New data from the Bureau of Labor Statistics updates the TEA map of the EB-5 Program
The Bureau of Labor Statistics (BLS) is in charge of building the map of areas that qualify for a lower EB-5 investment (of US$800,000), by publishing the relevant employment figures in each state and county.
The data provided by the BLS is normally released after the end of the calendar year, but the entity released the 2022 figures only in April 2023. In that context, the figures showed that the national unemployment rate in the United States decreased to 3, 65% in 2022, compared to 5.5% that was observed in 2021.
To qualify as a Target Employment Area (TEA), an area must have unemployment rates similar to 150% or more of national unemployment, so the cutoff for an area to qualify as a TEA for an EB-5 investment this year is 5.48 percent. In simple words, areas with an unemployment rate equal to or greater than 5.48 percent in the data could qualify as TEA EB-5 this 2023.
To track the new data, the EB-5 TEA Finders tool can be used, where it is possible to find counties and areas that qualify for consideration as target employment areas. The TEA Mapping app is released regularly in a collaboration between EB-5 Investors Magazine and Impact DataSource.
“On April 21, 2023, the BLS finalized county-level estimates for the 2022 calendar year (replacing 2021 as the latest available calendar year). This is important because this county-level data is part of the “census share” calculation, explained Michael Kester, partner and principal economist at Impact DataSource.
“Overall, these final annual county-level data showed less significant revisions to the preliminary data than in recent years. The 2020 and 2021 data showed more fluctuations between the preliminary and final data due to COVID,” Kester said.
“Looking forward, the next major data release to hit TEAs with high unemployment will be new American Community Survey (ACS) data due in December 2023,” he concluded.
Process to obtain the Green Card in the EB-5 Program
The EB-5 Program grants permanent residence in the US to those who make a specific investment, their spouses and unmarried children under the age of 21, as long as the investment is structured under certain conditions.
These conditions are determined by the United States Citizenship and Immigration Service (USCIS) and their compliance is in charge of the so-called regional centers, government entities created to promote economic growth and ensure compliance with immigration laws.
Currently, to apply for a Green Card for investment, the first step is to locate a project with the requirements established in the program. Then, the investor must hire an immigration attorney to apply to enter the program, completing Form I-526.
In this step, the interested party must make an initial investment in addition to making the origin of the capital used transparent, for which they must have a legal source and route of funds.
The next step is, once the first form is approved, to present a second document known as Form I-485 that will allow obtaining immigration status to reside in the US while obtaining the Green Card.
Once this period has elapsed, the investor is now in a position to adjust his immigration status from “non-immigrant” to “permanent resident”. Procedure that is recommended to carry out through a lawyer.
The average time to obtain a Green Card is 2 to 3 years. But the program offers a two-year conditional residence status to those who are approved to apply for permanent residence, and can wait for the arrival of the residence card within the United States.
Investing in BAI Capital is investing in the United States
With a presence in the real estate sector in the states of Florida, Texas and New York, BAI Capital specializes in generating value from the acquisition of land to the development of mixed-use projects, such as residences for the elderly, student residences, multifamily buildings. for rentals and mixed use, including condos and retail.
Our mission is to safeguard the capital of the partners and the own capital under the minimum risk exposure. With a safe development and going through all the stages: Land purchase, adjustment of urban zoning, commercial vision in architectural development and management of building permits. Then, we take charge of the capitalization, construction and exit with return of the capital and profits to the partners.
In this way, we guarantee fixed and stable returns for your client portfolio. In addition to having a confidential work protocol with encrypted web forms. Use of protected personal data and private meetings with our agents throughout Latin America.