Eb5 Immigration Strong In 2012

Targeted Employment Areas, or TEAs, have benefited greatly from the EB5 program

. Immigrant investors under the EB5 program may invest $500,000 and obtain a two-year conditional green card if they invest in an area whose unemployment rate is greater than 150% of the national rate of unemployment. They may also invest $500,000 in a rural area not inside a metropolitan statistical area, with the goal of reducing unemployment. EB5 investors who want to invest elsewhere or start their own business in the US have to invest $1 million minimum. Every EB5 investor must invest in a project that will create or preserve 10 full-time jobs for US residents.

Some 2012 EB5 Statistics

United States Citizenship and Immigration Services (USCIS) sets aside 3,000 of the 10,000 annual EB5 visas granted for those who want to invest in a TEA. By March 2012, over 2,000 EB5 applications had been made, making it a strong year for EB5 investment. China accounts for just over 50% of the EB5 visas granted. Other countries with a lot of EB5 investors include South Korea, the UK, Taiwan, and Iran. These four countries, plus China account for over 80% of the EB5 visas issued over the past five years. Today there are 241 EB5 Regional Centers in 41 states. Regional Centers are located in Targeted Employment Areas.

Vermont's Success with EB5 Projects

The state of Vermont has had great success bringing in EB5 immigrants, with seven projects located in four towns. Capital coming in through EB5 visas is an important contribution to the $500 million the seven Vermont projects require. Jay Peak, in Vermont, is undergoing a $250 million renovation that includes a water park. Representatives from Jay Peak and other areas looking for EB5 investors travel to countries like China to encourage investors to consider the EB5 program. Those with EB5 visas can pursue US citizenship five years after coming to the US if they meet qualifications.

What Is Required from EB5 Investors

Investors under the EB5 program have to comply with provisions of the USA Patriot Act to ensure that capital coming into the US is from lawful sources. This can be one of the biggest challenges to EB5 immigrants, particularly if they come from a country where income records are not as extensive as they are in the US. Like any other form of immigration, EB5 immigration is a complex process, and many immigrants under this program work with EB5 consultants who help with documentation, the meeting of deadlines, and choosing an investment. Among EB5 investors, levels of day-to-day involvement vary, from those who want a more "silent partner" approach, to those who plan to work hands-on with the project in which they invest.

Program Extended to 2015

The original EB5 program, started in 1990, was scheduled to expire in 2012. However, President Obama signed an extension of the program until 2015. This extension is expected to result in an increase of EB5 applications, many from people who were waiting around to see if the program would be renewed after 2012. Senator Patrick Leahy of Vermont plans to introduce a bill in 2013 that would make the EB5 program permanent.

by: Joe Sloboda

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