2023 May Be Just the Year to Get an EB-5 Visa to Invest and Reside in Florida
The EB-5 visa is a type of investment visa, allowing to obtain a Green Card to reside in the US without the need to find an employer. To qualify, the program requires an investment of $800,000 minimum in an American company and thereby create at least ten American jobs. But there is a trick you can take advantage of in 2023 to be the first in the line to get the documents. If you consider buying a property in Miami or just looking through prices apartments in Miami have, it is time to familiarize yourself with one of the legal procedures to get residence documents in the country and dig into the process that comes with it.
To be eligible for the EB-5 visa, investors have two options. The first is to invest a minimum of $800,000 in a program approved by designated organs that targets employment areas (TEAs). The second option is to make a direct investment of at least $1.05 million outside of a TEA, by investing in an existing company or creating a new one that meets the requirements set by USCIS.
During the process, you will definitely meet workers of the so-called Regional centers. They are designated organs that work on various procedures regarding economic growth in some areas of the US and it’s they who receive most of the EB-5 applications. The investors who choose to invest in these centers must provide proof that using their money certain businesses provided at least ten vacancies filled by American citizens.
The USCIS must approve the investment to move the application further.
After the investment is made, the Form I-526 needs to be submitted. The USCIS reviews the application and passes it on to the National Visa Center (NVC), which then contacts the applicant to pay the required fees and submit the necessary documents. Finally, when all the documents are collected, you can apply for an immigrant visa and await an invitation to go for an interview to a US Embassy.
The following documents are necessary to apply for the EB-5 visa:
- Proof of lawful source and path of funds invested
- Completed Form I-526E petition
- Employment authorization document (EAD)
- Proof showing how the investment will create new jobs
- Documents verifying the legitimacy of the investments
- Receipt notice that confirms the previously filed EB-5 petition.
Other relevant financial and personal documents, such as tax returns, bank statements, and passports may also be requested.
Why 2023 is a Good Time to Apply
After the passing of the Reform and Integrity Act in March of 2022, the EB-5 program is operating again. Now, thanks to the new act, investors no longer need to worry about long backlogs, making it an excellent time to apply. You can learn more about the process and consult professional brokers who can help you find a place to reside on the official Florida.Realestate website.
The key development that makes the time particularly advantageous now, as per Forbes, is the presence of so-called reserved visas or “set-asides”. These visas have been designated as priority regions to invest in, meaning investors who put their capital into rural projects, high unemployment regions, and infrastructure parts of the country go to the front of the line. Such entrepreneurs can expect to be approved in two to three years. These areas are currently up to date in the relevant State Department’s Visa Bulletin, and, as per Forbes, it is expected that nearly 11,000 spots were not used and will be available in 2023.
This year presents a great opportunity if you are looking to invest and immigrate to the United States through the program. Moreover, the opportunity might not be available after some time, as this option is probably going to be there throughout the next eight months, and according to experts, it is unlikely that this opportunity will present itself again. Investors should take advantage of this time to identify projects that fit, gather their capital, and prepare the necessary paperwork.
Rural areas in Florida
The USCIS designates certain regions as Targeted Employment Areas, which are considered rural. These regions include the following counties:
- Monroe (excluding Key West)
Areas with unemployment rates that qualify to meet the program requirements include:
- Palm Coast MSA (Flagler)
- Hernando County
- Hialeah City and Miami Gardens City (in Miami-Dade)
- Fort Pierce City (in St. Lucie).
EB-5 is an excellent opportunity if you want to invest in local business and stay in the country. However, the process can be complicated, and it might be a smart decision to work with a legal representative who can help with the required paperwork of obtaining the visa.
This article is for information only. Before making any investments please consult expert financial and legal advisors.
Photo by Jorge Vasconez on Unsplash