Advantages of the EB-5 Visa Program Part 1
The EB-5 visa program was established to infuse foreign investment dollars into the U.S. economy. While the program is experiencing its share of controversy, it has been successful in helping launch a variety of financial enterprises over the years, especially in the area of real estate development. The EB-5 visa program requires foreign nationals to establish a business in the U.S. by investing $1 million or $500,000, if the business is located in a targeted employment area. The business must create 10 new jobs, including positions that were indirectly created as a result of the business. For more information on applying for an EB-5 visa, talk to a Tampa EB-5 immigration attorney at Cotney Construction Law.
The EB-5 visa is nicknamed the “investor visa” and differs from other visas in a number of ways. While future iterations of this program may differ from what currently exists, here are some of the advantages:
No Sponsorship Requirement
Unlike employment visas, EB-5 visas do not require sponsorship for a company or an individual.
EB-5 visa holders are not required to live in the area where their business is located. This presents a distinct advantage because these individuals can live in areas that don’t collect state income taxes, such as Texas and Florida.
Pursue Permanent Residence
After a five-year period, EB-5 visa holders and their families are eligible for permanent residence status. Additionally, they do not have to leave the country and re-enter as you do with other visa programs.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.