The Requirements to Obtain a Permanent Residence in The US Through Investments Could Get Tougher to Fulfill
The validity period of the current conditions is in force only until December 8th.
The U.S. Immigration Law Program EB-5, through which foreigners can obtain permanent residency in the United States if they invest in a project that creates jobs and meets the requirements is about to drastically increase its rigorousness.
Since its introduction in 1990 by the United States Immigration Law, the program has benefited thousands of immigrants who have opted to invest in real estate projects in the North American country.
Peggy Fucci, from OneWorld Properties, is in charge of marketing for Paramount Miami Worldcenter, a project that meets the program requirements. She states that, at the moment, “the investment is $500,000 USD and that it must be put in ventures that can generate 10 full-time jobs. Moreover, proof of the legit source of the funds must be submitted.”
A reform is expected to take place after December 8th, date on which the current legislation will lose its validity. Not only it is expected that the amount needed to qualify for this benefit would be of $1.35 million dollars, but it is also very likely that this will be limited to Targeted Employment Area (TEA) zones. If the latter does not apply, the amount could be increased to $1.8 million dollars.
Very little is certain on how the EB-5 program will change. However, the risk of not making a decision in the remaining time might have an impact over current benefits. “As for now, there are no requirements as per age, educational level or professional or business experience. The applicant and his/her family (spouse and children under the age of 21 at the time of the visa appointment) will receive a residence card and will be able to settle anywhere in the United States,” says Fucci. Then, they will be able to apply for citizenship within 5 years and acquire the American passport.