According the US Citizenship and Immigration Services was
EB-5 was a law passed by Congress in 1990 to stimulate the economy.
There are 10,000 EB-5 immigrant visas available annually
through the EB-5 program. The EB-5
program consists of two options to gain citizenship. Both of this option
requires either a $500,000 or a 1,000,000-dollar investment depending on the
area where the investment is made. In
addition any new commercial investment must employ 10 full time employees
“ Acquiring lawful permanent residence (“Green
Card”) through the EB-5 category is a three step self-petitioning process. The
target case processing time is five months for Forms I-526 and I-829.
- First, a
successful applicant must obtain approval of his or her Petition for an
Alien Entrepreneur (Form I-526).
- Second, he or
she must either file an I-485 application to adjust status to lawful
permanent resident, or apply for an immigrant visa at a U.S.consulate
or embassy outside of the United States. The EB-5 applicant (and
their derivative family members) is granted conditional permanent
residence for a two year period upon the approval of the I-485 application
or upon entry into the United States with an EB-5 immigrant
visa.
- Third, a Form
I-829 Petition by an Entrepreneur to Remove Conditions must be filed 90
days prior to the two year anniversary of the granting of the EB-5
applicant’s conditional Green Card. If this petition is approved by USCIS
then the EB-5 applicant will be issued a new Green Card without any
further conditions attached to it, and will be allowed to permanently live
and work in the United States.”
According to data from the US Citizenship and Immigration
Services the approval rating for I-829 forms have increased from 62 percent in fiscal
year 2005 to 83 percent in fiscal year 2011.
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