You may have heard some talk radio or TV show commentators throughout Florida engaging their audiences in heated discussions over immigration matters. These arguments might include whether immigrants are in this country rightfully or if some foreign nationals might have “bought” their way into becoming U.S. citizens. While such discussions might have some entertainment value, there is no real system to “buy” your way into becoming a U.S. citizen. There is, however, a pathway known as the EB-5 program. This provides a means by which an individual may apply for citizenship after having obtained a green card by making a significant investment into an American business or commercial project.
Congress enacted the EB-5 Immigrant Investor Visa Program to encourage new businesses and job growth in distressed areas located in specified U.S. locations. Referred to as Targeted Employment Areas, or TEAs, these are areas which have a high unemployment rate. Under the program, a foreign national may receive a two-year green card in exchange for making a loan or a minimum amount of an investment into a new business that will create at least 10 full-time jobs in a TEA. Based on inflation, the required minimum TEA investment amount of $500,000 was slated to increase to $900,000 beginning November 19, 2019.
The EB-5 is a federal program originally intended to fund the growth of high-unemployment rural areas, but the program has also become popular with real estate developers in Florida, California and New York. For an investment amount of $1.8 million, which is double the November 2019 requirement for a Targeted Employment Area, a foreign national may obtain a green card when funding a business project in a non-TEA location. Many high-cost construction projects which included hotels, condominium complexes and sports and entertainment centers were funded this way.
According to the Orlando Sentinel, the EB-5 program has also helped open many smaller businesses, such as new restaurants in Central Florida. The local restaurants attract foreign investors because they quickly generate the minimum amount of 10 full-time jobs required. An investor may then obtain a green card residency under the EB-5 program, and two years later if all goes well, the green card holder can make a permanent residency application.
