Overview of the EB-5 Process
The following is the basic process for EB-5 investors in EB-5 New York State, LLC projects:
Step 1: Non-Disclosure and Suitability
A potential EB-5 Investor must first sign a Non-Disclosure Agreement and complete an Initial Information Form which will help determine if the potential Investor meets the basic requirements for an EB-5 visa.
Step 2: Investor Examination of the EB-5 Investment
In order to earn an EB-5 visa, an immigrant investor must invest $500,000 or more into a project (a "New Commercial Enterprise") which meets the requirements of the EB-5 program. The investment is made based on a Private Placement Memorandum, which includes detailed information about the investment.
The Company will provide each potential immigrant investor with a copy of the Private Placement Memorandum and will, to the best of its ability, answer any questions asked by the potential investor. Each potential investor is encouraged to thoroughly read all documentation provided and to get advice from his or her immigration attorney, tax counsel and other advisers, and to ask any questions the investor, his or her attorneys and advisers may have.
Step 3: Subscribe to Invest and Pay Processing Fee
Once he or she has decided to proceed with an investment into the Company for the EB-5 process, an investor will:
Subscription Agreement. Complete the Subscription Agreement and
Processing Fee. Pay the Processing Fee
The Company will then work with the Investor, his or her immigration attorney and advisers and others,to help complete the Investors I-526 Petition.
Step 4: Accredited Investor
Each investor must be an accredited investor (as described in the Company's Offering Documents). The Investor, generally as a part of the preparation of the I-526 petition, will provide evidence that he or she is an accredited investor. EB-5 New York State, LLC works with independent 3rd parties to verify the accredited investor status of each investor.
Step 5: Broker Dealer review of documentation
The Company works with Primary Capital, a US registered Broker Dealer, as the Placement Agent for all EB-5 securities sold. Primary Capital will review all investor information to insure compliance with US Securities requirements for a 506(c) securities offering.
Step 6: Transfer $500,000 to Escrow or as Instructed
Before a potential immigrant investor applies for an EB-5 visa (files an I-526 petition), he or she must transfer $500,000 to an escrow account or as otherwise instructed by the Company. These funds are invested as is described in the Private Placement Memorandum.
Step 7: File I-526 petition
The investor's attorney files the investor's I-526 petition with USCIS. The I-526 petition is the initial petition which must be approved by the U.S. government in the EB-5 process. If an investor does not have an immigration attorney, EB-5 New York State can provide a list of attorneys to consider.
Step 8: USCIS Adjudication of the immigrant investor's I-526 petition
USCIS adjudicates each immigrant investor's I-526 petition to determine if the investor and the project invested into meet the requirements of the EB-5 program. Please see the following for information on the USCIS current average time to adjudicate an I-526 petition.
Step 6: Visa issuance
After the investor's I-526 petition is approved, USCIS sends the petition to the Department of State, National Visas Center (NVC), for a visa to be issued pursuant to their requirements. An investor can apply for a visa in his or her country, or for a change of status in the US (please speak with your immigration attorney for further information).
Note: EB-5 New York is one of a few Regional Center's with Immigrant Investors who have achieved I-526 petition approval
Step 7: Conditional Permanent Residence
Upon issuance by the NVC, the immigrant investor, his or her spouse and minor children are granted US Conditional Permanent Residence (a "conditional green card"). With conditional residence status, the investor, his or her spouse and children under 21, share all the same rights and benefits of any other US green card holder.
Step 8: File I-829 Petition to Remove of Conditions to Permanent Residence (removal of conditions on green card)
21 to 24 months following the issuance of the Conditional Permanent Residence, the immigrant investor must file an I-829 petition to remove the conditions on his or her Permanent Residence (to remove the conditions on the green card). In general, in the I-829 petition, the investor must prove that: (1) the investor sustained the investment (made and maintained the investment) and (2) the jobs were created, When the I-829 petition is granted, the conditions the Permanent Residence (on the green card) are removed, and the investor, his or her spouse and children's Permanent Residence status is without conditions.
Once the I-829 petition is approved, the Investor has no further obligations regarding the EB-5 process -- the investor has completed the EB-5 process. There is no further "look back" or requirement to prove the jobs or investment again in the future.
Note: EB-5 New York is one of a VERY FEW Regional Center's with Immigrant Investors who have achieved I-829 petition approval
Step 9: Return of EB-5 Investment
The Company will work to return the Investor's investment as described in the Private Placement Memorandum. Although US law prohibits making any guarantee of a return of the $500,000 investment (or a return on the investment), the Private Placement Memorandum describes how the Company intends to return the investment. Investors in EB-5 New York State, LLC's affiliated EB-5 investment projects are being returned their investment.
Note: EB-5 New York is one of a VERY FEW Regional Centers with Immigrant Investors who have received the full return of their investment
For further information on the EB-5 process, please contact EB-5 New York State
The above is a general timeline and milestones. It will be different for each EB-5 investor and each EB-5 investment project. Potential Immigrant investors are encouraged to consult EB5NYS, their attorneys and advisers for information which is specific to them.