Fifth Preference: The Employment Creation Green Card
The fifth preference employment-based green card is the investor’s green card. Up to 10,000 immigrant visas each year are reserved for immigrant investors who invest a minimum of $1,000,000 in a United States business ($500,000 for businesses located in “targeted employment areas”). This visa is also known as the “employment creation visa,” because it requires a showing that the business will create or save at least ten jobs in the United States. Family members of the immigrant investor may be employed in the enterprise, but their jobs may not be counted toward the ten job requirement.
To qualify as an immigrant investor, the foreign national must invest in a new commercial enterprise. This can be done by starting a new business, or by expanding and substantially changing the net worth of a business, or increasing the number of workers by 40%. The investment must be in a for profit enterprise of any type of structure (partnership, holding company, sole proprietorship, corporation, joint venture, or any other type of entity, publicly or privately held).
A “targeted employment area” is a region that fits the U.S. Census definition of “rural” or has an unemployment rate at least 150% of the national average. There are a few areas in South Florida set up as targeted employment areas.
There are some geographic areas that have been designated by the Department of Homeland Security to be “Regional Centers.” These areas have been accepted by DHS for investors in certain types of businesses, and the “job creation” element has been pre-certified. In these Regional Centers, an investor need not prove the direct creation of ten U.S. jobs, because DHS has already determined that ten U.S. jobs will be indirectly created by the investors. Your EB5 Green Card in Palm Beach County will take time.
The EB-5 process can be long, confusing and laden with paperwork. Contact a local law firm to help by (1) assisting the individual entrepreneur in presenting an individual EB-5 application; (2) preparing an EB-5 application for an investor in an existing certified Regional Center project, or (3) helping developers obtain Regional Center certification for projects that will attract a multitude of individual investors.
EB-5 visas are current. The regulations governing the adjudication of EB-5 petitions have historically been interpreted by the Service very narrowly. Contact us today for help in finding a local professional proficient in EB5 Green Cards in Palm Beach County.