Atlanta, GA – Great news for foreign nationals looking to obtain an EB-5 investment visa and set up a new business in the state of Georgia. After months of uncertainty, the EB-5 Regional Center Program will be revived. The EB-5 Reform and Integrity Act of 2022 was approved by the US Congress last week as part of the overall Omnibus Spending Bill. The bill will come into effect within 60 days and will run through September 30, 2027
The previous program had lapsed on June 30, 2021, leaving roughly 80,000 foreign investors in limbo as the processing of their green card applications had come to a standstill. Besides being unable to gain legal resident status, they risked losing their investment money.
If you’ve been waiting for a chance to get an EB-5 investment visa and start a new business venture in the state of Georgia, you should contact an experienced immigration lawyer in Atlanta right away, as there will be a lot of investors vying for a chance to get a Green Card. The USCIS works on a first-come, first-served basis, and keep in mind they already have a huge backlog of pending applications. Over the past decade, investors from China and India have been the main beneficiaries of EB-5 investment visas.
What’s new in the EB-5 Reform and Integrity Act of 2022?
The new bill includes certain changes, the most important one being the increase in minimum investment amounts. The new law requires a new minimum investment of $1,050,000 for standard EB-5 investments and $800,000 for investments in Targeted Employment Areas (TEAs). Targeted Employment Area is a term used to describe an area that, at the time of investment, is considered a rural area or it’s an economic area where unemployment is at least 150 percent of the national average rate.
If you’re hoping to settle in Georgia, you should seek legal advice from an immigration lawyer specializing in EB-5 visas to understand which parts of the state qualify as TEAs.
However, the new investment amounts will not apply to pending I-526 petitions.
What are the main requirements for an EB-5 investment visa?
The most important requirement is that the foreign investment must create at least 10 full-time U.S. jobs within the first two years after conditional residency is granted.
EB-5 investments under the Regional Center Program allow for indirect and induced jobs to count for job creation, so it’s easier to meet the requirement using the new law.
At the same time, the foreign national must prove that the investment funds come from a lawful source. For example, the foreign investor must provide documents showing the funds come from previous legitimate earnings. Money coming from an inheritance also counts as a lawful source. If the funds come from a donation or loan, the foreign national applying for a Green Card must provide information on the person they got the money from.
If you have any problem concerning immigration, you need to seek legal advice from an experienced attorney at the Kuck | Baxter Immigration LLC law firm in Atlanta and let them help you start a new life and a new career in Georgia.
Kuck | Baxter Immigration LLC
365 Northridge Road
Atlanta, GA 30350
Tel : (404) 816-8611
- Texas sues Biden administration over migrant parole program - January 27, 2023
- 4 benefits of hiring an intellectual property lawyer - January 26, 2023
- How to file for citizenship after cancellation of removal in Georgia - January 26, 2023