What is EB 5 Visa in a Nut Shell?
In the last few weeks, I have been contacted by several customers asking me about the EB-5 program. They seemed very confused and misinformed about the concept completely. Their questions where what is the EB 5 Visa program in Plain English? I will get to that in a second. But first, let me tell you what it is not and the misconception that these customers had.
Fist just a disclosure. My name is Leonard Woshczyn I am a licensed Realtor and a Broker Associate with the Dezer Platinum Realty. I am not an immigration attorney not can I give legal advice on any legal matters. I am also not an accountant and cannot give financial advice on related issues as well. I just wanted to put the information about the EB-5 Visa out-there for others to have a plain simple explanation as to what it is.
Who Needs EB 5 Visas
So here we go. EB 5 Visa was created by The Congress back in 1990. The main reason for the program was to bring foreign investors that wanted to grow their business in the United States. What Congress was hoping to do in to stimulate the economic growth in the States which would create more jobs within the country. And the EB 5 Visa program is a great one for doing that it actually works. Just a quick side note. Congress also just recently as of this writing passed a new law on the cash sale disclosure. It is very important to be aware of this new law read more here.
So the idea is very simple. An investor or a corporation or possibly a person that is looking to expand or to start their business and or establish a NEW business here in the United States are eligible for an EB5 Visa. It has to be a NEW business. So they set up regional centers that would help people and do all the work related to getting the Visa for the investor. Now here I would strongly recommend hiring an attorney that actually speaks your language fluently and specializes in the EB-5 Visa or immigration. Yes, you can get an attorney but my recommendation would be to hire a specialist in the field of immigration.
The amount of the investment was set by the Congress to be a minimum of $500000 US dollars. It can be much more depending on the type of business one is planning to open or set up but the minimum is $500K. That new business MUST create a minimum of 10 full-time positions. Meaning business must hire ten employees that will be working in the business full time for the business or corporation. And again here, it can be any kind of a business, it needs to generate 10 full-time positions.
Qualification for EB 5 Visa
So if a foreign corporation does that and meets all other requirements set forth in Volume 6, Part G of the USCIS Policy Manual the EB 5 Visa could be granted to the officers of the corporation. And again I can't stress enough the importance of hiring an attorney before even starting the process. There is also an attorney fee for this process that is separate from the investment part which is around $25000 which should include few other things as part of the fee, but roughly $25K.
So the misconception part that my customers had was pertaining to the type of business they had to open. Since I am in Real Estate business working with buyers and sellers, their questions were pertaining to that. More specific they wanted to buy a property obviously for five hundred thousand or possibly more and by doing that qualify for EB 5 Visa.
The answer is a simple NO. Buying a real estate property like a condo or a house in the United States has nothing to do with getting an immigration visa. If you are not opening a new business that will generate ten new jobs or more it does not apply. Now if you are buying a real estate property and you will be operating your business from that location it may. That is why I keep pointing out you should consult an attorney that specializes in immigration and EB 5 Visa.
Projects that are EB 5 Visas approved
There are a few projects in Florida that are actually real estate related, meaning that investor or a person could get an EB 5 Visa by investing in real estate development. These are large multi-million dollar projects and they have set up EB 5 programs and have been approved to do that. But the requirement for the investment part does not change. Meaning $500K investment, minimum of 10 full-time positions and the attorney part as well as the risk part of it.
If you are an individual and this is something that may interest you give me a call I will be able to help you with that aspect. So if you want to invest in a new construction project that is approved for EB 5 Visa, yes there are few that qualify and you should be able to get the visa. And once again you will need to hire an attorney that will handle it for you. I do have a few attorneys that are qualified immigration attorney that I could recommend or you could get your own.
I certainly hope that I was able to shed some light on the EB 5 Visa process for you. Should you have a question about this or about the project in Miami that do qualify for the visa please call me I would be happy to assist you as much as I can. 786-505-4786 Len If you are interested in investing or buying a condo or home in Miami Area this is what I do I would love to help you.