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Late last year, the U.S. Congress extended the EB-5 Regional Center to June 30, 2021. Legislative reforms have a good chance of securing a long-term reauthorization and reforms for the program, but reforms may bring changes, such as stricter application requirements. It may benefit interested EB-5 investors to file their applications now, prior to any legislative changes. So you may be asking yourself, what can I do now to prepare? Here’s our quick guide on how you can begin the EB-5 process before June 30.
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FIND A REGIONAL CENTER
Regional Centers pool multiple investors’ money into projects which create jobs, and help investors through the process of obtaining their EB-5 visa. You can learn more about Regional Centers and check to see if a Regional Center has been approved by USCIS by visiting the USCIS Website. An experienced Regional Center will be able to guide you through the various petitions and applications required by USCIS. They will also have designed their EB-5 investment program specifically to maximize the chances that their investor/partners will receive Permanent Residency (i.e. Green Cards). It is important to select a Regional Center that you can trust. When reaching out to a Regional Center, you should talk to the Regional Center’s staff, ask lots of questions, and learn as much as possible about the project in which you are going to invest.
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FIND AN IMMIGRATION ATTORNEY
The EB-5 application process can be daunting. Even with the assistance a regional center provides, it is advisable to find an immigration attorney with the skill and experience to properly handle your application. Not every immigration attorney has experience with EB-5 applications. The EB-5 visa is a specialized visa with requirements unlike any other U.S. visa. Your immigration attorney should be someone with years of experience successfully filing EB-5 applications. When you interview potential immigration attorneys, be sure to ask: How long have you practiced as an EB-5 immigration attorney? How many EB-5 applications have you filed in the past? How many applications have been approved? Denied? Hiring An experienced attorney, well-versed in the EB-5 requirements, will help ensure you move through the EB-5 process as quickly as possible.
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PREPARE YOUR DOCUMENTS
The EB-5 visa application requires the applicant to submit evidence that their funds were obtained from a lawful source. You can read more about the required documents needed here. This may require that the applicant collect documents that can be several years old. Documents such as bank statements, tax returns, past employment records may no longer be in your possession. You may have to reach out to third parties and government agencies to obtain copies and this can take a great deal of time. Consulting with an attorney, as soon as possible, to strategize on how to present the evidence of your lawful source of funds is crucial.
Although June 30, 2021, is only a few months away, you still have time to get started.
To get started with EB-5, fill out our quick free evaluation below:
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