Are you a Canadian citizen who is seeking a passive way to obtain a U.S. Green Card, i.e. U.S. Permanent Resident status? The EB-5 visa might be the prefect solution.
The EB-5 Immigrant Investor Program was established by the U.S. government to attract foreign investments and stimulate economic growth. This program offers a pathway to U.S. permanent residency (Green Card) for Canadians who invest in new commercial enterprises that create jobs for American workers.
To qualify for an EB-5 visa, Canadian investors must meet the following criteria:
Investment Amount: A minimum investment of USD $1.05 million is required. However, if the investment is in a Targeted Employment Area (TEA)—a region with high unemployment or a rural area—the minimum requirement is USD $800,000.
Job Creation: The investment must generate at least 10 full-time jobs for U.S. workers within two years.
Lawful Source of Funds: Investors must demonstrate that their investment capital was acquired through legal means, such as employment income, business earnings, real estate sales, inheritance, or gifts.
The EB-5 visa process includes several steps:
Filing the I-526 Petition: Demonstrates that the investor has made, or is in the process of making, the required investment.
Conditional Green Card: Upon approval, investors and their qualifying family members receive conditional U.S. permanent residency for two years.
Filing the I-829 Petition: After two years, investors must prove that they have met all program requirements to remove conditions and obtain unconditional U.S. permanent residency.
U.S. Citizenship Eligibility: After five years of holding a Green Card, investors may apply for U.S. citizenship.
Canadian investors can choose between:
Direct Investment: Investing in a business that the investor actively manages.
Regional Center Investment: Investing in a USCIS-approved EB-5 Regional Center, which pools investor funds into large-scale projects.
Investors are not required to actively manage the business.
Indirect job creation counts toward the 10-job requirement.
Investors are not required to live near the investment project.
Greater diversification of investment opportunities.
Investment Thresholds Adjusted: As of March 2022, the minimum investment was increased to USD $1.05 million (or USD $800,000 in a TEA).
Enhanced Oversight: The EB-5 Reform and Integrity Act of 2022 introduced stricter auditing requirements and measures to prevent fraud.
Targeted Employment Area Designation Changes: As of 2024, TEA boundaries are now determined by the Department of Homeland Security (DHS) instead of state governments to prevent gerrymandering.
USCIS Fee Increases: As of April 2024, the processing fee for Form I-526 and Form I-526E is now USD $11,160, with an additional USD $1,000 Integrity Fund Fee for Regional Center investors.
It may be possible for an EB-5 investor from Canada to become a U.S. lawful permanent resident even if they have not yet made the entire capital investment or created the required number of jobs.
A new commercial enterprise in the United States must have been successfully established.
The applicant must have acted in good faith by substantially meeting the EB-5 investment criteria.
The petition must establish that all required jobs will be created within a reasonable time period.
Even if the investment and job creation requirements have not been fully satisfied, showing good faith compliance with the stipulations of the U.S. EB-5 Immigrant Investor Program can potentially lead to unconditional U.S. permanent residency. EB-5 investors should keep in mind, however, that they are expected to make the full investment and create the required jobs within the two-year period. If they cannot, they must provide a reasonable explanation for their inability to do so, as well as evidence that all required jobs will be created within a reasonable time. USCIS generally expects any outstanding jobs to be created within the following year.
After receiving a conditional Green Card through investment, Canadians will need to provide proof that they have satisfied all conditions of their EB-5 Visa. The following documents can be used to exhibit that an EB-5 participant has satisfied the various prescribed requirements of the U.S. investor immigration program.
Business formation documents, such as articles of incorporation and, if applicable, a partnership or shareholder agreement.
Business licenses or certificates required by the state in which the enterprise is located.
Financial statements proving that the required capital investment has been transferred to the small business or EB-5 Regional Center.
Financial records showing that the capital investment came from the Canadian investor’s own resources.
Payroll records proving that the required number of jobs have been created and maintained.
Proof of increased net worth if an existing business has been expanded.
A capital investment is a contribution of money or assets to a new commercial enterprise. The EB-5 Investor’s Visa Program does not limit a capital investment to an investment of cash. Almost any legally acquired asset that has a measurable value could be used to make a capital investment, including:
Cash equivalents (such as Treasury Bills and short-term Government Bonds).
Equipment.
Inventory.
Proceeds of personal loans.
Other tangible property.
A personal loan may be used to fund an EB-5 investment if the following conditions are met:
The loan must be secured by the Canadian investor’s personal assets.
The investor must be personally and primarily responsible for the loan.
The loan must be payable within two years with no provision for extensions.
To qualify under the EB-5 program, the capital investment must place the investor’s capital at risk. If a U.S. Investor Visa holder is guaranteed a return of any portion of their EB-5 investment, that portion is not considered at risk and does not count toward the required capital investment. However, an EB-5 investor is allowed to earn a profit as long as there is no guaranteed return during the first two years of participation in the program.
The EB-5 visa process typically follows this timeline:
Consultation & Investment Selection (1-3 months)
I-526 Petition Filing & Processing (12-18 months)
Conditional Green Card Issuance (Upon approval)
Job Creation & Business Compliance (2 years)
I-829 Petition Filing & Approval (18-24 months)
Unconditional Green Card Issuance
U.S. Citizenship Eligibility (After 5 years)
Applying for the EB-5 visa is a complex legal process. Seeking professional guidance from a qualified U.S. immigration attorney can significantly improve the chances of a successful application. Our Toronto-based EB-5 immigration lawyers assist Canadians through the entire process, from investment selection to obtaining a U.S. Green Card.
For more information or a free consultation, contact our legal team today.
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