EB-5 Immigration Process
There is a sequence of steps in the EB-5 immigration process for an EB-5 investor to earn a permanent green card. Once the EB-5 investor selects a USCIS-approved Regional Center investment, the EB-5 participant files an I-526 petition requesting conditional residency. The USCIS and the Department of State will ultimately determine whether the EB-5 participant qualifies for the conditional EB-5 visa.
Due diligence during this part of the process includes a detailed review of the sources of the EB-5 investor’s funds, family history, and other representations of the EB-5 investor, their spouse, and qualified unmarried children under the age of 21. This petition also includes a thorough description of the EB-5 investment and any economic models used to determine job creation.
Conditional Green Card
If approved, the EB-5 investor applies for a conditional green card through a consulate interview or an adjustment of status (if he or she is already in the U.S. on another visa). If approved, the EB-5 investor receives a conditional green card that is valid for two years.
Within the final 90 days of the two-year period of conditional residency, the EB-5 investor files the I-829 petition to remove the conditions on the green card. This petition demonstrates that the EB-5 investor’s capital was fully invested and at risk during the two-year period and that the requisite 10 qualifying jobs have been created.
Upon approval of the I-829 petition, the EB-5 investor and his or her qualified family members become lawful permanent residents and can ultimately choose to become U.S. citizens after five years.
- Due Diligence
- EB-5 Investor Chooses CMB
- I-526 Petition
- Consulate Interview
- Conditional Permanent Residency
- I-829 Petition
- Return of Capital
1) Due Diligence
The prospective EB-5 investor requests information about CMB Regional Centers and current EB-5 offerings.
Once a confidentiality agreement is signed, the prospective EB-5 investor is sent the Private Placement Memorandum, Subscription Agreement, Limited Partnership Agreement and Escrow Agreement.
2) EB-5 Investor Chooses CMB
EB-5 investor executes the subscription documents and returns them to CMB.
The EB-5 investor then transfers their subscription fee to an escrow account established by the partnership on behalf of the investor where funds are held by the escrow bank.
The release of funds from escrow can only occur according to the terms of the Escrow Agreement.
CMB’s Administrative Placement Agent reviews the EB-5 investor’s subscription for suitability and compliance with securities laws.
Once processed, the EB-5 investor is formally accepted as a limited partner in the partnership.
3) I-526 Petition
Once the EB-5 investor is accepted as a limited partner into a CMB EB-5 partnership, the investor’s immigration attorney files the I-526 petition with the USCIS.
4) Consulate Interview
If the I-526 petition is approved, the EB-5 investor applies for a conditional green card through a consulate interview or an adjustment of status (if he or she is already in the U.S. on another visa).
If the I-526 petition is denied, the investor’s capital contribution and syndication price would be returned to the limited partner in accordance with terms of the partnership agreement.
5) Conditional Permanent Residency
Once the EB-5 investor is approved for a visa and a visa is available, the investor and qualified family members are issued conditional green cards that are valid for two years.
The EB-5 investor must enter the U.S. within 180 days if they are not already in the U.S.
This entry into the U.S. then begins the 24-month period of conditional permanent residency.
6) I-829 Petition
Between months 22-24 of the EB-5 investor’s conditional permanent residency period, the investor’s immigration attorney files the I-829 petition to remove the conditions on the green card.
7) Return of Capital
Once all investments of the partnership are repaid, the limited partners can vote to liquidate the partnership and
distribute the balance of each capital account according to the Partnership Agreement.
A commitment of return on the investment may not be done until after the qualifying investors obtain their unconditional green-card, as the money –legally – must be at risk throughout the adjudication process.