In its current form, the US EB-5 (green card for investors) program was restarted after a technical pause in 2022. When the United States Congress finally voted on a bill in March 2022 in favor of this mechanism to attract foreign capital. According to the amendments, the minimum investment amount is $800,000 (USD) for projects in a qualified area with high unemployment or rural areas, or for infrastructure projects. And for projects of regional centers approved by the immigration service, a capital investment requirement of $1.05 million (USD) has been established. Among other things, all projects under the program were re-authorized, and even regional centers were forced to confirm their status. It was a long process, so we are returning to the topic of US EB-5 visas right now.
US EB-5 Program Basics: Key Rules
So, the US EB-5 program is for those who would like to move to the US with their family in the long term. It has existed for more than 30 years, and the conditions for participation have not changed for decades, and over the past two years a large-scale reform has taken place, after which processing has only just recovered.
The US EB-5 visa gets its name from its number as the fifth employment-based visa. Those who have invested in a local business that will retain or create 10 permanent, full-time jobs for qualified U.S. employees are eligible to apply.
So, an investor can include his or her spouse and unmarried children under the age of 21 in the application. An investor and his family who have received a US EB-5 visa do not have any restrictions on employment. There is no requirement for permanent residence, but the investor must come to the United States at least once a year.
Potential EB-5 Applicants and Deadlines
On average, it takes 30 to 36 months to process an EB-5 US visa application. The waiting time will depend on two factors. Firstly, where the investor came from, how many requests came from this country. If citizens of this state have submitted too many applications, then the consideration of new files will be postponed until next year. Thus, the investor will have to wait until next year until USCIS fills the various quotas. There is also a total limit of 10,000 EB-5 visas per year issued by USCIS. Secondly, certain characteristics of the investment project may affect the speed of file review. For example, applications based on participation in projects with the “Rural” characteristic have their own queue, so there is a chance of receiving the US EB-5 in 12-18 months. It is precisely this project that we will talk about in more detail below.
In 2023, according to the US State Department, the most EB-5 visas were issued to citizens of China (6,262), India (815), Vietnam (556) and South Korea (446). Thus, it turns out that 9 out of 10 EB-5 visas issued were received by citizens of Asian countries. By the way, the United States, despite all the bans and sanctions it initiated in other countries, did not impose a ban on participation in its programs for investors from the Russian Federation and Belarus. It is reported that US embassies and consulates around the world have returned to pre-Covid levels in their processing when processing incoming requests.
Rural US EB-5 project in California
So, APEX invites you to pay attention to an authorized project for the construction of cottage houses (single-family and duplexes) in California, in the resort area, in the town of Mammoth Lakes. This is a popular year-round destination for mountain holidays: skiing, mounting bikes, hiking. The project is located next to the Sierra Springs Golf Club, just 2 minutes’ drive and 10 minutes’ walk from Mammoth Mountain. Location is a 4-hour drive or 45-minute flight from the 5 million residents of Los Angeles.
Important advantages of the project:
- the “Rural” designation makes it possible to expedite the consideration of the application (petition I-526);
- guarantee of return of the investor’s funds if the application is refused.
An EB-5 investor purchases a stake in the project for $800,000 + pays an administrative fee of $75,000. Thus, the developer receives additional financing to implement the project. Full commissioning of the facility is scheduled for the 4th quarter of 2026.The first phase of homes was sold by the developer to the end consumer at an average price of $2.1 million. The project has already shown its commercial viability and success.
Apex Capital Partners specialists will provide professional legal support, advise at all stages of registration of the US EB-5 program, and will also prepare all the necessary documents. Although the EB-5 process has never been quick, there are always investors interested in the program, and APEX has always been there to guide clients through every step of the process.
