Every year there are hundreds of thousands of individuals who take a shot at getting to live the American dream by becoming residents of the nation. Consequently, most of the programs that were established to make it possible for immigrants to gain residency in the land of opportunities have become too competitive.
The US government has also over the years introduced more stringent measures to the conditions that must be met before one becomes eligible to work and live in the country. As such, out of the numerous applications made every year, only a small percentage ever gets to make the cut and receive the highly valued Green Card.
With the coming of the Trump administration, which happens at a time when America has been battling with an immigration crisis, tougher hurdles have been placed for anyone hoping to be a resident of the nation.
Opportunity for high net worth individuals
Fortunately, while most of the traditional methods for gaining a Green Card have been flooded, there is a window of opportunity for high net worth foreign individuals who want to be American citizens.
This is through acquiring an investor visa, which is the most practical way to obtain a permanent residence not only for yourself but for your spouse and your minor children. While there are lots of categories of investor visas, the most suitable type is the EB-5 that focuses on the investment abilities of the applicant. You can find EB5 investment visa news and updates through a simple Google search.
A visa is an endorsement that allows an individual to enter, remain, or leave a foreign country.
A walk down history shows that the EB-5 visa program has been around for 29 years. It was introduced to America in the Immigration Act of 1990. The idea was to stimulate the economy by providing foreign investors with the opportunity to boost the local market and lead to local job creation. On the other hand, the investors would equally have the chance to apply and receive green cards for themselves and their families after a specified period.
The earlier years of its introduction never resulted in a lot of attention, until radical reforms were made to the program first in 2005 and then in 2009. Since then, there have been remarkable changes to the program as more people gain interest in it, and the US government seeks to ensure only the most suitable applicants gain residency.
In the Trump era, it has been no different, and there are currently new EB 5 Visa requirements that have been introduced by the administration to take effect as from November 2019. These changes have been made as part of the effort to curb the immigration crisis at a time when the government feels it has to protect its borders.
Minimum requirements raised
The minimum requirements to be eligible for the program have been raised in a move that targets applicants who are willing to make a substantial investment in the nation. Among the top EB 5 Visa requirements that have to be taken to account are;
- If you want to invest in a Targeted Investment Area, which are regions with high unemployment and rural areas, you must invest $900,000 and not the $500,000 as before. However, for other regions considered as Non-Targeted Investment Areas, one requires an investment of $1.8 million and not the $1 million required earlier.
- There must be a willingness to undergo mandatory criminal background checks and medical examinations. The United States government has strict requirements that must be met by all applicants who want to be residents of the nation, which include a clean criminal record and good health. These are important factors that have to be taken to account to ensure only the most suitable applicants make the cut.
- There is a need to ensure that the investment project made is located in a government-designated area and leads to the creation of at least ten full-time jobs for local Americans. Essentially, this means you have to settle for a great investment vehicle run under a certified Regional Center Project, which will make the application process easier as it meets all the required qualifications.
- Have all the proper documentation and a legal attorney who specializes in immigration laws. Since there are lots of documents and demanding processes involved, the best shot is to have an immigration attorney to guide you through the entire journey. All required documentation, including banking records, business ownership proof, and persona tax returns among other financial and personal documents, must also be availed when needed.
Interesting Related Article: “Invest in a Targeted Employment Area and Receive an EB-5 Visa“