How to Become an EB-5 Visa Attorney?
To become an EB-5 Visa Attorney, you must have a minimum education background and experience. The following are the top 3 requirements to become an EB-5 lawyer.
- A Graduate of Bachelor of Laws, a 4-year course for students to become a Lawyer. A Juries Doctor degree. A Doctor of Law or Doctor of Jurisprudence (J.D., JD, D.Jur., or DJur) is a graduate-entry professional law degree and one of numerous Doctor of Law degrees.
- Passing the US Bar Exam is required.
An EB-5 attorney candidate must have the following qualifocations.
- Bachelor’s degree. This is a 4-year study course where you get the training and education necessary to become a practicing attorney. Furthermore, take an interdisciplinary undergraduate education with a focus on research, communication, and logic studies, as well as modern languages or cultural studies as your major or minor. Proficiency in one or more foreign languages and a solid grasp of other cultures and world politics are indispensable to being an effective EB-5 lawyer.
- Postgraduate Course. After finishing the bachelor’s degree, take the Juries Doctor degree. Take a variety of disciplines in the first and a half years to learn how to examine cases while at the same time studying constitutional law and legal reasoning. At this time, you will declare a specialty in immigration law and enroll in specialized courses.
- Passed the Bar Exam. You must pass the bar exam to obtain a license in the state where you wish to practice immigration law. It may be necessary to pass a multi-state essay exam, a multi-state ethics exam, and a multi-state performance exam.
- Preferably be a member of the American Immigration Lawyers Association (AILA). Being a member of the AILA will help you familiarize yourself with the network of professionals, the immigration legal community, and search for employment opportunities (www.aila.org). Joining your local chapter will allow you to get in contact with new clients and have the chance to network with other local professionals.
Moreover, you must be well informed about legal changes and new policies from the federal government.
What Are the Requirements for Becoming an EB-5 Visa Attorney?
An EB-5 visa attorney should have a complete understanding of the EB5 visa process. The following highlights the requirements for becoming an EB-5 visa lawyer.
- Understands business and immigration law, particularly EB-5. An EB-5 attorney assists you in navigating the immigration procedure. A professional EB-5 immigration attorney is aware that the purpose of the counsel is to instruct the EB-5 investor on how to prepare the EB-5 visa petition successfully.
- Successful Experience Preparing EB-5 Visas. The EB5 lawyer has a greater understanding of how EB-5 petitions are assessed by USCIS. The EB5 attorney knows what issues have been frequently identified by the government in requests for further paperwork and how to draft a successful EB-5 petition in order to secure approval on the first round of review.
- Effective communication and interaction skills. Immigration attorneys are readily available to answer their clients’ inquiries. Visa EB-5 lawyers are able to reply to inquiries in a timely manner, with expertise and knowledge of the EB5 investment process.
To understand the requirements of the EB-5 Visa, the EB-5 Visa Attorney requirements should be understood.
Is it Possible to Use a Bank Loan for an EB5 Visa Investment?
As per Vivek Tandon from EB5 BRICS, a bank loan is an eligible source of funding for EB-5 investments. In this scenario, the EB-5 investor must be the major borrower and be personally liable for loan repayment. The Loan for EB5 Visa must be secured by the investor’s personal property. The applicant must secure all information regarding the bank loan transaction, loan agreement, any documents pertaining to the transfer, and details regarding the collateral.
The loan must be placed in an escrow account or be available to the project before the applicant files the I-526 petition.
Is EB 5 Immigration Advocacy harder than other Investor Visas?
Yes, EB5 Immigration Advocacy is harder than other Investor Visas. It is a lengthy process that takes multiple years, more so than other types of EB5 Visa Alternatives. There are a few risks involved with investment-based immigration, such as EB-5, that have to be managed well by the EB-5 immigration lawyer and the EB5 financial advisor.
What to Know About the EB-5 Visa Before Hiring an EB5 Visa Attorney?
Here are the things you should know about the EB-5 visa prior to hiring an EB 5 Lawyer.
- Applicants work with multiple professionals.
- Total Investment cost and other fees.
- This will be a multi-year process. The length of time differs depending on the country of origin of the immigrant.
The total cost of EB5 immigration lawyers includes the fees for preparing and filing all the documents, as well as handling your EB5 case. The EB-5 Visa cost and other associated fees make up the lawyer’s fees that range between $20,000 and $30,000.
Are EB5 Visa Financial Consultant and an EB5 Visa Attorney the same?
No, an EB5 Visa Financial Consultant and an EB-5 Attorney are not the same.
EB5 Visa Financial Consultants assist clients to ensure a safe and secure investment and help investors make a fully informed decision. An investor must know where to invest and where not to invest.
EB-5 attorneys work with EB-5 visa applicants, EB-5 projects, and regional centers to guarantee compliance with all United States Citizenship and Immigration Services (USCIS) standards.
How many Immigration Attorneys exist in the USA?
The American Immigration Lawyers Association (AILA) has more than 16,000 members. It is comprised of immigration attorneys and law professors who practice and teach immigration law in the US.
The Ibis World reported that, as of April 2022, there are 13,115 immigration attorneys and lawyers businesses in the US.
The EB-5 visa program has a maximum annual issuance of around 10,000 new visas, which accounts for the growing number of EB5 Visa Attorneys.
Do EB5 Visa Consultants provide Investment Consultation?
Yes, EB5 Visa Consultants provide investment consultation, among other services they provide. EB5 visa consultants usually work as a team of experts including immigration lawyers, finance experts, and tax and securities lawyers. Part of their services includes helping their clients make sound investment decisions and choose a good investment project.
Do EB5 Visa Attorneys know which Investment is Better For Immigrants?
No, EB5 Visa Attorneys do not know what investments are better for immigrants. They practice immigration law and give clients advice on immigration-related matters, providing necessary due diligence and guaranteeing compliance. They might be able to point them in the direction of a reliable financial advisor.
Are EB5 Visa Attorneys Experts for Foreign Investment?
No, EB5 Visa Attorneys are not experts for foreign investment because their expertise lies in immigration law and obtaining a visa through the EB-5 program. While they do have knowledge about investments, their main concern is submitting Form I-526, Immigrant Petition by Alien Entrepreneur and the accompanying tasks necessary to maintain the activities stated in the business plan throughout the process to ensure that neither the investor nor the business incurs any problems.
EB5 visa attorneys receive a four-year undergraduate degree followed by three years of law school and a juries doctorate (J.D.) degree, accredited by the American Bar Association. They then must pass the bar examination in the state in which they want to practice. They would continue to learn EB-5 policy and keep abreast of changes to the EB-5 program.
EB-5 visa attorneys do not generally concentrate on studies in finance or business administration, other than perhaps university courses. They do learn about business and investment opportunities and are able to suggest them to their clients, as well as support them as their attorneys.
Can foreign nationals hire an EB5 Visa Attorney from the US?
Yes, foreign nationals can hire an EB5 visa attorney from the US, even if they are living in their home country. In fact, the difference between success and failure of their petition sometimes depends on the choice of a lawyer so it is vital to choose an experienced U.S. EB-5 visa attorney. They assist in gathering necessary paperwork, properly filing the petition, making the required payments, and dealing with any unforeseen complications, such as an RFE.
Can an EB5 Visa Attorney help with other Investment Visa Types?
Yes, an EB-5 Visa Attorney can help with other investment visa types, such as E-1 and E-2. Immigration law firms often handle EB-5 visa cases and other investor visas, as well as green cards, family immigration petitions, naturalization, and other visas. EB-5 visas are a specialized area of immigration, however, so not all immigration lawyers will have the expertise.
Can EB5 Visa Lawyer help with a Green Card?
Yes, an EB5 Visa Lawyer can help with a Green Card application. Technically, you can apply for a temporary green card without an attorney, but understanding immigration procedures on your own may be difficult.
EB-5 lawyers can save you time as they have adequate knowledge of EB 5 visa requirements.
Does EB5 BRICS Provide EB5 Visa Consultancy?
Yes, EB5 BRICS provides EB-5 visa consultancy services and collaborates with direct investment specialists, regional centers, and EB-5 immigration law practitioners. We offer consulting services, helping regional centers create project documentation and prospective project analytics. We advise individual investors in financial and risk analysis and due diligence on their proposed investment.
What are the advantages of hiring an EB5 Visa Attorney?
These are the advantages of hiring EB-5 attorneys.
- Helps you avoid making mistakes.
- Makes the process considerably quicker and simpler.
- Helps you avoid common mistakes.
- Assist you with all the documentation.
- Helps reduce your likelihood of rejection overall.
What are the possible risks of working with an EB5 Visa Attorney?
There are two possible risks to working with an EB5 Visa Attorney.
- Fear of incompetence. The fee you pay for hiring an EB5 Visa Attorney may not be proportional to the lawyer’s experience and expertise.
- Fee. The fee of an EB-5 immigration lawyer can be expensive, but hiring the services of an immigration attorney saves you time, effort, and avoids any issues with U.S. immigration.
What kind of contract is signed between an EB5 Visa Attorney and Foreign National Client?
The contract signed between an EB5 Visa attorney and their client is called a Limited Scope of Representation, or an engagement or representation agreement, which defines what the attorney and client have agreed to as the scope of the legal services that will be provided and what specific tasks the attorney will perform on their client’s behalf.
The EB-5 process is a complex one, with professional guidance needed in a variety of matters, including business, tax, accounting, and immigration law. While an EB-5 Visa attorney may be competent in several of these areas, to reduce risk and best represent their client they will use this contract to clearly communicate what services they will provide.
Some of the areas defined within the contract may include following,
- Counsel on the source of funds
- Immigration due diligence on projects
- Filing the I-526 petition
- Filing an immigrant visa application or adjustment of status application
- Prepare and file the I-829 application to remove their green card conditions at the proper time
- Help client apply for citizenship
- Assistance with exit options and capital return from the project
- Consular interview preparation
F: Risk that the regional center EB-5 program, which is a pilot program that must be periodically renewed, will expire; and
G: Risk that material deviations may occur between representations made in the business model forming the basis of the econometric report and actual business realities, requiring at a minimum the submission of an amended Form I-526, resulting in a new period of conditional residence. Should this occur, dependent children may be too old to derive a benefit from the new petition.