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There is a lot of incorrect information circulating on the Internet about how the EB-5 program works and the current legal status of the EB-5 Immigrant Investor Pilot Program. Some sources that should know better have published articles that are blatantly false and potentially misleading.
One example is an online article, which states the following: “Since you now have an EB-5 visa, your immigration attorney can file to remove the conditions on your temporary visa, and you can become a citizen about two months after you enter the country.” The investor cannot apply to remove the conditions from the conditional permanent residence until 21 months have passed since entering the U.S. with the immigrant visa, or since having his application for adjustment of status approved. The petition to remove the conditions (I-829) typically takes approximately 6 months to be approved. The EB-5 investor, spouse, and any sons or daughters 18 or above must have permanent residence for 5 years before being eligible to apply for naturalization, i.e., citizenship. The two-year period of conditional permanent residence counts toward the above-mentioned five-year period of permanent residence needed in order to qualify for citizenship.
In another article from the same author, there was an incorrect statement that in July 2009, the EB-5 Immigrant Investor Pilot Program was made permanent by a vote in Congress. The article stated the following: “Fortunately, in July of 2009, the program was voted to be made permanent. This effectively ended many immigrant’s worries that it would end on September 30. Now immigrants are free to use the program, whether now or in a few years.” The U.S. Senate approved a bill that would make the EB-5 Immigrant Investor Pilot Program permanent; however, the companion bill in the U.S. House of Representatives did not provide for permanent authorization of the program. If a bill is not approved by both houses of Congress and signed into law by the President, that bill does not become a law. [see latest news on this blog] The article’s author says that the “program was voted to be made permanent,” which leaves some room for interpretation, however, that statement is clearly wrong when read in conjunction with the sentence that follows, in which the author says that immigrants are free to use the program “now or in a few years.” At that time, the expiration of the program continued to be September 30, 2009. There was a good likelihood that Congress would eventually pass a long-term extension of the program, and would temporarily extend the program in the meantime while deliberating on a long-term extension; however, no such extension had been passed into law, and so this information is inaccurate and its tricky wording is misleading.
At this point in time, the conference committee from the Senate and the House of Representatives, which has been working to reconcile their respective versions of the FY 2010 Department of Homeland Security appropriations bill, H.R. 2892 in the House of Representatives and S. 1298 in the Senate, reached consensus on extending the EB-5 Pilot Program for 3 years. However, the two companion bills must still be approved in their respective houses of Congress and be signed into law by the president before this three-year extension becomes law. [The House have now agreed on this and we are awaiting the Senate decision]
It is important to double-check the information that you find on the Internet. Some website authors are more careful than others to check their facts before publishing information on the Internet. Whicheb5.com and its associated professionals strive to present the most accurate and current information possible. If you read anything about the EB-5 program and want us to fact-check for you please contact us at info@WhichEB5.com
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