The EB-5 Program was created to stimulate the U.S. economy by allowing foreign investors to live in the U.S. in return for investing capital into the U.S. economy through job creation. Due to the complex rules and regulations involved in immigration law, investors are encouraged to seek the assistance of a reputable Tampa EB- 5 immigration lawyer to understand what documentation is required and how to prepare and submit their documents to the United States Citizenship and Immigration Services (USCIS).
In this article, we will discuss the basics of EB-5 job creation.
What Are the EB-5 Job Creation Requirements?
To obtain an EB-5, a foreign investor must invest either $1 million or $500,000 (if it’s in a targeted employment area) into a U.S. business and create 10 full-time jobs for qualified U.S. citizens, permanent residents, asylees, or refugees. The investor must create these jobs before filing their I-526 or within the investor’s two-year conditional permanent residency period which can then be removed upon filing their I-829.
A qualified job is a permanent full-time job that is at least 35 hours per week. There is also no requirement on job titles or job functions.
Investors are required to create or preserve either direct jobs or indirect jobs.
Direct jobs are those that are positions for qualified U.S. workers. These positions must be located within the business the investor has directly invested capital. Each position must be full-time and at least 35 hours per week or a job-sharing option where the full-time position is shared by qualified employees. Separate part time jobs do not qualify as direct jobs even if they equal the minimum full-time requirement of 35 hours or more.
Indirect jobs are those that still meet EB-5 job requirements but are invested in through a regional center by an EB-5 investor. Each project will have an economic impact study report that forecasts how many indirect jobs will occur as a result of the investment.
Why You Should Consult an Attorney
Job creation requirements can be proven in various ways, therefore, EB-5 investors should discuss their plans with an experienced and meticulous Tampa EB-5 immigration lawyer. Working with an immigration attorney from Cotney Construction Law can decrease petition mistakes or issues and increase your chances of success.
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.