EB5 Full Investment program
TO QUALIFY FOR CITIZENSHIP THROUGH EB5:
- Be at least 21 years of age;
- Show legal source of assets and funds;
- Choose from one of the available investment options
1– Creation of a new U.S. enterprise
Investment of U.S.$1 million in a New Commercial Enterprise, or U.S.$500,000 if that enterprise is in a targeted commercial area (which includes rural areas or areas with unemployment of at least 50% less of the national average)
Create full time employment for at least 10 qualified U.S. workers, who must be direct employees of the commercial enterprise;
Active management is required.
2. Invest in a regional center
- Make an investment of U.S.$500,000
- The enterprise must create full time employment for at least 10 qualified U.S. workers, where indirect employment is permitted
- Active management of the enterprise is not required.
Overview of the physical Project:
The Project is located at 250 Delaware Avenue Buffalo, NY USA.
It is a twelve-story (approximately 330,000 sq.ft. gross, 317,000 sq.ft. rentable) mixed use multi-tenant commercial building – Adjacent parking deck containing approximately 600 parking spaces.
This property 70% completed and 90% leased as of October 15, 2015
From 1 – 4th floors is WESTIN HOTEL 119-rooms
The upper floors occupied by office tenants
Projected total cost $108M and the bank financing (including EB-5 loan of $21M) is $57.750M. There is no subordinated debt. The Project welcomed its first tenants in November 2015 and is expected to be fully completed by June 2016. As of November 26, 2015, two out of five contracted tenants, KeyBank and DN have moved in.
EB5 Timeline, Process and Conditions:
- Investment in Project
- Getting your CGC (Conditional Green Card) After 18 months
- Keep it for 2 years (90 days prior to expiry apply for Green Card)
- Keep it for 3 more years
- Then apply for Citizenship
- Make your investment – start by transferring your 500K USD + the fees into an ESCROW account of the regional center
- Then you fill & submit the I-526 Petition – For investors seeking lawful permanent residence, the first step is to file an I-526, Petition for Alien Entrepreneur, this is to show you comply with the program’s requirements. (New commercial enterprise, showing lawful source of income, amount of investment, employment creation etc)
- USCIS (United States Citizenship & immigration services) Authority has to approve it.
- If you received your Green Card through investment (EB-5), you should have a “Conditional Green Card” for two years.
- You must apply for removal of the Condition within 90 days before the two years are up.
- Removal of conditions is sought by the filing of a petition in the 90 day period immediately preceding the second anniversary of the grant of CLPR status. In support of the petition, the alien investor must demonstrate full investment in the enterprise and compliance with the requirement that 10 jobs have been created as a result of the investment.
- All permanent residents must remain in the US for more than 6 months each year
- “Abandonment of residency” can happen if you are outside of the United States for more than six months without informing the INS of your plans in advance.
- Unconditional Green Cards are good for ten years.
- The difference between permanent residency and citizenship is that you cannot vote, you are still subjected to tax.
- Approval of an AOS application or the grant of an EB-5 visa followed by entry into the U.S. in EB-5 status means that the investor and the spouse and qualified children of the investor have been granted Conditional Lawful Permanent Residence (CLPR) for two years.
- Be 18 years or older
- Have lived within the state, or USCIS district with jurisdiction over your place of residence, for at least three months prior to the application;
- Have continuous residence in the U.S. as a Green Card holder for at least five years immediately preceding the application;
- Be physically present in the U.S. for at least 30 months out of the five years (60 months) immediately preceding the application
- Reside continuously within the U.S. from the date of application for naturalization up to the time of naturalization;
- Read & write English
- Be a person of good moral character