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Chicago EB-5 Investor Visa AttorneyIllinois Business Immigration LawyerThe EB-5 investor visa was created as part of the Immigration Act of 1990 in order to stimulate the U.S. economy through job creation and capital investment by foreign investors. The EB-5 visa is available for investors who invest at least $ 1 million in a new commercial enterprise or $500,000 in targeted (high-unemployment or rural) areas in a United States, creating at least 10 jobs. Certain EB-5 visas are also available for investors in Regional Centers at a lower investment level of $500,000 that are designated by the United States Customs and Immigration Services based on the Regional Center’s proposal for promoting economic growth by creating 10 or more jobs directly or indirectly.
Eligibility Requirements
1. Investment in New Commercial Enterprise In order to be eligible for an EB-5 visa, the foreign national must invest at least $1,000,000 in a “new commercial enterprise,” which is a commercial enterprise that was established after November 29, 1990. If the commercial enterprise was established on or before November 29, 1990, it may still qualify as a “new commercial enterprise” if (i) it was purchased and the existing business was restructured or reorganized so that a new commercial enterprise results, or (ii) it expanded through the investment such that a 40% increase in net worth or number of employees resulted.
The United States Customs and Immigration Services defines “commercial enterprise” as any for-profit activity formed for the ongoing conduct of lawful business, including partnerships, holding companies, joint ventures, corporations, business trusts and sole proprietorships. A holding company and its wholly-owned subsidiaries also qualify as a commercial enterprise, provided that each subsidiary is engaged in a for-profit activity formed for the ongoing conduct of lawful business.
2. Job Creation The EB-5 visa also requires that the foreign investor meet certain job creation requirements. Specifically, the foreign investor must: • Create or preserve at least 10 full-time jobs for U.S. workers within two years of the investor’s admission into the United States;
Regional Center
The Immigrant Investor Pilot Program has been extended through Sept. 30, 2012 and allows for investments that are affiliated with economic units known as a “Regional Centers.” United States Customs and Immigration Services defines a “Regional Center” as “any economic entity, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment.” When the USCIS approves a Regional Center for EB-5 designation, the Service acknowledges that the economic model and business plan appear feasible for investment and economic development to create directly and indirectly the 10 jobs or more required in the industry for the EB-5 investor category.
In Illinois, the following two regional centers exist: Chicagoland Foreign Investment Group and LaSalle County Business Development Center. However, there are other Regional Centers throughout the U.S. The USCIS maintains a list of the designated Regional Centers, and we have worked with some of these Regional Centers on behalf of clients, such as http://www.eb5jaypeakresort.com/, among others.
Knowledgeable Visa Experience You Can Trust
The EB-5 investor visa requires specific and complex supporting evidence to be submitted along with an I-526 Petition. The knowledgeable Chicago investor visa attorney at Badia-Tavas Law Group is well-versed with the variety of work visas available for foreign investors, including the EB-5 investor visa, EB-1 treaty trader visa and the EB-2 treaty investor visa. We will explain your visa options to you and assist you with the application process.
Contact our knowledgeable Chicago business immigration attorney at (312) 422-0838 to learn more about how we can help you obtain your E-5 or other business visa. |
