When the United States Congress created the EB-5 Visa Program, their goal was twofold:
- Create job growth and benefit the U.S. economy; and,
- Allow eligible foreign applicants the opportunity to become lawful permanent residents
Over the past few years, the U.S. federal government has made a number of important changes to the laws governing the EB-5 program, and these changes have greatly helped the program to become an effective and reliable economic development vehicle and immigrant visa option.
Each year 3,000 green cards are set aside specifically for foreign applicants who participate in the EB-5 program through “designated Regional Centers” such as the NYCRC.
The program provides for the issuance of green cards to qualifying applicants and their families who:
- Invest US$500,000 in a Regional Center project; and,
- Such investment creates 10 jobs for U.S. workers.
If the investment is maintained and achieves the job creation requirements, an “unconditional” or permanent green card will be issued after two years. This green card allows the foreign applicant and their family members to live permanently in the United States.