A golden visa program is an investment-centered immigration program that offers investors or entrepreneurs permanent residency in a country when they directly invest a certain amount of money.
For example, Dubai’s Golden Visa makes it easy for investors, entrepreneurs, and outstandingly talented people to start a business in Dubai, invest, migrate to, live, study, and become permanent Dubai residents when they invest at least Dh2 million (approximately $0.5 million).
Golden visa programs have become increasingly common, with Business Insider noting that approximately 20 countries, including the US and Dubai (UAE), now offer golden visa programs. The EB-5 Visa program is the US’ version of a Golden Visa program.
What is the EB-5 Visa?
When Congress enacted the IMMACT90 immigration act in 1990, it established the employment-based fifth preference visa category commonly called the EB-5 visa or Immigrant Investor Program.
Like most golden visas, the primary idea behind the EB-5 visa program is to stimulate direct foreign investment into the US economy by offering permanent resident visas—green cards—to investors willing to invest in a commercially-viable, job-creating American business.
Congress later amended the act in 1993 and ran the pilot Immigrant Investor program, which created EB-5 regional centers.
Regional centers are private or public economic units that, besides the direct investment option available to foreign nationals through the EB-5 visa program, allow immigrant investors to invest with USCIS-designated agencies that sponsor EB-5 investment projects.
Today, thanks to the 1993 amendments, investors looking to apply for EB-5 visas can invest in the US directly or through EB-5 regional centers that usually have investment projects in targeted employment areas (TEAs). While both approaches to getting an EB-5 visa are viable, investing in TEA projects is better.
If you’re thinking to yourself, “Why choose TEA projects over direct investment,” there are many reasons.
However, the primary benefit of investing in TEA projects is that after the 2022 EB-5 Reform and Integrity Act, the department of state (DOS) reserves 32% of all EB-5 visas for high-unemployment, rural, and infrastructural TEA projects.
This provision makes getting an EB-5 visa through TEA projects more accessible and less backlogged, which means faster visa processing times.
EB-5 Visa Eligibility and Capital Investment Requirements
Because it is an investment-driven golden visa program, the EB-5 visa has clear eligibility criteria and capital investment requirements.
On the eligibility front, the primary thing you need to note is that:
- Any investor with legally-acquired funds can invest in a for-profit US business enterprise that meets USCIS requirements and get this visa.
- Additionally, an investor’s spouse and unmarried kids under 21 are eligible for a green card.
On the capital investment requirements front, you can either:
- Invest directly: This option requires you —the investor—to invest at least $1.05 million in a non-TEA project/location.
- Target employment area (TEA): With this option, you invest at least $800,000 in a TEA project that meets the USCIS requirements. According to the USCIS, TEA projects must be in rural or high-unemployment areas —areas whose unemployment rate is 150% of the national unemployment rate.
The lower capital requirements are one of the several things that make investing in TEA projects a much better option for anyone who wants an EB-5 visa without too much hassle.
Additionally, according to the USCIS, investors must be ready to prove legal ownership of their investment funds:
Courtesy: USCIS
Besides this, the USCIS has a job creation requirement that requires immigrant investors to invest in for-profit commercial enterprises that create at least ten full-time jobs for qualified US workers.
Cost of an EB-5 Visa and how to apply
The process of applying for an EB-5 visa is relatively simple:
- First, select and invest in a qualifying EB-5 project. It’s vital to ensure an investment project meets USCIS requirements, which is why investing in TEA projects via USCIS-designated regional centers and agents is a superior choice. These agents have proven projects that explicitly meet these requirements.
- After investing in a viable EB-5 project, you or your immigration lawyer can file Form I-156, including supporting documents; the cost of filing form I-156 is $3,675. After the USCIS approves your form, you file either Form DS-260 with the DOS or Form I-148 with the USCIS. You can then file form I-829, which removes visa conditions, granting you permanent residence status in the US.
How long does it take to get an EB-5 visa?
Generally, how long it takes to process the EB-5 visa varies from one immigrant to another.
However, it is common for EB-5 visas to have an estimated processing time of 30-60+ months for form I-156, depending on the backlog and the country from which one applies.
Forms I-485 and DS-260 have varying processing times depending on the adjudicating service center. Form I-186, which removes visa conditions, granting investors a permanent visa—a green card—has an estimated 40-68 months processing time. Fortunately, new applicants can now concurrently file forms I-156 and I-485, potentially reducing EB-5 visa processing times.
Conclusion
The EB-5 visa, the US’ version of a golden visa, is one of the best legal ways for investors, their spouses, and unmarried children under 21 to migrate to the US as permanent residents.
Although the EB-5 visa has stringent qualifications and a longer-than-normal processing time, it is worth it for qualifying investors, especially those who invest in TEA projects from USCIS-designated regional centers operators and registered agents.