Potential replacement options for EB-5 U.S. Green Card
EB 5 visa program is thought to be the best-known citizenship program for entrepreneurs, come-on think of it, we are talking about the American Green Card over here! With the EB 5 visa program’s introduction several immigrants from across the world have enjoyed the swift and easy U.S. citizenship WITHOUT being scrutinized against the strict U.S. immigration policies or visa processing criteria.
By investing an amount of USD $ 500,000 – USD $ 1,000,000, you and your family could have access to live the once in a lifetime all-American dream with a conditional 2-year Green Card. However, an investor may find it difficult to settle down during this 2 years’ time, as he’ll be under the risk to keep funds rolling to keep the company operational.
Despite the advantages, the EB-5 employment based 5th preference category visa is subjected to risk on investment, backlogs for investors from China, and huge no. of investors applying under the program.
Now with the EB-5 US Green Card visa becoming more expensive from 1st November, 2019, the regional centers and prospective aspirants will be in a rush to lodge as many applications as possible. But this influx of application may further clog the visa processing time – stretching up to 6-8 years for a permanent green card status in the U.S. grounds.
So, now would be wise enough to invest USD $ 500,000 or more in a high-risk investment, and spend another $ 50K-75K on towards administrative costs and wait in the line for another 6-8 years for application to be processed?
Below are some of the best U.S. green card visa options that entrepreneurs can leverage to immigrate to USA without incurring a high risk on investment.
- EB-1A – Extraordinary Ability
Tailormade for applicants, who can exhibit extraordinary ability in Science, Arts, education, business, or athletics. This visa pathway proves to be an excellent alternative for immigrants who have experienced the backlash of backlogs in EB-5 visa processing.
Be it an outstanding professor or a scientific researcher, under this category, you’re required to submit documented proof of your established extraordinary skills in your respective fields. Thus, meeting 3 out of the 10 criteria set by the USCIS for a successful visa application. The EB-1A is a much cheaper visa alternative than EB-5 as long as you meet its requirements.
- EB-1C – Multinational Manager or Executive
Designed for the purpose of attracting immigrants with prior work experience in a U.S. organization, with a prerequisite of having been employed outside the U.S. grounds 3 years before applying for the EB-1C visa with a condition requiring the applicant to be in a Manager or Executive’s position in the organization.
Though there is no peculiar requirement for investment, labor certificate, or job creation, the only primary requirement for this visa category is that the organization, affiliate or subsidiary of the same employer should be based in the United States and operational since more than one year.
- EB-2 – National Interest Waiver
In an initiative to peak the nations interest, entrepreneurs with demonstrated exceptional skills must seek to obtain an exemption that is in the interest of the U.S. It’s an excellent alternative for investors to have an economic impact in the United States as they can seek for their Labor Certification be waived off. You do not require any sponsorship letter as the applicant can themselves nominate for the EB-2 visa.
Though the U.S. govt. has not specified any jobs that would qualify as a prerequisite for EB-2, but instead its stated that the applicant should have at least 10 years of work experience, a recognized member of a professional association in their field, and must be receiving a higher income.
Entrepreneurs in executive or managerial position may opt to apply for citizenship under the L1-A visa category. Though it’s a temporary work visa with 7 years stay in the U.S., it also means that the visa holder is now eligible to apply under EB-1C (Multinational Manager or Executive). However, to be eligible for L1 it is vital for the applicant to be associated with the subsidiary/parent company for at least one year as a manager or executive in the last 3 years duration.
Thus, it is time you look for more realistic approach on Investment visas like Canada Start-up visa program, Quebec Immigrant Investor Program, or business specific citizenship visa options like Canada Entrepreneur programs, UK Sole representative Visa, Canada Intra-Company Transfer Visa, New Zealand entrepreneur category or Australia provisional category visas for Businessmen. Then there is property-based immigration investment visa for various European countries.
These alternative pathways show many ways for entrepreneurs to immigrate to the USA on a PR status, and relieves them of the stress from applying for an EB-5 visa program. These green card visa strategies are fairly underutilized and they pave way for immediate routes to PR.