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5 Tips for a successful EB-5 Visa
The EB-5 visa program has in its three decades of its existence, become the destination of choice for doctors due to multiple factors ranging from faster green card processing to fewer hassle procedures and advance parole, an all-around convenient option to settle down in the US.
Expanding into new possibilities, EB-5 Program has recently introduced concurrent filing of the Form I-526 and I-485. This feature emphasizes the advantage of getting an EAD card and advance parole within just 12 months of filing the application.
Recently EB5Doctors have achieved an extremely impressive timeline for getting approval for the I-526, which was just 3 months, allowing our client to file the form I-485 earlier than expected time.
EB5Doctors philosophy is to provide holistic service to the clients and also motivate healthcare professionals to ensure a better future for them and their families in the US through the pathway of EB-5.
Here we are aggregating 5 best practices to support your EB-5 visa approval.
Investment and Source of Funds
The first question a doctor who is preparing for the EB-5 Program has in mind would be “what are all the allowed sources of fund to invest in the EB-5 program “
The Source of the investment is a critical area for the EB-5. In order to avoid the immigration system being exposed to money laundering, the US government has adopted extremely precautionary measures to ensure the funds flowing into the program are from lawful sources.
To avoid hiccups in the entire process, the applicant must declare the source of the investment fund. Whether it’s salaried income, bank loans, investor loans, financial instruments like bonds and stocks, inventory, or equipment, everything should be clearly mapped to the sources. USCIS will closely examine the reliability of the sources too. For instance, if you are showing an secured loan as the source, the collateral must be proportionately equivalent to the loan secured. If you are choosing to pursue the path with the help of an immigration consultant, they will rightly guide you through the process.
Declaration of missing documents
USCIS emphasizes the integrity and transparency of the applicant, aiming to promote the genuineness of the investor. In circumstances where the applicant cannot obtain certain documents to support the funding source for the processing, filing a declaration with comprehensive information stating the reason the investor is unable to obtain the needed documents is allowed. As long as the explanation is valid, the USCIS will accept it but a scenario like this should be avoided as much as possible.
Choosing the right investment options
The investment which leads to the EB-5 visa is typically done through a Regional Center project or as a Direct Investment in businesses such as clinics or healthcare-related ventures(for medical professionals).
The venture must be reflecting your profession and also should contribute to the growth. A thorough assessment has to be carried out to determine whether the investment has to be done in a TEA area or a non-TEA area. It has been observed that the investors who are making Direct Investments in the TEA areas are granted the EB-5 visa sooner. EB-5 Reform and Integrity Act 2022 (“RIA”) introduced 2,000 visas among the yearly quota of 10,000 EB-5 visas are specially reserved for TEAs based investments.
Tax returns are the index of a person’s financial capacity and commitment to the society. The applicant must ensure that the proof of tax returns filed in the last five years has been submitted with the application. Along with this, the applicant has to submit the tax return document of the last three higher-income years. USCIS is attentive to the details of these documents and hence it’s highly advisable that these statements should be audited before the submission.
Do your research
Though it is not an action that concerns the approval of the application, the success of your EB-5 journey relies on this. You should know that your Immigration Adviser is not your Business Adviser. If the immigration team you are hiring doesn’t have the backing hands of investment or business experts you should do your due diligence to choose the right investment option. An immigration consultant will undoubtedly support you on the entire ground but the provision of comprehensive and swift investment advice will not always come in the package. If you haven’t chosen the right team who can give you meaningful advice to address the vulnerabilities, setting up and running the business and growth plan, you should definitely be well researched and prepared.
This article is for educational purposes. In case of questions please reach our team.
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