H-1B Visa Season is Here

It’s that time of year again.  H-1B season is upon us.  U.S. companies wishing to hire foreign national employees should be gathering supporting documents and retaining an immigration attorney to file the H-1B Petition on the April 1^st opening.

The H-1B visa allows a U.S. employer to sponsor a foreign national to work on a temporary basis in the United States.  The position to be filled by the employee must be one that is considered a “specialty occupation” by the United States Citizenship and Immigration Services (USCIS).  The minimum education requirement is a degree equivalent to a 4 year U.S. bachelor’s degree.  The employer must also pay the foreign national a fair wage, also known as the prevailing wage – as determined by the U.S. Department of Labor.

While the H-1B visa may seem like a fantastic and inexpensive way to bring over foreign labor, the government places a numerical cap on the number of petitions they adjudicate.  For this reason – it’s important to establish a relationship with an immigration attorney to file a timely petition.

The numerical cap is set at 65,000 visas per fiscal year.  The first 20,000 petitions submitted by candidates with a master’s degree (or higher) are exempt from the cap.  This gives significant advantage to potential employees holding advance degrees above the bachelor level.

Once an employee obtains an H-1B visa they may begin working at their designated job.  Visas may be renewed once expired – but may not be extended beyond six years.  The acceptance for 2015 petitions begins on April 1^st.  Should USCIS receive your petition after that date, there is virtually no chance of getting an approved visa.

To learn more about the H-1B Temporary Worker Visa and how General Counsel, P.C. can assist you, contact our office today.

U.S. Sanctions on Russia and the impact on Russian EB-5 investors

Since the collapse of the Soviet Union in the early 1990s, the United States has welcomed a steady flow of immigrants from Russia – many settling in cities like Miami, New York, Denver, Los Angeles and Baltimore.

Russian EB-5 investors, while prosperous in Russia, choose to leave when government corruption and unpredictability become a factor.  These individuals recognize that Russia cannot provide a safe investment environment to protect their wealth, only economic uncertainty. This is evident with Russia’s recent annexation of Crimea, which contributed to the ruble and Russian stock market plummeting earlier this month. The $500,000 EB-5 investment now costs up to 8% more in rubles than it would have just a few months ago. Fortunately, many wealthy Russians who qualify for the EB-5 Visa maintain dollar and/or Euro accounts outside of Russia.

With the recent U.S. sanctions in place, can Russian investors expect other uncertainties during the investment process?

On its face, it appears that unless the investor is part of President Vladimir Putin’s “inner circle”, most EB-5 clients will not be directly affected by the sanctions.  However, although the sanctions appear insignificant to most individuals in Russia, recent sanctions against Bank Rossiya for example, prompted Standard & Poor’s (S&P) rating agency to downgrade its outlook for the lender from stable to a negative rating. As a result, the S&P foresees a deterioration of the bank’s future business and financial profiles. Further, Bank Rossiya can no longer engage in dollar-based transactions, and western banks will not be able to engage in business with them. 

The sanctions on Bank Rossiya were meant to directly impact Putin and other top government officials. The actual ramifications to potential investors, for now, are minimal. However, some economists are predicting the crisis over Crimea could tip the Russian economy into a recession this year, which could serve as a push to potential EB-5 Investors to leave Russia sooner.

Barella Law | +1 (239) 228-2895 | kbarella@barellalaw.com | www.barellalaw.com

The Information contained in this blog is for information purposes only, and should not be considered legal advice for any individual case or situation.  The information provided is not a substitute for consultation with an attorney.  No attorney/client relationship is created by the information contained herein.

The Cost of an EB-5 Regional Center Project Investment

As an immigration attorney representing EB-5 investors, one of the frequently asked questions is: what is the total cost of an EB-5 Regional Center investment?  Savvy investors understand, in order to go through the EB-5 Visa process, they will incur other expenses in addition to the $500,000 capital investment.

So what is the cost of an EB-5 investment?  Unfortunately, there is no set dollar amount.  Each client’s case is distinct, and there are a multitude of factors that may influence their costs.  This article will address the most common EB-5 costs - but it’s important to keep in mind that expenditures for your specific case may vary.

The Investment:
One cost that is universal for all clients is the invested capital.  Most Regional Center projects are located in a Targeted Employment Area, which allows for a reduced investment amount of $500,000.

Legal Fees:
Just as you wouldn’t forgo obtaining a doctor to perform a surgery, you also want to be sure to retain a competent EB-5 attorney to file your petition.  Depending on whether your lawyer bills a flat fee or hourly rate for an EB-5 investment, you can expect to pay anywhere from $10,000 to $20,000 for legal services.  Depending on the firm you choose, this may or may not include the services of an EB-5 Investment Advisor.

Project Administration Fees:
The majority of projects out there charge an administration fee when subscribing to their project.  The typical administration fee ranges from $30,000 to $60,000.  These fees are generally used to pay marketing costs, as well as “finder fees” for agents abroad.

Filing Fees:
With every I-526 Petition filed, USCIS requires the payment of a filing fee.  Currently, the filing fee for an I-526 Petition is $1,500.

Translation Fees:
USCIS requires any documentation or evidence not in English to be accompanied by an English translation.  Further, in their latest EB-5 stakeholder meeting, USCIS indicated that the entire document will need translating and abstract translations are not accepted.  Translation service fees vary depending on the document content and number of words.  You can expect to pay between $0.25 and $0.50 per word.

Miscellaneous Costs:
If you choose to travel to the US to speak with Regional Centers or your attorney, you might incur additional expenses such as travel, housing and visa costs.

Although these are a few of the most common expenses associated with the EB-5 investor visa, additional costs may arise depending on your individual case.  You may also be able to mitigate the costs of EB-5 through varies means.  A conservative estimate of an EB-5 investment from start to finish will be around $568,000.

Barella Law | +1 (239) 228-2895 | kbarella@barellalaw.com | www.barellalaw.com

The Information contained in this blog is for information purposes only, and should not be considered legal advice for any individual case or situation.  The information provided is not a substitute for consultation with an attorney.  No attorney/client relationship is created by the information contained herein.

Conditional Green Card Through EB-5: Your Rights and Responsibilities as a Permanent Resident

The wait is over, and you have finally received your US Permanent Resident Card (“Green Card”) through the EB-5 program.  What happens now?  Chances are you’ve spent countless hours researching the EB-5 visa, regional centers, projects, attorneys etc.  However, do you know what your rights, obligations, and responsibilities are as a newly arrived Permanent Resident?

Firstly, an approved EB-5 visa entitles you to a two-year conditional Green Card.  A conditional Green Card is exactly what it sounds like.  There are certain conditions that must be met before you receive a “full-fledged” and renewable Permanent Resident Card.    At the conclusion of two-years, you will need to have an attorney file for you, form I-829, Removal of Conditions.  Provided you show that your EB-5 investment has created the requisite number of jobs among other factors, you will be issued a Permanent Resident Card, valid for ten years.  In the future, you need only apply for renewal of your card before it expires.

As a legal permanent resident, you are entitled to many of the same privileges as United States citizens.  You may live, work, or travel anywhere in the United States.  You and your children can attend school and qualify for in-state tuition breaks.  However, you may not vote in elections, or make any false claims of US citizenship.

One question many immigration attorneys receive is, whether legal permanent residents can spend a significant amount of time outside the US.  The goal of permanent residency is just that – to be a permanent resident of the United States.  Any prolonged period outside of the country may be seen as abandonment of your permanent resident status.  It is important you remember to make the United States your permanent home.  

After maintaining permanent residency for a period of five years, you may be eligible to apply for US citizenship.  Benefits of US citizenship include, the right to vote, obtain a federal job, sponsor family members for residency, and travel with a US passport.

For more information on the EB-5 visa program, or any other US immigration matters, please contact our office.  

Barella Law | +1 (239) 228-2895 | kbarella@barellalaw.com | www.barellalaw.com

The Information contained in this blog is for information purposes only, and should not be considered legal advice for any individual case or situation.  The information provided is not a substitute for consultation with an attorney.  No attorney/client relationship is created by the information contained herein.

The EB-5 Misconception

Does the EB-5 program allow potential immigrants to “cut” to the front of the immigration line? The answer is a definitive, no.  Believed by many to be a shortcut to US permanent residency, the EB-5 program is not a line-cutting program.  In fact, the US Government sets aside each year, 10,000 visas for EB-5 investors.  Of the 10,000 visas, 3,000 are set aside for investments made in Target Employment Areas (TEA).  

As the government specifically sets these visas aside, it’s not possible for EB-5 investors to steal visas from other immigrants or jump to the front of the line.  Compared to other countries around the world that utilize a point system for immigration, the United States does not have such a program.  Unless a potential immigrant has a job or family member available to sponsor them, there are limited options for obtaining US Permanent Residency.  

The EB-5 Visa Program allows these immigrants with limited options to legally move to the US.  This misconception that EB-5 investors “buy” their way into the US at the expense of immigrants of lesser means is outdated and simply incorrect.  The government implements visa quotas, which allow each visa category a limited number of spaces.  

The benefits of the EB-5 program provide immigrants with a chance to live, work and study in the US, with the added benefit of their investment contribution leading to the growth of the US economy.  

Barella Law | +1 (239) 228-2895 | kbarella@barellalaw.com | www.barellalaw.com

The Information contained in this blog is for information purposes only, and should not be considered legal advice for any individual case or situation.  The information provided is not a substitute for consultation with an attorney.  No attorney/client relationship is created by the information contained herein.