Every country has its primary focus on the well-being of its citizens and a mandate to propel development across all industries and business segments. The United States is not any different, and as a world-leading economy has always been driven to create and uphold a suitable business environment. Primarily, this is because of the trickle-down effects on the citizens and the fact that more prosperous businesses make the nation’s economy stronger. Consequently, this opened a path for foreign investors to invest in America and be part of the greatness that America represents. As such, for decades, investors have had favorable investment programs in the USA, attracting attention from across the globe.
One of the most popular investment programs that have been the go-for option for thousands of investors each year is the EB-5. For potential investors who have just come across this program, the main question is what is EB-5? Broadly, this is a Visa program that was created with the intent of stimulating the American economy through foreign investments in the country. The goal of this program has been to provide a win-win situation where, on the one hand, a foreign investor makes capital investments in the country. On the other hand, the investor becomes eligible to apply for permanent residence in the United States.
Since each year, there are tens of thousands of individuals striving to attain the much sought-after United States Green Card; the EB-5 program is a raised platform for the wealthy. Mainly, it takes away the challenge of having to go through a complicated and uncertain procedure to attain American citizenship. Instead, it provides a guided channel that properly utilized makes it easier to not only become a respected investor but a citizen of the great nation. The EB-5 Visa program was created by congress in 1990 with the goal of boosting the economy and aiding distressed communities. Over the years, it has been successful according to the statistics from the Commerce Department. The statistics show that there has been the creation of over 174,000 jobs in fiscal years 2012 and 2013.
Nonetheless, with the coming of the Trump administration and congress concerns, necessary changes have been made about this program. The main areas of focus have been on the minimum investment, which had since the program’s inception remained unchanged. There was, therefore, a need to re-evaluate these aspects taking into account the inflation over the past three decades. The congress also sought to ensure that they restrict the possibilities of gerrymandering and strengthen the essence of the program. Ina bit to ensure the program is in line with the original congress intent the following factors have been given emphasis;
- The eligibility for applying for an EB-5 Visa. The United States Citizenship and Immigration Services (USCIS) accept applications from all non-USA citizens from all countries. However, the person must not have any criminal record, pass the medical requirements set by USCIS, and prove they will not become a public charge. Most importantly, the applicant must demonstrate that their investment was legally acquired by availing financial documentation of their sources of income.
- The ability to meet the minimum investment requirements. The minimum amount expected for investment in the EB-5 program is up from $500,000 to $900,000 for investments in targeted employment areas. For investments in other areas that are not within these targeted areas, the minimum investment amount is $1,800,000.
- Adherence to the EB-5 Visa application process. America takes all its citizenship programs seriously, and applicants must be ready to go through the right legal channels. The odds are raised for the EB-5 program, given the fact that it involves a substantial investment. Potential investors looking to attain permanent American residency through this program must, therefore, be ready to adhere to all the steps. Fortunately, this does not mean having to personally handle all these procedures as there are dedicated agencies that offer these professional solutions such as Withers.
Overly, while there have been significant changes to the EB-5 program, it still remains the most suitable path for high net worth individuals to become American citizens. The best part is that on the attainment of citizenship, the investor will be legally eligible to live in the USA with his or her family. This includes the spouse and unmarried children under the age of 21. For legal advice go to ronaldshapiro.com.