EB-5 Visa, the Regional Center
As a form of EB-5 immigrant visa, The Regional Center Program (TRCP), also known as the Immigrant Investor Pilot Program (IIPP), was implemented in 1992 and is currently extended through September 2015. It is aimed at stimulating economic growth and creating U.S. worker jobs. Foreign investors are encouraged to invest funds in economic units or areas known as Regional Centers. Generally, they are located in a Target Employment Area (TEA) or a Rural Area (RA). These visas are part of the 10,000 visa annual cap limitation for this category of which 3,000 visas are allocated.
For South Carolina there are currently eight approved "regional centers". They deal in the industries of:
- Health services,
- Tourism & Hospitality,
- Manufacturing & Trade,
- Mixed use: retail, office, hotel, & residential.
We can assist you in locating a Regional Center, anywhere in the country, that fits your investment needs or in the creation of such a Regional Center to attract other foreign investors.
Regional Center Formation
Organizers seeking regional center designation from the USCIS must submit a complicated proposal, supported by economically or statistically valid forecasting tools showing a multiplicity of data.
Submission Process for Center Formation
Once compiled in within an organized and detailed presentation, the business plan is to be submitted using USCIS Form I-924, all accompanying documents and paying the $6,230 filing fee. processing time takes between 8 and 11 months. Fraud in application cases are referred to the Fraud Detection and National Security Directorate, which takes all malfeasance very seriously.
The investor must:
- have invested or be investing a minimum of $500,000 U.S. Dollars if in a TEA or RA location or invest the required $1,000,000 U.S. Dollars.
- pass stringent background checks and a physical examination,
- create indirectly or (not just) directly, 10 U.S. worker jobs, within 2 years of providing the investment,
- document all lawful sources of the funds invested,
- provide 5 years of foreign home country tax returns,
- satisfy all post investment USCIS requirements.
The investor can:
- be a limited partner in the investment,
- live in a state apart from the state where the regional center is located.
The petitioner must submit USCIS Form I-526, all accompanying documentation and pay all required filing fees. Processing takes approximately 5 months. Upon approval, the investor and its spouse and unmarried children under 21, can adjust status to receive their conditional permanent residency (green card) if in the U.S. or consular process if outside the U.S. dependents can both work and attend schooling. The premium processing service may be available for these type of visas, but is not yet available at this time.
Conditional Permanent Residency
Between 21 and 24 months after the conditional green card was issued the investor must reconfirm its investment and file the USCIS Form I-829, with accompanying documentation and pay all required filing fees to remove the condition.
An immigration attorney well versed in business is an essential aid to processing this type of visa application. Remember, "with immigration nothing is as simple as it first appears℠."
At Charleston USA Immigration Law Center we can provide the legal expertise that is needed to process these applications. Call us today at (855) 252-5250!