Tiếng Việt
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Held by the Saigon Times Group and Global Residents LLC, a member of American Immigration Group, the seminar, called “Reduce risks and protect assets of EB-5 participants,” was aimed at providing participants with useful information and advice on the risks and frauds seen with the immigration program.
Qendrese Sadriu-Rrustemi, managing director of the licensed EB-5 regional center Global Residents LLP, headquartered in New York, gave a brief introduction of the EB-5 Immigrant Investor Visa Program administered and processed by the United States Citizenship and Immigration Services (USCIS).
EB-5, which is short for “employment based,” is a U.S. government program through which foreign investors can obtain a green card for themselves, their spouse and their children. The program was created as an economic stimulus program to help the U.S. economy and create jobs for American workers.
To be approved, an investor must invest at least US$500,000, plus fees worth roughly US$85,000, into a new project approved by USCIS. The project must also create 10 jobs for U.S. workers.
The total cost amounts to only US$85,000 once the original US$500,000 is returned (through profits). This makes the EB-5 a very smart investment, Sadriu-Rrustemi remarked.
The investor must prove the funds were legally obtained and must submit an application form, called the I-526, to USCIS. The processing time is usually 16-28 months.
After the application is submitted, USCIS sends the investor a letter of receipt within three weeks, confirming that the funds have been received and transferred to the project. USCIS then begins to process the application.
Currently, after the I-526 is approved, the investor will have to wait for a visa to become available since the number of applicants from Vietnam has exceeded the country’s visa quota on an annual basis, she said.
The wait time for a visa is estimated to be 4.5 years after the approval of the I-526. She stressed that many companies in Vietnam promise a visa in two years or right after the filing of the I-526, but this is simply not possible at all.
She added that the wait time is a variable that depends on many factors, such as the number of investors from Vietnam applying that year and the introduction of new proposed legislations that may give Vietnam more visas and reduce the wait time.
There are many reasons for the high incidence of misinformation, including fraud and scams, a lack of knowledge and expertise, a focus on sales and commissions and an oversaturated market, according to Sadriu-Rrustemi.
She suggested that investors work directly with licensed professionals who can provide the facts and most up-to-date information to prevent lies and fraud from spreading. These professionals have a responsibility to the U.S. government.
She pointed out that the EB-5 is still a pilot program, so lawmakers can vote each year to reauthorize or terminate the program. Further, the EB-5 is always changing as new laws, age limits for children and requirements from USCIS are added.
For example, only a few months ago, a 16-year-old child could receive a green card through their parent’s investor visa, which is no longer possible since the child age limit is now 14.
Meanwhile, Kenneth K. Nguyen, senior partner at Global Residents LLP, also provided insights into some of the fraudulent claims being advertised in Vietnam.
Many Vietnamese people have been led to believe that they can buy a home and receive a green card. “Deceptive advertisements like these imply that you will receive a home when you invest. The EB-5 is an investment program, not a home purchase,” stated Nguyen.
Another rumor is that the EB-5 investment requirement has dropped to US$400,000. He pointed out that this is fraudulent and illegal, adding that the minimum investment requirement of US$500,000 is clearly posted on the USCIS website.
Claims that paying more money will result in faster processing for green cards are also false. He stated that there is no fast-track process. In theory, the EB-5 program runs under a “first in, first out” policy, so families that invest first will typically receive their green cards first.
Meanwhile, only children aged below 14 can be guaranteed a green card through their parents’ investor visa. Those aged 14 and above would have to apply as separate investors.
Nguyen also pointed out scam advertisements that suggest investments will attract large monetary gifts or kickbacks. He stressed that no one is giving money away, adding that these tricks and gimmicks are used by con artists.
He also addressed an advertisement claiming, falsely, investors would receive an interest rate of up to 4%. He noted that the EB-5 was not created to give investors interest. “Any experienced investor will know that high interest means high risk,” he said, adding that the key words in this advertisement were “up to,” which could mean anything from 0% to 4%.