Advantages of the EB-5 Visa Program Part 1
The EB-5 visa program was established to infuse foreign investment dollars into the U.S. economy. While the program is experiencing its share of controversy, it has been successful in helping launch a variety of financial enterprises over the years, especially in the area of real estate development. The EB-5 visa program requires foreign nationals to establish a business in the U.S. by investing $1 million or $500,000, if the business is located in a targeted employment area. The business must create 10 new jobs, including positions that were indirectly created as a result of the business. For more information on applying for an EB-5 visa, talk to a Tampa EB-5 immigration attorney at Cotney Construction Law.
The EB-5 visa is nicknamed the “investor visa” and differs from other visas in a number of ways. While future iterations of this program may differ from what currently exists, here are some of the advantages:
No Sponsorship Requirement
Unlike employment visas, EB-5 visas do not require sponsorship for a company or an individual.
EB-5 visa holders are not required to live in the area where their business is located. This presents a distinct advantage because these individuals can live in areas that don’t collect state income taxes, such as Texas and Florida.
Pursue Permanent Residence
After a five-year period, EB-5 visa holders and their families are eligible for permanent residence status. Additionally, they do not have to leave the country and re-enter as you do with other visa programs.