Mistakes To Avoid When Applying for an EB5 Green Card
An EB5 immigration investor program can allow you to obtain U.S. citizenship and enjoy the country’s quality healthcare and education. The program can also allow you to invest in states without requirements like state income tax. Before applying for this green card program, understand common application mistakes to increase your chances of success. Here are the mistakes to avoid when applying for an EB5 green card:
Avoiding Legal Help
An immigration attorney specializing in EB5 visa applications can guide you on each step and help you navigate the entire process easily and quickly. A lawyer’s knowledge of the United States Citizenship and Immigration Services (USCIS) policies can prevent possible violations that would cause denials. A professional EB5 visa attorney can advise you on the best investment project to help you achieve your goals.
They can also analyze commercial enterprise cases and other risks associated with the projects you want to invest in. In case of application delays, the attorney can file the I-526 petition and speed up the process. Before hiring an immigration attorney, confirm that they have successfully handled several EB5 cases in the past. The attorney should be an effective communicator, affordable, and licensed in the state where they work.
Ignoring the Requirements
USCIS policies require anyone interested in applying for a green card after the EB5 visa to have adequate investment capital. This can help you set up a successful project to create the right number of jobs for unemployed American citizens. You must prove that the source of your EB5 investment funds is legal when applying for a green card. EB5 funds can be from salaries, inheritance, business profits, or loans from recognized financial institutions.
Providing accurate information, like personal and contact information, is key when applying for an EB5 green card. Information about employment estimates or the money your project is projected to generate must be consistent. Any foreign investor applying for a green card after an EB5 must have achieved the minimum legal age limit. They must also present or declare their health history and criminal history. Meeting these requirements can prevent a possible rejection or denial of your green card.
Not Familiarizing Yourself With Regional Centers
USCIS forms EB5 regional units to collect capital from immigrant investors and enhance their state’s economic development. The centers grow the economy by creating direct or indirect job opportunities. If the center you invest in doesn’t collect your investment capital, it can allow the New Commercial Enterprise (NCE) to do so. A positive relationship between an EB5 regional center and the federal government can enhance your credibility as an immigration investor. The center can manage an EB5 enterprise for you and reduce the
overall business operation burden. Investing through a regional center can speed up your qualification for the EB5 green card and permanent residency in the U.S.
A reputable regional center should have previously sponsored and managed several EB5 projects or enterprises. The center should regularly file I-924 receipts and comply with other yearly reporting requirements set by the USCIS. The Local Department of Buildings, USCIS, or the Better Business Bureau can provide adequate information about regional centers.
Not Understanding the EB5 Projects
EB5 investment projects can be direct or indirect. Direct EB5 projects are designed and managed by immigrant investors, while regional centers manage indirect projects. Analyzing the risks and rewards of direct and indirect projects can help you select the most profitable one. Once you decide on an investment, review your project’s expenditure and forecasted income. Invest in an EB5 project with a high rate of generating returns on investment.
Have all the relevant documents and contracts like EB5 loan documents, equity investment documents, bridge or senior loan documents, and a limited partnership agreement. Your investment project’s location should be in a target employment area set by the regional center. If you choose to invest in an indirect project, deposit the project funds in an escrow account. This can protect the funds by preventing any withdrawal before the project’s completion. Consider other factors like I-526 approval, success history, and investment structure.
Apply for an EB5 Green Card
Applying for an EB5 green card can aid the process of obtaining permanent residency in the United States. Working with an immigration attorney, meeting the application requirements, and knowing various investment projects may increase your chances of obtaining an EB5 visa successfully. Contact a reputable EB5 visa company or regional center for help with your green card application and investment project.
