The EB-5 visa program provides an expedited way for qualified foreign investors to obtain a U.S. Green Card through investments that support job creation. Investors who receive a Green Card through the EB-5 program are permitted to work and live anywhere in the U.S. and can travel to and from the country without a visa. But, before they can apply, they must invest in a job-creating enterprise.

Carofin and its affiliate, a licensed broker-dealer since 1997, have facilitated over 100 financing transactions, creating jobs across the country.

Many foreign nationals find projects to invest in on EB-5 immigrant investor regional center websites. If the investor is located in the United States, investments must be made through FINRA-licensed broker-dealers.  When an offering is deemed to be entirely executed outside the United States, a U.S. broker-dealer is not necessarily required.

Once investors’ funds have been placed in escrow, they continue to work with their immigration attorneys, following the steps outlined below.  Please be advised, however: The following is not a comprehensive analysis of the EB-5 process. It is imperative that the investor work closely with their U.S. immigration attorneys to shepherd them through the steps involved.  For a more complete description, please see the EB-5 Immigrant Investor Process.

Step 1: I-526 Petition

Post investment, applicants and their immigration attorneys file their first I-526 Petition by Standalone Investor or I-526E, Immigrant Petition by Regional Center Investor for conditional permanent residency.  The first petition allows U.S. Citizenship and Immigration Services (USCIS) to determine that the project, or “New Commercial Enterprise” (NCE), in which applicants are investing, will meet the program requirements by creating jobs.  It also will allow USCIS to determine that the investor, his/her family, and the source of funds are likely to be acceptable.

For investors who are pooling their investment with other immigrants participating in a Regional Center Program, they use Form I-526E and await their conditional Green Card.

Investors Residing Inside the U.S.

Investors located in the U.S. file  Form I-485 after they have received their conditional Green Card. This allows residents to apply for lawful permanent resident status.  As a result of the EB-5 Reform and Integrity Act of 2022, this form can be filed at the same time as either Form I-526 or I-526E.

Investors Outside the U.S.

If a petitioner doesn’t yet have an immigrant visa, he or she must submit Form DS-260 to the National Visa Center, processed through their home country’s U.S. consulate or embassy.

Step 2: Form I-829 Petition to Remove Conditions on Immigration Status

Their conditional green card enables applicants to carry out the terms of their I-526 petition. At the end of the period, their attorney will file a Form I-829 Petition by Investor to Remove Conditions on Permanent Resident Status.  This timeframe varies depending on geographical location.

What Else Should an Immigrant Know about the EB-5 Process?

Best practices include:

• New Commercial Enterprise (NCE)

The NCE must be eligible for the program, which can be proven by showing articles of
incorporation, limited partnership agreements, state business certificates, joint venture agreements, and the like.

• Investment

The petitioner must prove that they have already invested through items like bank statements, loan certificates, security agreements, promissory notes, etc.  To support their petition, the funds must stay invested for at least 2 years. See more here.

• Required Jobs

Creating jobs through the investment is critical.  It must create or preserve 10 full-time jobs, which can be proven by a business plan with a hiring timetable or an economic report that demonstrates clearly that the jobs will be created.

• Lawful Source of Funds

The investor also must prove that the money was generated lawfully, which can be shown via bank statements, tax returns, securities statements, pay stubs, etc. Funds may be sourced from family members or relatives.

• Investor Involvement

The investor must be involved to a degree in the management of the NCE, which can be shown through corporate documents or a description of the investor’s business duties.

Carofin (and affiliate) is an investment bank since 1997 specializing in private finance for small-to-medium businesses for all EB-5 program participants, offering full-service, in-house capabilities, including investment bankers, sales, compliance, FINOPS, operations and technology.  To better support investors, Carofin continually monitors and supports each investment it offers for as long as the investment remains outstanding. For more information, please see Carofin EB-5 Investors.