| Immigration Questions |
What must an investor do to maintain their resident status in the U.S.?
There are many requirements for the investor to establish residency in the US. First, the investor must enter into the United States within 180 days of visa issuance from the consulate and establish residency. Evidence of residency includes opening bank accounts, obtaining a driver’s license or social security number, paying state and federal income taxes and renting or buying a home. The United States resident may work overseas if required based upon the nature of the business or profession. However, all permanent residents must remain in the US for more than 6 months each year, or they may be deemed to have abandoned their permanent residence status.
How long is a green card valid for?
If you received your Green Card through investment in the EB-5 program and all criteria has been met through USCIS, you will be issued a conditional Green Card that is good for two years.
The investor must then apply for removal of the conditional status within 90 days before the two year timeframe is up. This process is called the I-829 application and once that is approved you have a regular unconditional Green Card. If the conditional status has not been removed, the Green Card will become invalid at the end of two years, and your permanent resident status will be terminated.
Unconditional Green Cards are good for ten years. You must apply for a new unconditional green card using the I-90 form before the end of the 10 year period. If the card itself becomes invalid you will lose legal permanent residency.
What is the I-526 application process?
The I-526 application process for investors seeking permanent residence in the US is the first step through the EB-5 program. Once the investor chooses the project in which to invest and wires their investment to the appropriate accounts, USCIS adjudicates I-526 petitions by reviewing the following main criteria:
1. New Commercial Enterprise: Evidence showing that the enterprise in which the investor has invested their funds is authorized to transact business.
2. Investment Capital: The investor must show the proper amount of investment into the project. USCIS expects these funds to be at risk and used by the enterprise exclusively to create US employment.
3. Source of Capital: Evidence must show the legal acquisition of capital. The application must be supported by evidence that the required minimum amount has been invested. This investment may be reduced from $1,000,000 to $500,000 if the enterprise is located in a Targeted Employment Area (TEA). All of PCEG's projects are currently located in TEA's.
4. Employment Creation: Evidence will be provided by PCEG to show that 10 US jobs will be created from the EB-5 investment. If investor funds are put into the designated Regional Center, eligibility will allow the counting of indirect or induced jobs toward the total.
The I-526 application will be approved only if USCIS is satisfied that the foregoing criteria have been met.
How do I get the conditional status removed from my green card?
The process of removing the conditional status from a green card starts with filing of an I-829 petition within the 90-day period immediately preceding the 2 year grant of conditional status. The investor must then demonstrate that the investment in the new commercial enterprise in fact created 10 full time equivalent jobs as a result of the investment. This would show consistency with the investor’s I-526 petition. PCEG would work closely with the project in which the investment was made to provide documentation to the investor and provide support for investor’s I-829 petition. The conditional green card is usually extended in one year increments or until the petition to remove conditions is adjudicated.
Should I hire an Immigration Attorney to represent me?
Yes, it is an important step in the process to have an independent legal counsel represent your interests. While PCEG recommends attorneys who can competently handle EB-5 applications, you should do your own due diligence for legal counsel. Click here to visit the website of our preferred immigration counsel.
What documents and information are required for my I-526 Petition?
Your immigration attorney will discuss the required documents and information with you. You must provide sufficient documentation to satisfy USCIS requirements for proof of lawful source of funds. Independent evidentiary proof must support all declarations. Evidence may include birth certificates and a marriage certificate, earnings and account statements, stock certificates, individual and/or business income tax returns and any loan or mortgage documents, promissory notes, security agreements or other evidence of borrowing which is secured by assets of the applicant.
After I receive my conditional Green Card, when do I apply for my permanent (“unconditional”) Green Card?
The conditional Green Card expires two years from the date issued. The investors can submit their I-829 Petition for the unconditional Green Card as early as three months prior to the expiration date of the conditional Green Card. PCEG will supply supporting evidence of the capital investment and the jobs that were created. Once the I-829 petition is filed with the USCIS, your conditional permanent residency is extended for one year. |
|
