Wealthy foreign investors are turning to the EB-5 visa program as a way to qualify for residency in the United States in the aftermath of the U.S. recession. Most of the applicants are from China, with increasing interest from the Latin American elite who are eager to leave home countries, such as Mexico and Venezuela, that are rife with drug violence and political turmoil, according to a report by The Miami Herald.
EB-5 visa applicants are required to invest either a minimum of $500,000 in a U.S. project or business within a high unemployment or rural area, or a $1 million anywhere in the U.S., so long as the investment generates at least 10 jobs for U.S. workers within 2 years. Once the petition is approved, the applicant may bring his or her family to the U.S. under a conditional EB-5 visa that may become permanent if the investment is a success.
There is a risk that if the requirements are not met by the end of the two-year period, the applicants will face deportation. If the project is modified, the applicant must complete a new application to comply with USCIS requirements. The applicant must be able to prove that the investment money was obtained legitimately.
The Obama administration hopes that by making the EB-5 visa process more efficient, wealthy foreign nationals will make investments that will create more jobs for Americans. There is a bill in the Senate that proposes a similar program to help the housing market where foreign nationals would qualify for a visa if they spend $500,000 on real estate.
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