Immigration Visa Attorney Blog

The Employment-Based, category 5 or EB-5 Visa classification established by the U.S. government in 1990 has succeeded in providing thousands of jobs for Americans at no cost to the American taxpayer. An EB-5 visa wherein "Immigrant Investors" can earn lawful permanent resident status by investing in job creating American enterprises has even found it's way onto the silver screen.

The Hollywood Reporter noted on 1/23/12 that the EB-5 program has apparently become a consideration for film financing. Time Warner borrowed $100 million in EB-5 funds and $47.5 million in two separate offerings to underwrite movie and TV production while Lionsgate Studios borrowed $66 million in EB-5 funds and $50 million in two separate offerings to underwrite movie production. Comcast Corporation borrowed $26 million to finance the construction of its headquarters. Independent investors outside of the studio system have also begun considering EB-5 opportunities to fund their slates.

EB-5 funds have also created jobs in the construction of commercial real estate, healthcare facilities and agriculture projects.

US Citizenship and Immigration Services recently reported 2,364 EB-5 visas issued in the first three months of the current federal fiscal year. This equates to at least 10,000 new jobs for American workers. Immigrant Investors may fund and operate their own businesses or channel their investment through a certified "regional center."

The complexities of the program make it essential to contact someone qualified in Immigration Law. Sam Shihab and Associates have the experience to assist in the application and execution of the EB-5 process, providing an extremely effective way for a foreign national to obtain residency in a short period of time.

Readers of the blog know that reform with respect to the EB-5 Immigrant Investor and H-1B visa programs are topics we touch on rather frequently. (Entries can be found HERE and HERE.)

Which is why we find a recent speech by Michigan governor Rick Snyder incredibly positive in terms of bringing attention to what those at the state level are seeing. His remarks are especially relevant to our friends in Troy, Michigan, given the importance of job creation in the state.

In an address last week at Delta College, Snyder said he would petition Homeland Security to make permanent the EB-5 program, which is set to expire in September of 2012. "The EB-5 foreign investor program provides international investors the chance to live here by investing in Michigan's economy and creating job," he said.

EB-5 grants permanent U.S. residence to foreign nationals investing at least $1 million into a business that creates or maintains ten jobs. Other components of the program include a $500,000 category for investment in designated areas with high unemployment.

Continue reading "Michigan governor to push for EB-5, H-1B reform" »

Earlier this month the "Council on Jobs and Competitiveness" - a group the president charged with looking at ways to stimulate the economy - officially released its suggestions. The council is comprised of a number of business experts, including GE head Jeffrey Immelt and high-ranking executives at Facebook and AOL.

The approximately 50-page report touches on a number of areas, one being the oft-debated and highly contentious issue of immigration reform.

The council suggests that the United States needs to do a better job keeping the world's most talented immigrant entrepreneurs within its borders so the next Google or Intel is not created elsewhere. The report asks the question: "Will the next generation of great companies be started in China and South Korea - or will existing barriers to entry be modified so foreign-born entrepreneurs can create those companies in California and South Carolina?"

Continue reading "Columbus, Ohio immigration attorney questions whether Obama's job council on the right track " »

In recent weeks our office has been getting a number of inquiries into the EB-5 program. We thought this would be a good opportunity to review some recent information related to the program.

As many of you are aware, EB-5 is an immigration investor visa program that was created as part of the Immigration Act of 1990. It grants lawful permanent residence to foreign nationals who invest $1 million into a U.S. business that either creates or preserves ten American jobs.

There are other components to EB-5, such as a $500,000 category for investment into so-called Regional Centers, Targeted Employment Area (TEA) areas where unemployment is at least 150 percent the national average, or in rural areas. In recent years much of the EB-5 visas have been centered around the real estate industry, but the visas impact other industries such as clean technology and finance.

Continue reading "EB-5: The Latest" »

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.

Continue reading "Could an off-shoot to EB-5 be on the way?" »

With the national dialogue on immigration so focused on economic protectionism -- keeping out foreign workers and preventing economic opportunities from being shipped overseas -- many people forget about immigration law and policy that encourages new foreign investment into the United States. The Department of Homeland Security (DHS), through the United States Citizenship and Immigration Services (USCIS), facilitates investment of capital and resources in the United States through nonimmigrant visas and immigration preferences available to individuals who are prepared to make a significant investment here.

Sam Shihab & Associates supports DHS and USCIS in encouraging people from all over the world to invest their time and money in the United States, especially here in Central Ohio. Our community appreciates foreign investment and immigration as well as the social diversity that come with it--especially as we slowly recover from the recession.

There are three primary ways in which U.S. immigration law encourages investment in the United States: The E Visa, The L Visa and the EB-5 Immigration Preference. Here's a quick rundown of each.

E Visa -- E Visas are nonimmigrant visas available to owners and key employees of businesses that engage in significant and substantial investment in the United States. In order to be eligible for an E visa the business must also be owned by citizens of a country that have signed special trade treaties with the United States. For a list of countries that have signed such treaties, see HERE.

E-1 visas are available to businesses from treaty countries that engage in significant and substantial amounts of trade with the United States. Trade is considered significant when more than 50% of the company's trade is between the United States and its home country. Trade is substantial when there is large volume and steady flow of it; a single transaction, no matter how large or time consuming will not create eligibility for an E-Visa.

Continue reading "Columbus, OH Attorney Overview: Investment Visas" »

Given the current economic climate, much of the national conversation is about ways to add additional capital and create job opportunities. Central Ohio is one of many communities in need of such economic stimulus. Which is why taking a look at this particular visa seems particularly relevant.

EB-5 is an employment-based preference category that was created by the Immigration Act of 1990. It is a green card issued to foreign nationals who invest capital in "a new commercial enterprise" which the U.S. government feels will help its economy and create at least ten full-time jobs.

The EB-5 classification is not for everyone. The minimum investment needed to qualify is $1 million, or $500,000 if the investment is directed towards a "targeted employment area."

Along with the job creation listed above, the visa holder must be a hands-on part of the venture if they wish to invest in a new business enterprise. At minimum they must be a member of a board or one of the company's corporate officers. There is a category for troubled business, those which have incurred a significant net loss for the last 1-2 years. This category requires no new job creation, only the preservation of the current employees for at least two years.

For most foreign nationals the million dollar price tag may be a bit steep, making the "targeted" option a better one. The U.S. Citizenship and Immigration Services (USCIS) defines the targeted areas as "a rural area or an area that has experienced high unemployment of at least 150 percent of the national average." With the average national rate sitting near 9 percent, that would mean areas with at least 13.5 percent unemployment.

If an investor would like a more hand's-off investment they may want to look into the EB-5's Regional Center Pilot Program. The same financial commitment is involved, but the investor need only contribute to a regional center connected to promoting "economic growth, improved regional productivity, job creation, and increased domestic capital investment."

Continue reading "Columbus, OH Attorney Overview: The EB-5 Category" »