Exploring the EB-5 Visa Lifecycle: From Initial Investment to Green Card Approval

Applying for the EB-5 visa is a significant decision that affects the personal, professional, and financial aspects of an entire family. Therefore, it’s crucial to thoroughly understand the EB-5 visa lifecycle to make an informed choice.

Before Filing the I-526E Petition

The EB-5 lifecycle officially begins with the filing of the I-526E petition, which serves as the EB-5 visa application. However, there are several preliminary steps that should ideally be taken before submitting the petition. These include conducting a thorough analysis of the investor’s Source of Funds (SoF), deciding between the direct investment route and the Regional Center route, collaborating with an EB-5 financial expert to evaluate various Regional Centers, and selecting the appropriate Regional Center project. The Source of Funds analysis is essential, as only legally obtained funds can be used for the EB-5 visa application. Choosing the right Regional Center project is also a critical decision, as it significantly influences the likelihood of recovering the EB-5 investment within four to six years. This evaluation process involves comparing different Regional Centers and projects, including rural projects eligible for priority processing and those located in high-unemployment Targeted Employment Areas.

I-526E Filing

The date you file the I-526E petition becomes your Priority Date, which plays a crucial role in determining whether you may face delays due to a potential visa backlog after your I-526E approval. Prior to the EB-5 Reform and Integrity Act of 2022, investors could only file for Adjustment of Status (AoS) after receiving I-526 approval. However, the Act now permits investors applying for the EB-5 visa from within the U.S. to submit their AoS application concurrently with the I-526E petition. This change is a significant advantage, as a pending AoS application allows investors to apply for an Employment Authorization Document (EAD) and Advance Parole (AP).

The EAD functions as a work permit, enabling the investor to work for any employer in the U.S. or even start their own business without restrictions. Meanwhile, the AP serves as a travel permit, allowing for relatively unrestricted travel outside the U.S. It typically takes around six to eight months to receive both the EAD and AP, meaning that investors can access many benefits of the green card process just six to eight months after filing the I-526E, even while the EB-5 process continues.

I-526E Approval

The next phase in the EB-5 lifecycle is the approval of the I-526E petition, which typically takes about 12 to 18 months after filing. For investors applying from within the U.S., the processing of the I-485 petition for Adjustment of Status will commence following I-526E approval. Conversely, EB-5 investors applying from outside the U.S. must go through consular processing at their local U.S. embassy or consulate. This consular processing can add an extra six to eight months, resulting in a longer wait for those applying from outside the U.S. to obtain their conditional green card.

Two-Year Conditional Permanent Residence

The two-year conditional permanent residence period starts after completing either Adjustment of Status or Consular Processing. This conditional green card grants the investor and eligible dependents all the benefits and privileges of U.S. permanent residency. The green card is valid for two years, during which the investor must provide evidence of fulfilling the at-risk investment and job creation requirements to qualify for an unconditional green card.

Removal of Conditions

To remove conditions on their residency, investors must file the I-829 petition approximately 90 days before the two-year period ends. Approval of the I-829 petition can take around three to four years. During this time, the investor's status remains extended until the petition is finally adjudicated. The removal of conditions and issuance of the unconditional green card signify the conclusion of the immigration process associated with the EB-5 visa.

Recovery of Investment

The EB-5 lifecycle concludes only with the recovery of the investment. Although there are no guarantees, investors can enhance the likelihood of getting their $800,000 investment back by collaborating with an EB-5 financial professional who is regulated by the SEC and FINRA in the U.S. The return of the investment typically takes about four to six years, marking the final step in the EB-5 lifecycle.