Murthy Attorney Serves on EB5 Panel22 May 2018
Murthy Law Firm attorney, Joel Yanovich, recently served on panel designed to educate H1B workers on the employment-based, fifth preference (EB5) immigrant investor visa program. The program mainly catered to Indian nationals who were seeking further details on how the EB5 program could be used to fast-track the lawful permanent residency (i.e. a “green card”) process.
Under the EB5 investor program, a foreign national may apply for a green card based on an investment of at least $1 million, placed at-risk in a U.S. commercial enterprise. The minimum investment is reduced to $500,000, if the enterprise is located in a targeted employment area (TEA). A TEA is a rural area or an area with high unemployment. More details on the program are available in the MurthyDotCom NewsBrief, Source of Investment Funds for EB5 Cases.
In recent years, the EB5 program has seen an uptick in investors from India, many of whom are in the United States working in H1B status. The rise in Indian investors has largely been fueled by the extensive backlogs in green card processing for Indians filing in the EB2 and EB3 categories. Generally, it is taking two to three years at this time for Indian EB5 applicants to be issued the conditional green card. So, while the EB5 process does not result in a green card overnight, it does present a tempting alternative to the wait times many Indians suffer through in most employment- and family-based immigrant visa categories. Further, filing an EB5 case typically has no real impact on one’s existing H1B status, or any other pending green card cases.
During the panel discussions, attorney Joel Yanovich presented information on the basic requirements of the program, the timelines involved, and the relevant costs. Following the event, he then spent a couple of hours meeting with individuals interested in the EB5 program, responding to their specific questions. Readers who are interested in learning more about applying for a green card through the EB5 program may contact the Murthy Law Firm at EB5@murthy.com.
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