EB5 Investor visa
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Permanent Resident Status in the United States under the EB-5 Program
The purpose of foreign people who participate in the EB-5 Immigrant Investor Program is to obtain permanent residence status in the United States. An EB-5 investor is granted conditional permanent resident status after the United States Citizenship and Immigration Services approves his or her I-526 petition (USCIS). This conditional status is valid for two years and allows the investor to be actively involved in the day-to-day management of his or her investment.
The EB-5 investor must complete Form I-829, Petition by Entrepreneur to Remove Conditions, within the last 90 days of this conditional period. The investor, his or her spouse, and dependant children will be given permanent residence status if the I-829 petition is approved. The investor and his or her family will be entitled to seek for US citizenship five years after earning conditional permanent residence status.
An immigrant will receive a permanent resident card, commonly known as a green card, after obtaining permanent residence status. The following are the privileges and duties that come with having permanent resident status.
Permanent Residents’ Rights
Immigrants with permanent residence status in the United States have several rights and advantages. Green card holders are allowed to live and work in the United States and are completely protected by federal, state, and municipal law. Permanent residents may also go overseas with a valid passport issued by their home country; nevertheless, in order to be permanent residents, they must meet the physical presence criterion, which is detailed in the next section.
In addition to these privileges, permanent residents are entitled to a slew of other advantages, such as access to world-class higher education and superb health care.
Permanent Residents’ Responsibilities
Permanent residents are obliged to undertake certain tasks in addition to the rights and advantages indicated above:
All applicable state and federal income taxes must be paid by permanent residents.
They are required to submit income tax forms with the Internal Revenue Service (IRS) and pay taxes on their gross global income. Immigrants from countries with whom the US has tax treaties may be eligible for credit for payment of their foreign taxes.
Male green card holders, like other male U.S. citizens between the ages of 18 and 25, must register with Selective Service. Registration for Selective Participation does not imply service in the United States military, but it does indicate that any male permanent resident between the ages of 18 and 25 will be susceptible to the draft if the United States government decides to conscript males into military service.
Permanent residents are required to be of excellent moral character in addition to paying taxes and enrolling for Selective Service.
An immigrant must complete the physical presence criterion to maintain permanent resident status, which normally includes physically being in the United States for six months or more in any given year. A permanent resident who spends more than one year outside the United States must get a re-entry permit or risk losing permanent resident status.
A returning resident (SB-1) immigrant visa is required if you are outside the United States for two years or longer after being awarded a re-entry permission. Permanent residents are still expected to submit U.S. income tax returns when outside the United States, and failing to do so may risk their status. If a green card holder transfers to another country and no longer wants to remain in the United States, their permanent resident status will be considered abandoned.
Citizenship vs. Permanent Resident Status
Permanent resident status is not synonymous with US citizenship. Permanent residents can live and work in the United States, but they are still citizens of their native country. As a result, permanent residents are unable to get US passports, vote in US elections, or run for US political office.
Foreign national family members of US citizens may be allowed to enter the country more readily. Citizens now have more access to government jobs, as well as federal help and benefits like as Social Security and Medicare.
A permanent resident must apply for citizenship through USCIS in order to become a citizen of the United States. After five years of retaining their permanent resident status, EB-5 investors may petition for citizenship. This five-year period begins when an EB-5 investor receives conditional permanent residency.