EB-5 Investment Process for Regional Center or Direct EB-5 Projects Edward C. Beshara, Attorney at law

Transcription

1 EB-5 Investment Process for Regional Center or Direct EB-5 Projects Edward C. Beshara, Attorney at law BESHARA P.A. Orlando, FL

2 Index About Edward Beshara 3 Lead Associate Attorneys 4 Introduction to EB-5 Visas 5 Who is a typical Investor in a Direct or Regional Center Project 6 Defining the Regional Center and the EB-5 Compliant Project 7 When to consider Direct EB-5 Projects 8 Direct EB-5 Associated with Regional Center 9 Documenting Direct Versus Regional Center Project 10 Conditional and Full Permanent Residency 11 Steps 1 and 2: I-526 Investor Petition and Obtaining Conditional Permanent Residency 12 Step 3: Removing Conditions, Obtaining Full Lawful Permanent Residency 13 Essential Strategy Planning 14 EB-5 Timeline and Estimated Processing Times 15 BESHARA P.A. Orlando, FL ebeshara@besharapa.com 2

3 About Edward C. Beshara Edward Beshara, Managing Partner of BESHARA P.A. has been exclusively practicing U.S. Immigration Law and offering approvable solutions since 1983 in Orlando, Florida. He represents corporate and individual EB-5 investor clients worldwide. Mr. Beshara is a member of Invest in USA and a member of Academy of International Business. Mr. Beshara is a past adjunct Professor of Business Immigration Law at the University of Florida Levin College of Law. Edward Beshara has a Juris Doctor Degree (University of Florida, USA), B. Juris; and LL.B Degrees, pursed LLM Degree (Monash University, Melbourne, Australia). Mr. Beshara is a Past President of AILA (CFL) (National Board of Governors). Mr. Beshara has received the highest AV Rating as an International Preeminent Immigration Attorney, and has been rated in the Top 25 of EB-5 Attorneys by EB5Investors Magazine, as well as holding the top overall rating of EB-5 attorneys on EB5info.com, a leading EB-5 Web site, and has had his licenses and business authenticated by the Chinese government. BESHARA P.A. Orlando, FL ebeshara@besharapa.com 3

4 Lead Associate Attorneys Salvatore Sal Picataggio is an associate attorney with BESHARA, P.A., practicing business and family immigration. Licensed to practice law since 2011, he is a member of the Florida Bar, the Orange County Bar Association, and the Central Florida Chapter of the American Immigration Lawyers Association. Sal has taken a particular interest in the EB- 5 Immigrant Investor Program, including the preparation and review of EB-5 compliant business infrastructures for Regional Centers and Projects, and for Foreign National Investor petitions. Sal received his Juris Doctor from the University of Florida Levin College of Law and graduated Summa Cum Laude with a Bachelor s Degree in Public Relations and a minor in Business Administration from the University of Florida. Elana Laverty is an associate attorney at BESHARA, P.A. and currently practices in the area of EB-5 Investor visas, business, and family immigration law. She is primarily involved with submitting I-526 petitions along with compiling appropriate supporting documentation, and authenticating the foreign national investor s source of funds. Elana received her Juris Doctor at Massachusetts School of Law in Andover Massachusetts in May of In November of 2007, she became licensed to practice law and is a member of the Massachusetts bar. In 2003, Elana J. Laverty graduated Cum Laude from Saint John Fisher College in Rochester, NY and received her Bachelor s Degree in Sociology minoring in Psychology and Theology. While at St. John Fisher, Elana also spent a semester studying abroad at the University of Caen in Normandy, France. She is a current and active member of the Daughters of the American Revolution National Society, the Justinian Order of St. John Fisher College, and the Orange County Bar Association. BESHARA P.A. Orlando, FL ebeshara@besharapa.com 4

5 Introduction to EB-5 Visas Permanent Residency Means same as an Immigrant Visa/Status, may mean Green Card (in fact today the color of the card is pink). Intent is to remain in the U.S. without time limitation. EB-5 Investment Required The EB-5 Visa for Immigrant Investors is a U.S. visa created by the Immigration Act of 1990 Priority Alien: The alien who invests USD $1 million or $500,000 (in a targeted employment area) in individual U.S. Business will be considered to be in the Fifth Preference Employment Based Category (EB-5 category). No waiting period BESHARA P.A. Orlando, FL ebeshara@besharapa.com 5

6 Who is a Typical Investor in a Direct or Regional Center Project? A typical foreign investor is highly educated; a successful business executive or entrepreneur, an accredited investor by the standards of the U.S. Securities and Exchange Commission (for Regional Center Investments), and a head of household with a global perspective. Foreign investors' motivations to invest through the EB-5 Program include: Conduct and/or expand their business in the United States Educate themselves or their children in the U.S. Diversify their investment portfolios Passively Manage their investments in the Regional Center or Direct Project Reside in the United States and become U.S. Permanent Residents and U.S. Citizens BESHARA P.A. Orlando, FL ebeshara@besharapa.com 6

7 Defining the Regional Center and EB-5 Compliant Project REGIONAL CENTER Regional Center is defined as any economic unit, U.S. corporation, public or private, engaged in the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment. A Regional Center coverage may include contiguous political or geographical areas (ie: counties or part of counties). An EB-5 Compliant project can be associated with an Existing Regional Center with USCIS designation The individual receiving the visa is not required to actively manage the business invested in. BESHARA P.A. Orlando, FL ebeshara@besharapa.com 7

8 Growing interest in direct EB-5 investment opportunities. Alternative option to regional center project. When to consider Direct EB-5 Projects Summary of differences between EB-5 Direct and Regional Center project Growing interest in direct EB-5 investment opportunities. Alternative option to regional center project. Summary of differences between EB-5 Direct and Regional Center project. BESHARA P.A. Orlando, FL

9 Direct EB-5 Associated with Regional Center Equity Model or Loan Model Indirect Employment Creation Complex Structures EB-5 Investors: Las Vegas Conference EB-5 Direct Investment 9

10 Documenting Direct Versus Regional Center Project Direct EB-5 Project documents include: Form I-526 Petition Business Plan Possibly, Security/Offering documents Form I-829, including proof of direct, full-time employment through I-9, W-2, E-Verify EB-5 Regional Center Project Documents include: Form I-526 petition Business Plan Economic Report Feasibility/Marketing Analysis Security/Offering Documents Form I-829, Economic Report, and business compliance EB-5 Investors: Las Vegas Conference EB-5 Direct Investment 10

11 Conditional Permanent Residency Conditional and Full Permanent Residency First, the alien will file an I-526 Investor s Petition with USCIS for Approval. Second, once the I-526 is Approved, then the alien will either apply for Conditional Permanent Residency in the U.S. or apply for an Immigrant Visa through U.S. consulate processing. Third, the Alien will obtain a Conditional Permanent Residency for 2 years. Before the end of the 2 nd year period, to remove the Conditions of the Residency, alien files a Petition I-829 with the USCIS and the Petition will show the required investment of personal funds was made and the employment of U.S. workers were created. BESHARA P.A. Orlando, FL ebeshara@besharapa.com 11

12 Steps 1 and 2: I-526 Investor Petition and Obtaining Conditional Permanent Residency Step 1: I-526 Petition Alien investor must show personal funds have already been invested and committed or are actively in the process of being invested. Investment Funds must be authenticated Step 2: Obtaining Conditional Permanent Residency When I-526 is approved then Alien files Application for Permanent Residency (Conditional Permanent Residency) Applying from U.S. (Adjustment of Status/I-485), must be maintaining legal nonimmigrant status in the U.S. Applying though U.S. Consulate in home country Result: Conditional Permanent Residency for Two Years BESHARA P.A. Orlando, FL ebeshara@besharapa.com 12

13 Step 3: Removing Conditions, Obtaining Full Lawful Permanent Residency The Alien Investor first receives a Conditional Permanent Residency Card for two years. To remove the conditions of the Permanent Residency, the Alien Investor before the 2 year anniversary of the CPR shall file a I-829 Petition showing the personal funds have been invested Must show the funds have been committed and the investment then resulted in job creation of 10 U.S. workers during the two year period of the CPR. BESHARA P.A. Orlando, FL ebeshara@besharapa.com 13

14 Essential Strategy Planning 1. Determination of who is the Investor (which spouse or child over 21) 1. Is one spouse staying back in the home country while other spouse and children first obtain conditional permanent residency and live in the U.S.? 2. Is one spouse joining family later and then applying for permanent residency? 2. Physical presence requirements to live in U.S. for conditional permanent residents 3. Tax and financial planning before obtaining conditional permanent residency BESHARA P.A. Orlando, FL

15 EB-5 Timeline and Estimated Processing Times I-526 Petition (by Foreign National Investors) T.E.A. Economic Model Business Plan Economic Analysis Source of Funds of Investor (Authentic, Lawful, Transfer) I-526 Filing and Adjudication I-526 Petition Processing R.F.E and Response Approval Conditional Permanent Residency (CPR) Filing Process U.S. Consulate Processing or USCIS Processing CPR Period Approvable No Material Change and Substantial Compliance Employment Creation Financial Viability I-829 Adjudication Process During Processing Travel Employment Authorization Unconditional Permanent Residency 4 to 5 Weeks 12 Months 3 Months 2 Years 1 Year BESHARA P.A. Orlando, FL ebeshara@besharapa.com 15

16 THE LAST WORD IN SELF HELP? IS HELP EDWARD BESHARA The Name Behind the EB-5 Process Solutions BESHARA PROFESSIONAL ASSOCIATION 555 WINDERLEY PLACE, SUITE 300 MAITLAND/ORLANDO, FL BESHARA P.A. Orlando, FL