As one of the world’s largest economies, the United States remains a prime destination for high-net-worth individuals (HNWIs) seeking to grow and secure their wealth.
According to a 2024 analysis by Henley & Partners, the U.S. is expected to attract a net inflow of 3,800 millionaires, underscoring its enduring appeal.
For Canadian citizens, the U.S. EB-5 Immigrant Investor Program presents a unique opportunity to gain residency through investment, often referred to as a “Golden Visa.”
“This program has become increasingly attractive due to recent changes that have reduced waiting times, though processing can still take months, sometimes years,” says Shounak Mehta, Founder of Juriscorp Law.
In this comprehensive guide, we will provide the information you need to make an informed decision about your migration. Plus, we’ll explain why working with immigration lawyers for your application is an absolute must for a successful application.
What is the EB-5 Visa for the U.S. (Immigrant Investor Program)?
The EB-5 visa, often referred to as an immigrant investor green card or ‘EB-5 green card’, offers Canadian nationals a unique pathway to U.S. residency through significant investment in American business ventures.
Established in 1990, the EB-5 Immigrant Investor Program was designed to attract foreign capital to stimulate economic growth within the United States, particularly in rural areas with higher-than-average unemployment rates.
As the fifth preference in the employment-based green card categories, the EB-5 visa allows foreign investors, including Canadians, to invest in either new or existing commercial enterprises in the U.S.
The EB-5 visa program offers four distinct tiers:
- C5 Visa: For investments made outside of designated target areas.
- Visa: For investments in areas with high unemployment rates.
- R5 Visa: For participants in the Investor Pilot Program not involved in target areas.
- I5 Visa: For investors in specific regions under the Investor Pilot Program.
The key requirement is that this investment must generate a certain number of full-time jobs for U.S. workers each year. In return, investors can obtain a green card, securing their status as lawful permanent residents.
Applicants have the option to invest independently or as part of a group of investors working with a third-party intermediary approved by the U.S. government.
How Many EB-5 Green Card Visas Are Issued Every Year?
The EB-5 visa program is subject to an annual limit, which is set at 7.1% of the total worldwide employment-based visa cap (which is around 161,000 for 2024).
| It’s Not Just a One-Way Street Canada is poaching tech talent from the U.S. at unprecedented levels [Are You Eligible for Canadian Residency?] |
Benefits of Applying for the EB-5 Visa for Canadian Citizens
Applying for the EB-5 visa offers Canadian citizens numerous benefits, providing a streamlined path to U.S. residency and the opportunity to live, work, and thrive in the United States. Here are some of the key advantages:
- You, your spouse, and any unmarried children under 21 can obtain a green card.
- Freedom to live, work, and travel anywhere within the U.S.
- Ability to leave and re-enter the U.S. freely as a lawful permanent resident.
- Start a business in the U.S. without immigration-related restrictions.
- Fast-track to U.S. citizenship compared to other visa options.
- Access to the U.S. public school system for your children.
- Employment opportunities for your children.
- No need for sponsorship by a U.S. employer or petitioner.
- Potential return on investment if the business is successful.
- In some cases, one of the fastest ways to obtain a green card compared to other visa categories.
The Complete List of EB-5 Visa Requirements
To qualify for the EB-5 Visa, Canadian investors must meet specific requirements centered around the investment in a new commercial enterprise. Here’s a comprehensive list of the key criteria:
Investment in a New Commercial Enterprise:
- Established after November 29, 1990, or
- Established on or before November 29, 1990, and subsequently:
- Purchased and restructured or reorganized to result in a new commercial enterprise, or
- Expanded through investment, leading to at least a 40% increase in net worth or the number of employees.
A new commercial enterprise is defined as a for-profit activity formed for the ongoing conduct of lawful business. The enterprise can be a sole proprietorship, partnership (limited or general), holding company and its wholly-owned subsidiaries, joint venture, business trust, limited liability company,
Note, however, that the EB-5 does not consider non-commercial activities, such as owning and operating a personal residence, an eligible investment
Source: Henley & Partners
Documents Required for the EB-5 Visa for Canadian Citizens
When applying for an EB-5 Visa as a Canadian citizen, you’ll need to gather and submit a comprehensive set of documents to support your application. These documents are crucial in demonstrating your eligibility and the legitimacy of your investment. Here’s what you’ll need:
- TEA Evidence – Proof that your business is established in a Targeted Employment Area (TEA), if applicable.
- Regional Center Investment – Evidence of investment in a designated Regional Center according to its approved business plan, if relevant.
- Job Creation Proof – Substantial documentation showing that your investment will create at least 10 direct or indirect full-time jobs.
- Valid Passport – A copy of your current passport.
- Family Members’ Passports – Copies of the passports of any family members included in your application.
- Legality of Funds – Documentation proving that the funds being invested were obtained legally and are fully under your control.
- Investment Proof – Evidence that you have invested, or are in the process of investing, the required amount (see below).
- Previous Immigration Applications – Copies of any previous immigration applications, if applicable.
- Legal Actions – Certified copies of any judgments or legal actions, civil or criminal, against you from any U.S. or foreign court within the past 15 years, if applicable.
- Business License – Copies of your business license, where applicable.
- Capital Sources – Evidence of other capital sources contributing to your investment.
- Financial Statements – Financial statements for each business involved.
- Proof of Ownership – Documentation proving your ownership of the business.
- Tax Returns – Tax returns for the business over the last five years.
- Bank Statements – Bank statements for the business over the last five years.
All documents must be submitted in English. If any of your documents are in another language, they must be translated into English by a certified translator.
What is the Minimum Investment Required for an EB-5 Visa?
The minimum investment required for an EB-5 Visa depends on the timing of your application and the location of your investment. Here’s what you need to know:
Definition of Capital
Capital includes cash and all tangible assets owned and controlled by the immigrant investor, valued at fair-market value in U.S. dollars. However, certain assets are excluded from being considered as capital:
- Assets acquired through unlawful means (e.g., criminal activities).
- Capital invested in exchange for a note, bond, convertible debt, or any debt arrangement between the investor and the new commercial enterprise.
- Capital that comes with a guaranteed rate of return on the investment.
- Capital subject to any agreement providing the investor with a contractual right to repayment, although the enterprise may offer a buyback option at its discretion.
Investors must prove they are the legal owners of the capital invested. In some cases, a promissory note can be used as capital.
| A TEA is defined as either: A rural area, orAn area experiencing high unemployment (at least 150% of the national average). At the time of writing, the employment rate in the U.S. was 4.3% according to the Department of Labor. |
Minimum Investment Amounts
The minimum investment required varies based on the filing date of your petition and the location of the investment:
Before March 15, 2022 (Not applicable for new applications)
- General Minimum: $1,000,000
- Targeted Employment Area (TEA): $500,000
- High-Employment Area: $1,000,000
On or After March 15, 2022 (Applicable for new applications)
- General Minimum: $1,050,000
- TEA (includes infrastructure projects): $800,000
For investments outside of a TEA, the minimum investment amount has increased to $1.8 million.
Future adjustments to these amounts will be tied to inflation, using the Consumer Price Index for All Urban Consumers (CPI-U), with adjustments occurring every five years. The first adjustment will take effect for petitions filed on or after January 1, 2027.
EB-5 Visa Processing Time: How Many Weeks Does it Take?
Caption: Average U.S. visa wait times (not EB-5-specific); Travel Weekly
The EB-5 Visa application process involves several steps, each with its own timeline. Expect your EB-5 visa to take anywhere from 18-24 months to process, which is why it’s essential to avoid mistakes when filing. Moreover, USCIS does not provide a clearly defined processing time for EB-5 visas.
There is no dedicated application queue for Canadian citizens. What’s more, EB-5 visa processing times depend heavily on the visa backlog USCIS is facing.
Here’s an overview of the key steps involved:
Step 1: Submitting Form I-526
Your EB-5 Visa journey begins with the submission of Form I-526, the Immigrant Petition by Alien Entrepreneur. As a Canadian citizen, you can self-petition since you’re investing your own capital, and you do not require a U.S. sponsor.
Step 2: Waiting for Petition Approval
Once your I-526 petition is approved, you will need to wait for your priority date to become current. This is a crucial step before you can move forward with your visa application.
Step 3: Submitting Form DS-260
After your priority date becomes current, you will submit Form DS-260, the Immigrant Visa and Alien Registration Application. At this stage, the United States Citizen and Immigration Services (USCIS) may request additional documentation, including medical records.
Step 4: Visa Interview
As part of the final steps, you will attend a visa interview where you must present all supporting documentation. You will need to provide evidence that your application, investment, and business project meet the criteria set by the EB-5 Visa program.
Common Reasons for EB-5 Visa Applications to Be Rejected
Receiving a rejection for your EB-5 Visa application can be disheartening, but understanding the common reasons for denial can help you avoid potential pitfalls. Here are some of the most frequent reasons why an EB-5 Visa petition or application might be denied:
- Incomplete Information: Missing or incomplete information in the petition.
- Payment Issues: Problems with the payment of required fees.
- Missing Documentation: Failure to include all necessary documents in the application.
- Inaccurate Information: Submission of inaccurate or incorrect information.
- Insufficient Investment Funds: Not meeting the required investment amount.
- Lack of Evidence for Funds: Inadequate proof that the investment funds are legally obtained and under your control.
- Job Creation Concerns: Insufficient evidence to demonstrate that the required job creation criteria will be met.
Options if Your EB-5 Visa is Denied
If your EB-5 Visa application is denied, you will receive a decision letter outlining the specific reasons for the denial and what options are available to you. Depending on the circumstances, you may be able to:
- File a Legal Motion: Submit a legal motion to have your case reconsidered.
- Appeal the Denial: Appeal the decision if permitted.
- Refine and Resubmit: Correct the issues by refining your application and providing any missing documentation.
Given the complexity of immigration laws and the specific criteria involved, it’s advisable to consult with a professional EB-5 attorney.
They can guide you on the best course of action and help you explore alternative immigration options that may be more suitable for your situation. Taking professional advice can save you time, and potentially prevent you from being blacklisted by the USCIS.
Importance of Hiring an EB-5 Attorney
An experienced immigration lawyer, like those at Juriscorp Law, can significantly increase your chances of success by ensuring that your EB-5 Visa petition and application are meticulously prepared.
Here’s how a seasoned EB-5 attorney can assist you:
Guidance Through the Petition Stage – Providing expert assistance as you navigate the initial stages of your petition.
Comprehensive Documentation Review – Ensuring all supporting documents are complete, valid, and necessary to strengthen your application.
Application Submission – Handling the submission of your EB-5 application on your behalf, ensuring everything is in order.
Liaison with Regional Centers – Assisting you in coordinating with any Regional Center involved in your investment.
Family Support – Helping with the process of bringing your family to the U.S. under the same visa.
Continuous Updates – Keeping you informed throughout the entire process, so you always know the status of your application.
Why Work With Juriscorp Law
Perhaps the greatest benefit of hiring an EB-5 attorney is practical experience. They can tell you what the USCIS is looking for, red flags in your application, how to prepare documents correctly, and what substantiating document you should provide.
That’s why high-net-worth investors rely on us to guide them through the application process. In addition to immigration and legal guidance, we ensure the application process doesn’t become a distraction for you. Our team minimizes your risk and hassle, providing mature advice and handling everything from end to end.
Are you interested in migrating to the U.S. yourself, or with your family, as an investor? Start by scheduling a complimentary consultation with our immigration team today to understand your options.