What Is a US Golden Visa?
Summary:
A US Golden Visa (EB-5 green card) offers permanent residence for high-net-worth individuals who invest in a qualifying commercial enterprise, creating jobs for Americans.
Main Points:
- Investment must create ten new full-time jobs.
- Minimum investment: $1,000,000 to $1,050,000 USD, less in Targeted Employment Areas.
- Multi-step application process includes Forms I-526, I-485 or DS-260, and I-829.
- Final approval grants permanent residency for investors and their families.
For many foreign nationals, American citizenship is priceless. A green card lends them the ability to travel freely, vote, and avail themselves of federal benefits.
But what if you could afford to invest in your future as an American citizen?
High-net-worth individuals may have the opportunity to earn a US Golden Visa. This visa is otherwise known as an EB-5 green card or Employment-Based Fifth Preference Visa. It’s part of the Immigrant Investors Program.
This unique program allows those without citizenship to invest in a commercial enterprise in the United States. In exchange, they can receive a permanent green card. Most crucially, an investor’s spouse and unmarried children will also be granted permanent residence under this program.
In this guide, we’ll explore the requirements and processes for earning a Golden Visa in the USA. Continue reading to discover how your ability to create American jobs can earn you permanent citizenship.
USA Golden Visa Requirements
There are several specific requirements that investors must meet to qualify for the US Golden Visa program. These predominantly refer to the specific commercial enterprise they choose to invest in.
The enterprise must:
- Have been established after November 29th, 1990, OR
- Have been established on or before November 29th, 1990, but have changed enough to qualify as a new commercial enterprise. Businesses expected to grow by at least 40% as a result of the investment may also qualify.
According to the USCIS, the amount invested must be enough to create ten new full-time positions. The jobs must be for “U.S. citizens, lawful permanent residents, or other immigrants authorized to work in the United States.”
The amount of capital you must invest varies based on your application filing date. Those who have filed before March 15th, 2022, must invest a minimum of $1,000,000 USD. Those filing on or after March 15th, 2022, must invest a minimum of $1,050,000 USD. The investment may be lower if you choose to invest in a Targeted Employment Area or TEA.
Be aware that the definition of “capital,” the types of enterprises, and the specifics of roles created can be complex. It’s wise to work with an immigration specialist to determine if your proposed investment meets all the requirements.
The Golden Visa Application Process
There is a complex, multi-step process involved in filing for an EB-5 Golden Visa. There are three forms involved in the petitioning process: Form I-526, I-485, and I-829. Each has its own processing fee.
In addition to your investment, you should expect the application process to cost up to $22,225 plus administrative fees. This amount can vary depending on where you are filing from.
We’ll break down the individual steps in the filing process below.
Step 1: File Form I-526 or Form I-526E
Form I-526 asks the investor to submit evidence of their investment, confirming it satisfies all pertinent criteria.
Documentation must include:
- Proof of investment using a lawful source of funding
- Proof that the business qualifies as a new commercial enterprise
- Proof of job creation
- A statement confirming that the investor will be taking on a day-to-day management role in the company
The filing fee for form I-526 is $11,160, and processing time ranges between 30 and 50 months. Once approved, you can proceed to step 2.
Step 2: File Form I-485 or Form DS-260
The next step will vary depending on whether you are currently living abroad or in the United States.
Those living abroad will need to go through consular processing and file Form DS-260. This step requires a formal interview with the U.S. Embassy or consulate in the applicant’s country of residence. The filing fee for the form is $445, plus additional immigrant fees. The processing time is approximately 1-3 years.
Those living in the US need only to adjust their status. They will need to file Form I-485, which typically also involves a formal interview process. The filing fee is $1,440. The processing time is approximately 1-2 years.
If successful, the applicant and their family will receive a conditional green card. This entitles the investor and their family to American citizenship for a period of 2 years.
Step 3: File Form I-829
Before investors reach the second anniversary of their admission or adjustment, they should file form I-829.
Aim to file no more than 90 days before your current visa expires.
This form aims to prove that you have met the conditions of your initial application. If approved, the conditions will be removed from your temporary green card. You and your family will be granted lawful permanent residence in the United States.
Form I-829 has a filing fee of $9,525. Although this form takes an average of 3 years to process, your visa will be extended during this period.
Step 4: Enjoy American Citizenship
Once conditions are removed, investors and their families will receive a permanent green card. At that point, they can enjoy lawful citizenship in the United States. They will have all of the rights of an American citizen, including legal protections and the right to vote.
Although the process is long, the US Golden Visa benefits are significant. Most investors agree they are worth the effort involved.
With that said, a long process only grows longer if there are problems with your forms. Before you begin, ensure you understand the requirements for this unique program. Mistakes can add months or even years to the process of earning your US citizenship.
You can count on HAYMAN-WOODWARD for help with your US Golden Visa. Learn more about our services and how we can help you achieve your dream of American citizenship.