EB-5 计划物流：直接与区域中心

The EB-5 program facilitates two types of capital investment: direct and indirect (regional center) investments. The overwhelming majority of EB-5 investments are made through the EB-5 Regional Center Program, which allows government-approved investment issuers (known in EB-5 as “regional centers” or “RCs”) to sponsor businesses and development projects and pool investments from multiple EB-5 investors into a single EB-5 development project.The other option is a direct EB-5 investment, in which a single investor invests directly in a business or starts their own business without the sponsorship of an investment issuer/regional center.

The main differences between EB-5 regional center and direct EB-5 investments is job creation, fund/project management, and the fact that multiple investors can pool their money in a regional center project vs direct where only one investor can make an investment. Regional center projects have the benefit of counting indirect and induced jobs in addition to direct jobs, whereas direct investments may only count direct employment as job creation. In this sense, a regional center investment is more likely to meet an investor’s job creation requirements. Management of the investment capital and business is also a major difference, with direct investments requiring much more involvement on behalf of the business owner and investor to meet all qualifications and to prepare the appropriate documentation. For convenience and risk-aversion, many investors chose to make indirect investments through a regional center.

Investment Minimums

Investors are required to invest a set amount of capital based on the location and nature of their investment project. The minimum capital contribution per investor is $800,000 for projects based in a geographic area called a Targeted Employment Area (or “TEA”). Government-sponsored infrastructure projects, regardless of being built in a TEA or not, also qualify for the $800,000 minimum. Non-TEA and non-infrastructure projects must be at least $1,050,000.

Targeted Employment Areas

TEAs have two different legal definitions. One type of TEA is a rural area with a population of no more than 20,000. The other type is a geographic area with unemployment rates greater or equal to 150% of the national unemployment rate. The investment minimum incentivizes both the investor and the developer to develop projects in economically-challenged areas which are in need of employment opportunities.

TEAs are designated by the USCIS upon the submission of the Form I-956F, with 2 years of TEA validity. After the period expires, the designation can be renewed should the project area geographic and demographic are still in line with the TEA standards.

A geographic area that once qualified as a TEA may no longer qualify as employment rates or population increase over time. Immigrant investors occasionally request eligibility for the reduced investment threshold based on the fact that other immigrant investors who previously invested in the same new commercial enterprise qualified for the lower capital investment amount. It is important for project sponsors to note that at the time of investment or at the time of filing the immigrant petition, as applicable, the geographic area in question qualifies as a TEA.

Basic Requirements of an EB-5 investment

“At Risk” Investment

In both TEA and non-TEA projects, the capital can be invested as either an equity investment or a loan, but must remain “at-risk” over the entire course of the EB-5 investor’s immigration process. “At risk” investments are actively invested in the project as stipulated in the project offering documents and not guaranteed to return either immigration benefit or capital gains to the investor. Funds which are kept in a bank account, an escrow account, or passive investments like stocks or bonds, do not meet the “at risk” definition and will disqualify an investor’s immigration petition.

Job Creation

Investment issuers must facilitate the creation of ten full-time jobs for each investor whose funds are solicited through an EB-5 offering. These jobs must be employed directly by the commercial enterprise for direct investments, or through a combination of direct, indirect, and induced employment for regional center investments. Job creation is one of the core pillars of the EB-5 program, and the main reason why the program has been so successful in times of economic strife.

Legal Source and Disbursement of Funds

If the investors’ funds were sourced and transferred legally into the project, held (or “sustained” in EB-5 language) in the project for the required amount of time, and the commercial enterprise spends the money according to their business plan, creating the requisite number of jobs, all rudimentary requirements of the EB-5 process have been met! After the immigration petition has been approved by USCIS, the investor is eligible for a permanent green card. Investors are eligible for repayment on their investment once the loan matures according to the terms of the investment agreement and a minimum of two years has passed since the money was deployed in the project. When the EB-5 program works, it creates an ideal trade between a prospective immigrant national seeking permanent residency, and a developer with the need for large investments from outside sources.