Wednesday, July 27, 2011

EB5 Program Process

Step 1:  Foreign investor or their advisers carefully evaluates EB5 documents and Offering Memorandum to assess qualifications, risk and opportunity.

Step 2: If interested in joining one program, the Investor applies by submitting $500,000 into the program's escrow account and providing signed Subscription & Partnership Agreements, Subscriber Questionnaire, ?? Administration Fee, and other requested documents.

Step 3: Investor's immigration counsel, or investor’s chosen counsel, then prepares and files the comprehensive application package Form I-526 "Immigrant Petition by Alien Entrepreneur" to the USCIS.

Step 4: If petition is approved, USCIS sends case to US Embassy in the Investor’s home country for immigrant visa interview.  If approved, US Embassy issues the immigrant visa and investor (and family members) enters the United States to receive Conditional Green Card – valid for 2 years.
If petition is denied by USCIS, funds deducting administrative funds are promptly refunded to the Investor from the escrow account without deduction from or interest on that capital. 

Step 5: Upon approval of I-526 Petition by the USCIS, the investor’s status at the Partnership moves from “Conditional Limited Partner” to “Limited Partner” and the funds held in the Bank of America escrow account are released to EB5 program.  

Step 6: Investor and family are free to live anywhere in the USA with unrestricted travel/work rights. But the family must live in USA 6 months in a year.

Step 7: After 21 months, Partnership’s immigration counsel files the Form I-829 “Petition to Remove Conditional Status” with the USCIS seeking permanent Green Card status.

Step 8: After 5 years of maintaining the full investment as Limited Partner in the Partnership and holding Green Card status, Investor and family may to apply for US citizenship. Investor may contact Partnership and explore exit options, if any, for return of capital.