In El Monte, Los Angeles County, Southern California, a slogan painted on the exterior wall of a construction site catches the attention of passing Chinese people. The slogan reads “Investment Immigration, No Waiting Period, Approval in Three Months” and “More suitable for tourists or international students to apply within the United States”.
EB-5 Investment Immigration (officially known as Employment-Based Fifth Preference) is one of the main avenues for Chinese elite immigrants to move to the United States. Since its establishment by the U.S. Congress in 1990, the program has been dubbed a “wait-and-see game” due to the large number of applicants and long waiting times. However, in recent years, adjustments to the EB-5 policy have significantly reduced the waiting time.
According to a report by USA Today this month, immigration lawyers at Reid & Wise LLC law firm stated that the EB-5 program provides a reliable pathway to work permits and permanent residency for international students, especially Chinese students, seeking immigration opportunities in the United States.
Currently, international students holding F-1 and H-1B visas face restrictions on their working hours, scope, and job choices in the U.S. The H-1B visa, in particular, requires students to endure an annual visa lottery process despite many years of studying in the U.S., causing delays in career development.
If international students’ parents have substantial financial resources and invest $1.05 million in their child’s business venture in the U.S. or $800,000 in a new enterprise in a targeted employment area, creating at least ten new jobs, their children can obtain legal permanent residency (Green Card) through the EB-5 investment immigration program. According to lawyers at Reid & Wise, the process can be expedited to around three years.
This swift EB-5 investment immigration application process immediately brings numerous advantages to applicants, including the right to work for any employer without sponsorship, visa-free travel, legal residence for investors, spouses, and unmarried children under 21, and permanent residency upon the success of the EB-5 investment project.
However, the services provided by different regional centers or the time spent resolving immigration issues may vary significantly. Investors need to conduct thorough investigations and select immigration centers approved by the immigration authorities that are trustworthy.
Mr. Liu Gezhong, the head of the Vegas Regional Center (VRC), which has operated in the regional center management field for many years, offers three suggestions based on his industry experience:
1. Applicants should check the reputation of the regional center, verify if it holds the annually approved license from the immigration authorities, and ensure the validity of the license. If unsure about the details, seek assistance from experienced immigration lawyers.
2. For the intended projects, applicants should deeply understand their backgrounds, conduct on-site visits if possible, and not blindly trust promotional data.
3. A crucial point is for applicants to review the refund conditions after the project completion to safeguard their invested capital.
Compared to the past, investors receive more protections for their investments in U.S. regional centers. The “EB-5 Reform and Integrity Act of 2022” mandates the establishment of a “integrity fund” to investigate fraud related to regional centers; it requires the Department of Homeland Security to conduct a regional center audit every five years and annual on-site visits.
Mr. Liu Gezhong introduced that since obtaining its license in 2017, VRC has operated, covering four areas including Southern California’s Los Angeles, San Bernardino, Riverside counties, and the most populous Clark County in Nevada.
He informed reporters that VRC is seeking partnerships with those who have existing projects in the U.S. but lack funding, individuals with available funds looking for projects or land developers, landowners looking to develop their idle land, and groups interested in applying for U.S. immigration through projects.
For more information on EB-5 investment immigration, please refer to the official website of the immigration bureau.