10 tips – How to get a Chinese EB 5 Visa?
10 tips – How to get a Chinese EB 5 Visa?
A Chinese EB 5 Visa has been the route many nationals from China have been able to secure permanent residence and consequent citizenship in the United States. Getting the EB 5 Visa has therefore ranked top among the choices that Chinese nationals have of being welcomed in the US to explore the extended opportunities. An EB 5 Visa is an employment Visa set aside for the individuals who look at investing in new businesses in the US in exchange for a green card. Tips on how to get a Chinese EB 5 Visa include:
Capital investment requirement
When targeting an EB 5 Visa, a Chinese national must fulfill the capital investment requirement which states that an individual should either make a $500, 000 or a $1, 000,000 investment. The investment can be in the form of cash, inventory, property or equipment in a new or old corporation.
Satisfy job creation requirement
A business started by a Chinese national with the aim of satisfying the obligation set when applying for an EB 5 Visa should also be able to satisfy the stipulation of being able to create jobs. To be issued with an EB 5 Visa, the business must be able to create at least 10 full-time job opportunities for US workers within the 2-year conditional residency that the Chinese national receives. In direct investment where a new business is started, at least 10 full-time direct jobs must be created and verified but with indirect investment through the Regional Centers, at least 10 full-time indirect or induced jobs must be created as a result of the investment for the Visa to be issued.
Investment in a Targeted Employment Area
The TEA areas are high priority areas for the US government and investment in the zones represents a step that a Chinese national can take in a bid to acquire an EB 5 Visa. $500,000 investment made in a commercial enterprise in the TEA zones which define the rural areas or areas with high unemployment rates satisfies one of the stipulations for the issuance of the Visa.
Focus on new business entities
A tip to consider when applying for a Chinese EB 5 Visa is focusing on new business entities and this is where an individual invests in a new commercial enterprise that is lawful and for-profit that will stand as being developed after November 29, 1990. This will tick a box of the requirements for an EB 5 Visa.
Invest in older enterprise or corporation
Older commercial entities which can benefit from the investment by achieving a 40% increase in net worth or number of workers is another avenue of investment that can lead a Chinese national towards the goal of getting an EB 5 Visa.
Invest in Troubled Businesses
Another significant step to take as a Chinese national targeting an EB 5 Visa is investing in troubled businesses. The description of a troubled business is that the enterprise must have existed for at least 2 years and incurring losses of at least 20% of the net worth of the business before the loss was made.
Invest through a regional center
Another tip to explore when targeting an EB 5 Visa is investment through a regional center. Regional centers run projects that have direct positive impact on the US economy. Investing through a regional center ensures you get to invest in commercial projects and have the luxury of being part of pool investments with other individuals which provides security of capital.
Satisfy “benefit to the US Economy” stipulation
The US only issues a Chinese EB 5 Visa if it satisfies the “benefit to the US economy” stipulation. This means that the select enterprise should return specific benefit to the US economy within the 2-years of conditional permanent residence in addition to providing employment to at least 10 US workers after which the Visa is issued.
File I-526 petition
When targeting the EB 5 Visa, filing of the I-526 petition must be done which is a process that involves the provision of supporting documents showing how the respective investment will create jobs, evidence of the investment being from a lawful source and how management of the enterprise will be done whether in daily management or in policy development. Review and approval of the I-526 takes approximately 15 months but Chinese applicants wait between 24 and 36 months due to backlog.
Submitting the I-829 petition
Getting the EB 5 Visa for Chinese applicants must involve the submission of the I-829 petition which offers proof to the USCIS that investment was made and jobs created. This secures the instructions to strip off the conditions and obligations given when the I-526 petition was approved which effectively means an individual is able to gain indefinite permanent residence and the opportunity for immediate application of a green card and subsequent citizenship 90 days before the fifth anniversary of the approval of the I-829 petition.