EB-5 Visas are visas created for entrepreneurs that want to come to the United States and bring their family. This is attractive to entrepreneurs because it allows them to continue to do what they have been doing, which is create jobs.
On March 23, 2018, the President signed Public Law 115-141 extending the Regional Center Program through Sep. 30, 2018.
This visa was created to promote economic growth and to reduce unemployment. There is a reason why the capital investment is reduced from $1 million to $500,000 when investing in rural or areas of high unemployment. The government wants these areas to improve and investments brings jobs and improvement. Detroit for example had an unemployment rate of over 25% in 2009. This program is aimed to help reduce the rate of unemployment.
There are a few requirements which can be found on the USCIS website. The first requirement is that the entrepreneur make an investment in a business. The second requirement is that they plan to create or keep a minimum of 10 full time jobs in the USA.
The first requirement is fairly straightforward to accomplish. Basically, the entrepreneur needs to invest into a business in the United States. The entrepreneur does not need to be the only investor. They can join a corporation, partnership, joint venture, or even a sol proprietorship.
One must also consider the location where the entrepreneur wishes to make their investment. Generally, a $1 million minimum investment is required for most areas. However, if the entrepreneur chooses to invest in a rural area, or an area of high unemployment, the minimum capital investment is only $500,000.
The second requirement is also pretty straightforward. The entrepreneur must create or maintain 10 full-time jobs for the business. A full-time job requires a minimum of 35 working hours per week.
This may make certain businesses like fast food restaurants unattractive since the business model for fast food restaurants relies heavily on part time jobs. Regular restaurants however do become attractive. Between the chefs, waiters, and managers, a minimum of 10 full time employees may be easy to keep employed. There are other businesses that may be easier to keep 10 full time employees employed, however like any good entrepreneur knows, proper research on the business is necessary.
Let us discuss which members of the family may join the applicant. The USCIS states that along with the entrepreneur, they may bring their spouse. They may also bring all of their children so long as they are under the age of 21. This makes this Visa a very attractive way for an applicant to bring their immediate family with them.
Once here, what must your family do? Well since this is a conditional visa, every member must obey the laws of the nation as well as local laws. If there are any children that are under 18, they must attend school. If the dependent is over 18, they must either work or attend higher education. Your spouse may work if they choose to, but it is not required.
There are other conditions which must be adhered to as well. There is a minimum number of days you must stay in the country. There is also a maximum number of days that one may spend outside of the country. All of these things should be talked to with a trained attorney that handles immigration cases, just so that in investor stays in compliance with the law.
Seek legal advice from Ramona Kennedy, our goal is to guide you with your specific case and decision regarding whether or not you qualify for TEA within the EB-5 employment visa.