Most people do not have a deep understanding of the EB-5 program; they only know some superficial aspects. However, due to the inherent risks associated with EB-5, it is essential for investors to familiarize themselves with the details of the entire application process. Therefore, we will share the experiences we have accumulated over the years in U.S. investment immigration.
1. Select a regional center investment project and transfer the investment funds to the designated escrow bank of the project.
At this stage, after conducting thorough due diligence, the applicant needs to select one investment project from numerous EB-5 projects. Once the EB-5 project is determined, the investor must sign a subscription agreement, an escrow agreement (only if there is an escrow account), and a fund issuance memorandum, and transfer the investment amount of $500,000 to the designated escrow bank of the project.
2. Prepare the I-526 application materials and submit them to the U.S. Citizenship and Immigration Services (USCIS).
The materials that need to be prepared include:
1. Personal information materials
Copies of identification cards for the entire family, passports and entry/exit records, U.S. visa entry/exit proof, birth certificates for the entire family, copies of household registration cards, marriage/divorce certificates or proof of single status, certificates of no criminal record, copies of the principal applicant's highest educational qualifications, personal resumes, and 8 passport-sized photos (5x5 cm).
2. Proof of funds
Proof of the source of funds for the investment and project management fees. Common methods of proving the source of funds include property mortgages, property sales, employment income, shareholder loans, stocks, funds, dividends, etc.
3. Application fee materials
The original bank draft for the I-526 application fee must be provided. The account from which the $500,000 and the I-526 application fee are drawn must be the principal applicant's account, which can be a joint account.
Once all materials are submitted and complete, the immigration bureau will return a file number to the applicant. While waiting for the I-526 approval result, the applicant can check the approval progress online using the file number. If additional documents are required, the applicant will need to submit supplementary materials; if the materials are approved, the applicant will receive the I-526 approval notice.
3. I-526 approval and transfer to the National Visa Center.
After the I-526 is approved, the next step is to wait for the visa quota. Once approved, the applicant will receive a document package sent by the U.S. Department of State within 45-60 days, and the applicant must complete this information before attending the consulate interview. This process typically takes only a few months; however, due to the high number of applicants each year, the annual quota of 10,000 is insufficient, leading to waiting periods. According to the current processing speed of the immigration bureau, the waiting period is approximately four to five years. It is particularly important to remind applicants that if their children are over 21 years old at this stage, they will be considered aged out and cannot accompany the applicant. We recommend that if the child is approaching 17 or 18 years old, it is best for the child to be the principal applicant.
4. Transfer of approved materials to the Guangzhou Consulate and consulate interview.
Next, the Guangzhou Consulate will notify the applicant of an interview time and require the applicant to undergo a health examination. The applicant must attend the interview at the Guangzhou Consulate on the specified date, where they will be informed of the interview results on the spot. If approved, the interviewer will affix the visa to the passport and send it to the designated bank, and the applicant will receive a conditional (2-year) permanent resident visa. If the interview is denied, the investment amount will be refunded to the applicant after deducting relevant administrative fees.
5. Applicants and family members who receive a conditional visa must enter the United States within six months of obtaining the visa.
After obtaining the conditional visa, the applicant must enter the United States within six months, report to the immigration bureau, and pay the green card processing fee. The immigration bureau will then send the green card to the applicant's designated address. After obtaining the conditional green card, the applicant and their family will enjoy the same rights as U.S. citizens for the next two years, provided they enter the United States at least once every six months.
6. Submit the I-829 application form to remove conditions.
Three months before the expiration of the conditional green card, the applicant needs to submit the I-829 application form to request the removal of conditions. At this stage, as long as it can be proven that the applicant's investment funds have not been withdrawn during the two years and that 10 direct or indirect jobs have been created, the I-829 application can be approved, and the conditional green card can be converted to a permanent green card. If the I-829 application is not approved, the applicant can apply to the immigration bureau again within 30 days before the expiration of the one-year extension.
7. After five years, the investment can be refunded, and the applicant can apply for U.S. citizenship.
After the five-year investment period, the investor will receive a refund of the $500,000 investment. A few years later, the investor can choose whether to apply for U.S. citizenship.
However, it should be noted that although the investment is said to be refunded after five years, due to the impact of waiting periods, the applicant's conditional green card may not be approved by the end of the investment period. The prerequisite for removing conditions is that the investment is still ongoing, so the $500,000 investment may not be refunded on time. The time from the start of the investment until the refund may take seven to eight years.
This concludes the entire application process for U.S. investment immigration. There are only seven steps, but it may take seven to eight years in total. This is under the premise that all applications are approved at once. If there are any discrepancies during the application process, additional time for supplementary documents and reapplication will be required, which could extend far beyond these years. Therefore, we remind investors not to hesitate any longer; while the $500,000 policy remains unchanged, it is better to apply as early as possible.