The Golden Visa Program to United States (EB-5) green card program remains open and continues to operate normally despite the Covid-19 pandemic in the United States.
President Trump has signed an executive order exempting entry ban on any alien applying for a visa to enter the United States pursuant to the EB-5 Immigrant Investor Program.
EB-5 program offers the fastest route to the Green card.
We want to give some important tips to future clients, before applying for immigrant investor scheme.
1. The EB-5 program first of all requires atleast $900,000 invested in a commercial enterprise creating 10 jobs. Remember job creation is the key. Remember threshold increased in Nov 2019 from $500,000.
2. You have to consider waiting times with EB-5. The amount of time from applying to receiving green card takes atleast 5 years depending on the country you apply from.
3. You should only pick EB-5 if you plan to move and live permanently in the United States. It is a permanent residence program, you must immigrate and live there, there is no point in taking green card if you dont want to move and live, else you are violating visa rules. There is also a cheaper E-2 visa option with a lower investment requirement , if you want to frequently visit US and dont want to live there. E-2 visas are non-immigrant visas. Understand clearly the difference between immigrant and non-immigrant visas.
4. If you want US citizenship it takes atleast 5-6 years to receive citizenship and passport. You MUST permanently live in US atleast 9 months every year. There are no shortcuts. May be EB-5 is suitable for you.
5. We suggest do the tax planning well ahead for HNW clients. The US levies worldwide income even on aliens. Plan your taxes accordingly in advance before you apply.
6. Investors must keep an eye on the credibility of the regional center before investing. Look for successfully completed projects and I-924 approval and the center is not terminated.
7. You have be careful that if your business closes within 2 years, you lose the entire investment. Think twice! Investing in EB-5 is still it is awful lot of money.
8. EB-5 also has limited quotas of 10,000 visas every year includes all family members, so a pretty congested area.
9. Legal costs are still high for EB-5, this include attorney fee, petition filing, and other paperwork. Be prepared to pay upto $50,000 as additional costs above the investment.
10. Clients must understand the most important requirement with EB-5 is providing the lawful source of funds. If you dont prove the invested capital is lawfully obtained, you may be denied I-526 petition.