In order to get the conditions on your permanent residency removed, you must submit Form I-829, along with evidence that you have met the requirements for EB-5 investment. These requirements vary depending on the type of investment: a new commercial enterprise (NCE), a troubled business, or a regional center. The requirements for each investment type are listed below:
New Commercial Enterprise
- Evidence that you created an NCE by submitting copies of the business’s organizational documents, federal tax returns, etc.
- Evidence that you have invested the total amount of required funds
- Evidence that you have sustained your investment in the NCE throughout your two-year period of conditional permanent residency by submitting: business invoices and receipts, bank statements, contracts, copies of federal or state income tax returns, quarterly tax statements, audited financial statements, contacts, business licenses, or any similar evidence
- Evidence documenting the number of full-time employees at the beginning of your investment and at present by submitting tax Form I-9 for all employees, other tax documents, payroll records, etc. This requirement serves to show that the enterprise created 10 full-time jobs within two years of the underlying I-526’s approval.
Those who invest in a troubled business must submit the same evidence listed above under the NCE category except the investor can choose to prove that at least 10 existing jobs were maintained as opposed to created.
Not all floundering businesses are considered “troubled.” In the EB-5 context, a troubled business is defined as “an enterprise that has been in existence for at least two years and has incurred a net loss during the 12- or 24-month period prior to the priority date of the immigrant investor’s Form I-526. The loss for this period must be at least 20 percent of the troubled business’ net worth prior to the loss.” (USCIS).
Those who invest in a regional center must also submit the same evidence listed under the NCE category, except that a regional center case must show that a capital investment was made in accordance with its business plan in order to be credited with the creation of 10 direct and/or indirect jobs. This may be demonstrated by providing evidence that the project detailed in the I-526 application was successfully executed.
After you have gathered the evidence required to remove the conditions on your permanent residency, you can begin your I-829 petition, which must be submitted within 90 days of the expiration of your two-year conditional green card. It is important to note that failure to file Form I-829 will result in automatic termination of your conditional resident status and will initiate deportation proceedings.
While your I-829 petition is pending, you will remain in “valid” status, which will be extended automatically in one year increments until USCIS acts on your petition. During that time, you are authorized to travel abroad. Once your I-829 is approved, you will be issued an unconditional green card for permanent residency in the United States.