We've discussed the EB-5 visa in this blog on a number of occasions. Since we've recently been receiving calls in our Columbus and Troy, Michigan offices about the investor program we thought it made sense to revisit it again.
First, a refresher about EB-5 for those not familiar with the program: The EB-5 investor visa is an immigration preference, meaning those who qualify are eligible to stay in the United States permanently.
The EB-5 is available to those who invest at last $1 million in a U.S. business that employs at least ten citizens or otherwise authorized workers. The investment amount comes down to $500,000 if the investment is made in a "targeted employment area," which refers to certain economically depressed regions.
Another component of EB-5 is the Regional Center Pilot Program. This is a more hands-off option, allowing the investor to contribute to a center already dedicated to the promotion of economic growth and job creation. The same financial commitment is present, but the requirements in terms of job creation are not in play.
In recent years a bill has been making its way through Congress that would introduce a branch from the EB-5 program. The "Startup Visa Act"
is a law introduced with bipartisan support that would create a new EB-6 category.
EB-6 would create a two-year visa for foreign entrepreneurs who can demonstrate that an American investor is willing to invest at least $250,000 towards their business venture.
Following the two years the entrepreneur would be eligible for permanent residence if they are able to demonstrate they have attracted $1 million in additional investment capital, earned $1 million in revenue or produced five full-time jobs in the U.S.
It is a visa that has gotten wide support within the American business community, with endorsements from the Silicon Valley Leadership Group and the American Bar Association.
In a column for the Huffington Post this week, TechNet CEO Rey Ramsey wrote in reference to EB-6 that: "we must ensure America's doors are open to innovators and the jobs they can create."
However, It is not likely that this visa will be a reality anytime soon. Many in Congress, while supporting the program, feel that comprehensive immigration reform should be the way to address all such issues. As we know, this is not likely to happen before the presidential election for reasons too numerous or too obvious to list in the space available here.
