P-2 and EB5 Immigrant Investor Visas Compared
P-2 and EB5 Immigrant Investor Visas Compared
The fifth preference employment based visa (EB5) was created in 1990 as a way for foreign investors to gain United States permanent residency (and eventual citizenship if desired), through an investment in a new or pre-existing American business that sees the creation of at least 10 new full-time jobs for American workers. The P-2 Performer visa allows a foreign performer to enter the United States if that entrance is part of a reciprocal exchange program between an organization in the United States, and an organization in the home country of the performer. In this article we will take a closer look at the P-2 Visa and the Eb5 Green Card to see how their paths to a Green Card Visa compare and contrast.
P-2 Visa As defined by the government's website, the P-2 classification "applies to you if you are coming temporarily to perform as an artist or entertainer, individually or as part of a group, who will perform under a reciprocal exchange program between an organization in the United States and an organization in another country."
Eligibility Criteria - You must be an artist entering the United States through a government recognized reciprocal exchange program. In addition, you must possess skills comparable to those of the United States artists and entertainers taking part in the program outside the United States.
Supporting Documents As per the government's website, the Form I-129 must include the following documents:
6) Written consultation by an appropriate labor organization
7) Copy of the formal reciprocal exchange agreement between the sponsoring U.S. organization(s) and the organization(s) in a foreign country which will receive the United States artist or entertainer
8) Statement from the sponsoring organization describing the reciprocal exchange of United States artists or entertainers as it relates to the specific petition for which classification is sought
9) Evidence that you and the U.S. artist or entertainer subject to the reciprocal exchange agreement are artists with comparable skills and that the terms and conditions of employment are similar
10) Evidence that an appropriate labor organization in the United States was involved in negotiating, or has concurred with, the reciprocal exchange of U.S. and foreign artists or entertainers.
Note: If the events or performances will take place in multiple areas, an itinerary must be submitted. The itinerary must list the dates and locations of the events.
EB5 Immigrant Investor Visa In stark contrast to the P-2 visa, lays the EB5 Immigrant Investor Visa. According to the government's web page, to qualify for the Eb5 Visa Program you must:
5) Invest or be in the process of investing at least $1,000,000. If your investment is in a designated targeted employment area (A Targeted Employment Area is defined by law as "a rural area or an area that has experienced high unemployment of at least 150 percent of the national average) then the minimum investment requirement is $500,000.
6) Benefit the U.S. economy by providing goods or services to U.S. markets.
7) Create full-time employment for at least 10 U.S. workers. This includes U.S. citizens, Green Card holders (lawful permanent residents) and other individuals lawfully authorized to work in the U.S. (however it does not include you (the immigrant), or your spouse, sons or daughters).
8) Be involved in the day-to-day management of the new business or directly manage it through formulating business policy for example as a Limited Partner, corporate officer or board member.
We see in this comparison that despite the fact that the P-2and EB5 immigrant investor visas both rely on certain performance based requirements being satisfied; the two are very different in nature, with only the Eb-5 visa offering a path to a Green Card Visa.
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