and Immigration Service (USCIS) website to avoid any problems.
Estimate a bio-metrics fee and keep some additional money with you to prevent any delay in your processing time. Hiring an experienced immigration attorney will help you to avoid these mistakes.
Here is how long each step in the EB-5 process can take:
Step One: Choosing the Right EB-5 Project for Investment
If you are an EB-5 applicant, your first step should be to find an appropriate project to invest in. You have two options here; one is to start your business plan for your direct investment and second is to choose a regional center project.
If you are looking for an investment opportunity that is safe, then go for the regional center option. On the contrary, for people looking for investments with high-risk, direct investment is the way to go.
For direct or individual investment you will have to look for investment business or project by yourself. If you want to come to the United States of America to start your own business then the direct investment option is the best for you.
For Regional investment, you can choose a mechanism called Regional Centers and invest through it. A program known as the Regional Pilot Center program has been set up by the Government. It helps investors to become passive and give funds in entities recognized by the government.
In the Regional Pilot Center program, businesses responsible for promoting growth in specific geographic areas are accepted as regional centers. You can get a return of 1% to 2% with this investment. It is a great choice if you are not bothered by low returns and cannot bear high risks.
However, an immigration counsel can guide you better in this regard. You will understand the risks and benefits involved in your investment so that you can decide which one is best for you.
The time an investor spends on hiring immigration professionals and conducting due diligence to choose their investment project affect the time frame for this step. This entire process can take a minimum time of a few weeks or a maximum time of few months depending on the investor.
Step Two: Investing Capital and Filing an I-526 petition
Now that you have chosen a project, it is the time for you to invest the amount required. If you have chosen a regional center as your investment project, you need to invest an amount of $500000. For any other investment, the amount is $1 million dollars.
In most cases, you need to invest this amount in an escrow account. Once you submit the amount, your immigration lawyer will file an I-526 petition with the government.
For a smooth process of filing an I-526 petition, you need to show some evidence that this investment amount will result in the creation of 10 full-time jobs in the United States of America. Back your evidence with a proper business plan to avoid any hindrance. You also need to prove that your entire investment fund has come from a legal and traceable source.
You will be informed about the status of your I-526 petition acceptance by the government after 4 to 6 months. This again depends on the investor as well. A failure in providing a proper business plan or proving investment funds as legal will result in a delay in the process.
According to the United States of America Citizenship and Immigration Service (USCIS), the processing time is not the same for all applicants. Previously, the average processing time was 25 to 32.5 months. Now this time frame has been reduced to 20.5 to 26.5 months depending on each individual’s case and circumstances. This indicates that the processing speed and service quality is now more efficient.
The processing time also depends upon requests for more evidence and background checks. These factors often slow down the processing speed.
Hiring a knowledgeable and experienced immigration attorney is important. A good attorney not only helps you in collecting all required documents but he can also file the petition on your behalf. This will help you to submit all your documents correctly in the first attempt.
I-526 Petition and Premium Processing Option
Premium processing is a service that helps in speeding up the processing time for some petitions. It can reduce the total number of days to just 15.
Some people want to know if they can use this for I-526 petition, unfortunately, you cannot. It is only valid on visas and green card that include I-129 and I-140 petitions.
Step Three: Information Request
The process of the EB-5 visa petition is document intensive and super complicated. The immigration officials need to ensure that you are interested in bringing benefit to US citizens by your chosen investment. If you are investing in individual or direct investment then there is a chance that you need to submit a proper financial plan and strategy to prove the benefits of your investment in the long-run.
After your attorney has filed an I-526 petition, there is a chance that immigration officials ask you to submit some additional information.
Do not feel scared that this will cause any problems for you. This is absolutely normal and is a way for the government to clear their queries. Make sure to convey all requests for additional information to your immigration attorney as soon as you receive them. By submitting all the required information on time, you can easily reduce your processing time at this stage.
EB-5 Priority Date
Your priority date is the date when the United States of America Citizenship and Immigration Service (USCIS) receive your petition. It is important to remember this date as it will help you in determining your processing time.
A visa bullet is released every month by the Department of States. It contains action dates for your home country and green card type. It is a good way to track if your priority date has matched or passed the final action date.
The final action date can move slow or fast depending upon the number of people from your home country who have filed a petition for the EB-5 green card.
Keep a check on the latest visa bullet to stay updated all time.
Step 4: Getting a Conditional Green Card
Once your I-526 petition gets approved, you will be eligible for a conditional green card. One of the several requirements that you need to meet for an EB-5 visa includes the hiring of 10 full-time US works. For the next 2 years, you will be issued a conditional green visa as you cannot hire 10 full time workers immediately.
Now you have two years to fulfill all EB-5 requirements. In some cases, this step can take even several years. Also, during this time your investment remains at stake. By the end of two years, you need to work hard to fulfill all requirements of EB-5 including the hiring of 10 full time workers.
Step 5: Removing Conditions on Permanent Residence Status
This is the last step of the entire EB-5 process. After two years, or maybe longer, you have the right to ask for an unconditional permanent resident status in the United States of America.
To remove conditions on permanent residence, your immigration attorney will file an I-829 petition. Please know that this petition must be filed ninety days before the date when you received your first conditional residency.
This step of the process means that you have met all the requirements of the EB-5 program. The processing speed of this step is very fast.
The initial petition and application take around 60 days to approve. You will have to wait for an interview schedule as well by the Department of State and the United States of America Citizenship and Immigration Service (USCIS). After 6 months of I-829 submission, the government will issue a permanent green card to you.
This issuance of the unconditional permanent green card to an investor means that now his or her family including spouse and unmarried children under the age of 21 years can enjoy an unconditional permanent residency status in the United States of America. You can keep the green card for as long as you desire.
If you are interested in becoming a green card holder and have future plans to start a business in United States of America then you need to invest time and money in getting an EB-5 investor visa. How long does EB-5 process take depends totally on the person interested in making investment.
An immigration planning and procedure are very complex and time taking procedure. One simple act of carelessness can result in a costly mistake. For an EB-5 investor visa, you are investing a huge amount which involves both risk and return.
Make sure that you fulfill all criteria to get an EB-5 visa properly and within the specified time periods. In this article we have discussed several mistakes that you can avoid to make the processing speed of your EB-5 visa fast.
There are multiple steps involved in this process and you need to pass successfully through each stage to make your dream of living in the United States of America come true.
Hire an experienced and knowledgeable immigration attorney to minimize risks and maximize returns. A professional can give you advice in making a decision, filing a petition and help in avoiding any problems that might occur.
For your immigration consultation please call us at 407-910-4770 or email us at [email protected].