EMPLOYMENT CREATION ALIENS (EB-5)
An employment related immigrant visa was created under the Immigration Act of 1990 for certain alien investors. Two essential elements must be satisfied for EB-5 classification: the alien must invest $1 million in a new United States business (or $500,000 in a targeted employment area) and the alien must guarantee full-time employment to at least ten qualified United States workers (not including the alien, his/her spouse, his/her children or any nonimmigrant workers). The establishment of a new commercial enterprise may serve as the basis for EB-5 classification for more than one alien investor, provided each petitioning investor has invested or is actively in the process of investing the required amount for the area in which the new commercial enterprise is principally doing business. Each individual investment must also result in the creation of at least ten full-time jobs for qualifying United States workers. More than one investor may obtain immigration status through the same investment enterprise. For example, three investors may receive EB-5 visas, provided that $3 million are invested and 30 jobs are created.
A petition must be filed with the Bureau of Citizenship and Naturalization Services (CIS) to request EB-5 classification. There is no labor certification requirement for this special category. Conditional permanent residence is granted initially for a two-year period. After the second anniversary of granting permanent residence, a review is made. If the company continues to employ the required number of U.S. workers and is continuing to do business permanent residence will be granted.
This category has been mired in litigation and must be studied carefully before committing funds.
For more information concerning EB-5 Visas, please click here.
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