10 Things you need to know about I-526
The EB-5 Immigrant Investor Program is a product of the United States Congress that gives foreign nationals the chance to be legal permanent residents of the United States. The program was aimed at stimulating the growth of the economy of the US through the creation of employment opportunities for United States citizens and capital investments. As such, investors are required to invest in a new commercial enterprise under the program. An applicant usually files their petition using Form I-526. RunRex highlights ten things that you need to know about the I-526 petitions.
1. I-526 petition must demonstrate compliance with minimum investment capital requirements
Under the EB-5 investor program, the investor is usually required to invest a minimum of $1 million if they are investing in a new commercial enterprise or $500000 if they are investing in a new business enterprise that lies in a targeted employment areas or regional centers. They must show that they have attained this condition if at all the petition is to be successful.
2. All the investment funds for an I-526 petition have to come from a legitimate source
The amount of funds required to qualify for this visa is very high. The EB-5 Immigrant visa program is usually for the wealthy few in the society who have enough wealth to invest large sums of money in the United States. As such, this visa program has stringent policies, and legitimacy is vital. One has to demonstrate that the amount they are going to invest in the ‘for profit’ new commercial enterprise is from a legitimate source. It means that there has to be a clear picture of the path that the investment funds and equivalents followed to the ownership of the investor.
3. Investments have to be ‘spent.’
It implied that the investor has to acknowledge the risk of loss and have no guarantee that they will get their money back before the investment.
4. All supporting documents have to accompany the petition
When you file the I-526 petition, ensure that all the supporting documents accompany the request. You must provide financial records to show that you have enough capital to invest in the United States as per the EB-5 visa conditions. Also, you have to show the various transactions done and the path that the funds followed from the source to you. It means that you have to dig into the records and trace the origin of every penny you intend to invest.
5. I-526 petitions take a while to process
If you are an investor and have filed an I-526 petition, you need to exercise patience as it takes quite some a long time for the requests to be processed. The waiting period is usually between 8 and 18 months. Currently, the average waiting time for a petition to be approved is 14 months. It calls for one to do proper planning and ensure that they file their request as soon as the application window opens.
6. Mistakes in the application can be costly
Excellence is not to be compromised when filing your I-526 petition. As stated above, the average waiting time for a petition to be processed is about 14 months. However, with a minor or major mistake in the filing of the petition, the period can be longer. A mistake can, also, lead to one’s petition being rejected. As such, it is essential to ensure that the Form I-526 is filled flawlessly and that all the required documents are included in the request.
7. The investment must lead to creation of employment opportunities for US citizens
Creation of employment opportunities for United States citizens was one of the main reasons why the EB-5 Immigrant investor program was created – alongside capital investment. The requirement is that your investment must lead to the creation of at least ten permanent jobs for United States citizens. This condition will be reviewed two years after being granted a temporary visa. If the investor manages to create ten jobs after two years, they will be awarded legal permanent residence in the US. If not, their temporary residence is stripped from them.
8. The annual cap per fiscal year is 10000
There is a yearly cap for the number of I-526 petitions that can be filed every fiscal year. The figure stands at 10000 at the moment. The recent trend has revealed that most of the applicants apply during the sunset period. However, it is advisable that if you want to invest in the United States and you have everything ready to file the petition, submit it as soon as the window opens. It will grant you the advantage of being served sooner.
9. I-526 petitions are served on a first-come-first-serve basis
It means that the earlier you file your petition for the EB-5 Immigrant visa, the earlier your petition will be processed.
10. Successful applicants can get their families to the United States
A qualified investor can get their family to the U.S with them. However, they too should have a clean record for them to be admitted.