EB5 Investors Magazine Volume 3 Issue 3 | Page 64

EB-5 INVESTOR SCRUTINY Why EB-5 Investors Cannot Simply Buy a Green Card By David Hirson and Winnie Ng Many people, including some legislators, have viewed EB-5 as a “cakewalk” with little scrutiny where wealthy investors simply queue up for a fast-track green card. Although this is far from true, their viewpoint is understandable if they have not experienced the process first-hand. This is the reason new investors often ask us the following questions. I. Is EB-5 the Fastest Way to Get a Green Card? a. Stage One: Form I-526, Petition by Alien Entrep reneur attempt to force adjudication. While this is often the only way for these investors to ensure a response from USCIS, this process is costly and time consuming. Compared to other Employment-Based Immigrant Visa categories, EB-5 currently has the longest processing time. While current average processing time for all other EB (employmentbased) categories’ initial petition is between four to 10 months, EB-5’s initial petition (I-526) has a current average processing time of over 14 months. In reality, many petitions take over 24 months to adjudicate. b. Stage Two: Consular Processing (CP)/Adjustment of Status (AOS) Due to this long adjudication delay, many investors have resorted to filing writ of mandamus actions in court in an 62 Unlike other EB visa categories where approved petitioners can directly apply for permanent residency in the United States, EB-5 petitioners with approved petitions can only apply for a two-year conditional permanent residency in the United States. Before the expiration of their conditional permanent residency, they must apply for removal of condition. EB5 INVESTORS MAGAZINE