If an immigrant has a significant business model and an eye for making a life in the United States, they may be able to obtain an EB-5 immigration visa. This visa, which essentially functions as a green card for the immigrant, is only granted to individuals who can come to America and create an employment opportunity that would employ at least 10 people who already live here. These visas are not simple to get, and those who do get an EB-5 have certain rules they must follow in order to be approved. Here is a look at some of the most common questions American citizens tend to have about an EB-5 visa.
What is required before someone can get an EB-5 visa?
The people who apply for these visas must meet very specific criteria beyond just having a business model and plan to employ citizens in this country. Before someone can be approved, the immigrant must put up a substantial amount of money to secure the financing of the business. Additionally, the person must have a clean background as far as criminal history is concerned. Therefore, if they would normally be rejected for getting a typical green card, they would not qualify for an EB-5 visa.
How many people in the U.S. have an EB-5 visa?
Every year, there are about 10,000 foreign investor immigrants who qualify for the EB-5 visa, most of which come to America, create a business, and provide employment opportunities to some degree. Over the years, the numbers of those who have gotten an EB-5 visa have risen. What initially started as a conservatively sized program has quickly changed to what it is now with the United States actually reaching its quota of 10,000 EB-5 visas and having to turn away new applicants for the rest of the year.
What are the advantages of EB-5 visas?
There are of course advantages for immigrants who wish to build a successful business in the United States; they can take advantage of this government's stability and a steady, affordable workforce. However, there are also advantages to the EB-5 visa for citizens because these immigrant investors create jobs for U.S. citizens in pretty large numbers, especially in some parts of the country. On a federal level, there is an advantage in issuing the EB-5 visa because it ups the country's interest in foreign trade and commerce with so many foreigners having business roots established here domestically.