EB-5 Visa Journey: Applying for the Removal of Conditions on Permanent Resident Status
Many individuals throughout the world consider living in America to be their dream. Compared to other industrialized countries, the US offers a wide range of options, a rich culture, and a high level of life. As a result, obtaining a US Green Card and becoming an American citizen remains the fulfillment of a goal for many people worldwide.
Numerous advantages come with the Green Card, including the chance to eventually seek US citizenship and the right to live and work permanently in the US. However, applying for a Green Card can take time and effort, fulfilling strict eligibility requirements and navigating numerous application processes.
Utilizing the EB-5 Visa, a category of immigrant visa open to nationals of all nations, is an alternative to obtaining a green card. The EB-5 Visa grants permanent residence status to eligible overseas applicants, their wives, and eligible children under 21.
A foreign investor must invest at least the EB-5 Investment Amount to be eligible for an EB-5 visa. The minimal investment capital in a Targeted Employment Area (TEA) is $800,000. An area with a high unemployment rate is called a targeted employment area (TEA). A non-TEA needs a starting capital of $1.05 million. The EB5 Category Requirements stipulate that within two years of receiving conditional status, at least ten full-time jobs must be created for qualified American workers.
The EB-5 investor must submit Form I-829 to request the removal of the conditions on permanent residence status once they have met the capital and job creation requirements.
A Petition by Investor to Remove Conditions on Permanent Resident Status (Form I-829) must be submitted by the immigrant investor within 90 days of the 2nd anniversary of the date conditional permanent resident status was granted (for instance, the investor’s application for adjustment of status was approved or investor was admitted to the country on an immigrant visa).
The immigrant investor must submit the following evidence with his or her petition to remove conditions:
Evidence demonstrating that the immigrant investor invested the necessary funds or was actively engaged in doing so and maintained the investment during the immigrant investor’s time in the country and
Evidence that the new commercial firm has already established at least ten full-time roles for qualified people or that they can be reasonably expected to do so. In the case of a struggling company, the investor must provide proof that after their admission as a conditional permanent residence, the commercial organization maintained the number of current employees at no less than the pre-investment level.
USCIS provides conditional permanent residents who correctly file Form I-829 a receipt Notice of Action (Form I-797) as confirmation that their application has been received and accepted. The notification demonstrates that USCIS has received the Form I-829. An immigrant investor may request a review in removal proceedings if their Form I-829 is rejected.