Last week, the United States Senate approved the "Leahy Bill" which continued the U.S. Immigration's EB-5 Visa Program providing a means for foreign investors to legally obtain a United States Green Card by investing in a U.S. business that creates at least 10 jobs for U.S. citizens.
The EB-5 Visa program has already created literally thousands of jobs across the United States since the program inception in 1993. The newly passed legislation was authorized by Vermont Senator Patrick Leahy and provides a three year extension to the EB-5 program which was to expire at the end of September.
The program calls for foreign investors to invest $1,000,000 in a business that creates the required 10 jobs over a two year period of time, or $500,000 or more in what are deemed "Targeted Employment Areas" or TEAs, which are generally high unemployment or rural areas. After a two year period of time, if the job creation requirement is met, the Immigrant Investor receives a permanent U.S. green card for themselves and everyone in their immediate family, making this an extremely sought out product for high net worth foreign individuals who wish to legally reside in the United States.
Many EB-5 facilitation companies help foreign investors begin the process of applying for the EB-5 program. If their application is accepted by U.S. Citizenship and Immigration Services (USCIS), foreign investors are granted conditional two-year green cards, which are then made permanent upon verification of the ten job creation requirement.
Senator Leahy also introduced legislation for a permanent charter for EB-5, including points to improve program oversight and investment planning by individual states and best practices for entrepreneurs working to promote the program and the businesses it creates.
Since 1993, the EB-5 Immigrant Investor program has attracted more than a billion dollars in foreign investment into the United States economy while creating new jobs for United States workers.