For those just starting out with EB-5, you may need some help getting started. Here are four action items that I recommend that you do first.
- Gather Information
- Determine if you qualify
- Consider what kind of investment you want to make
- Speak with An attorney
Step 1: Gather Information
When undergoing such an involved process, you want to get as much information as possible. Educate yourself on what EB-5 is, its history, purpose, and who it is intended for. The more you know about your potential investment and immigration plans, you can be more proactive in ensuring positive outcomes for the future.
Step 2: Determine If You Qualify
The EB-5 program is a complicated one; however, at this point, I advise you to keep things simple. Look at the most basic qualifications to see if you qualify.
The two major determining factors for EB-5 qualification are:
- That you have $500,000 or $1,000,000 to invest in a regional center or a direct investment, respectively
- Those funds are legally obtained. This is also known as providing your source of funds.
If you satisfy the above two requirements, then you already posses the basic qualifications to participate in EB-5. There are many other factors that will determine your applications success or failure, but if you decide to pursue EB-5, you can leave those up to your attorney to sort out at a later time.
Step 3: Consider What Kind of Investment You Want to Make
In EB-5, there are two kinds of investments: Regional Center Investments and Direct Investments.
Regional Center investments are for those investors who do not wish to manage their own business, but simply wish to obtain a green card for themselves and their families. I have written extensively about Regional Center investments on this website; you can read about them here.
Direct Investments are well suited for investors with a strong entrepreneurial spirit. This will require you to run a business, and have a higher capital requirement. I have also written about Direct Investments, which you can read here.
Step 4: Speak with An Attorney
Your attorney will be an integral part of your immigration and investment process. Do research on the internet, and find a qualified attorney who is knowledgeable and experienced with EB-5, who is honest, friendly, and someone you communicate well with.
It is perfectly okay for you to contact several lawyers and speak with them before you hire them. Neither yourself nor the attorney is under legal obligation until a written agreement is signed, and many law offices, including us, offer free consultations. Feel free to meet with multiple potential attorneys, to find the one who you like the best.