What is the EB-5 Visa, History and Purpose
The EB-5 investor visa is an immigrant program that aims to create jobs in the United States with foreign capital. The program was established in 1990 and supports economic development by including a Regional Center in 1992. With an EB-5 visa, the investor and his or her family (spouse and unmarried children under 21) can obtain permanent residence in the United States. The application requires a qualifying capital investment ($800,000 in TEA, $1,050,000 in other regions) in a commercial enterprise that creates ten new full-time jobs.
- Establishment and Purpose: The EB-5 program was enacted in 1990 to promote the creation of at least 10 jobs and economic growth in the United States through foreign investment.
- Investment Amount (2025): The minimum amount to be invested in Targeted Employment Areas (TEAs) is USD 800,000 and USD 1,050,000 in other regions.
- Who can apply: Foreigners worldwide can apply for an EB-5 visa. The Green Card can be obtained by including the investor’s spouse and unmarried children under the age of 21. In order for the application to be accepted, it is necessary to prove that the investment funds come from legal sources and that the investment is committed to the creation of 10 permanent jobs.
2025 EB-5 Application Process
Documents
The following types of documents are required in the EB-5 application: Personal documents such as photocopies of passports and ID cards, marriage and birth certificates, criminal records; business plan and financial projections for the business you will invest in; bank statements showing the amount of the investment and tax returns, bank statements or real estate sales certificates documenting the legal source of the investment funds. In addition, where necessary, reports showing the economic impact of the investment project (according to 8 CFR 204.6 update) and other supporting documents must be submitted.
Types of Investment: Direct vs. Regional Center
- Local Center (Regional Center): When investing in an approved Regional Center project, the investor pools their funds with other investors and takes a passive role away from day-to-day business management. Regional center investments recognize indirect job creation, so investors can obtain visas without directly managing the business. Generally lower returns are targeted, but the risk is also slightly reduced.
- Direct Investment: The investor puts capital directly into a business enterprise that he or she opens or manages and must create ten full-time jobs. The investor actively participates in this process. With the new regulations, the TEA requirement is maintained in Direct Investment, and the minimum investment amount is USD 800,000 in TEA and USD 1,050,000 in other regions.
Form I-526/I-526E Application
The appropriate form is completed according to the type of investment: Form I-526E is submitted to USCIS for regional center investment and Form I-526 for direct investment. If the investor is making the application while in the United States, the I-485 (change of status application) can be filed concurrently with this form if the visa schedule allows. Once the I-526/I-526E is approved, the foreign consular process for a green card (DS-260) or the I-485 from within the US for a conditional residence permit is completed. Once approved, the investor and his/her family can enter the US and obtain a two-year conditional resident status.
Form I-829 Application (Removal of Condition)
During the 90-day period prior to the expiration of the conditional residence, Form I-829 is submitted to request removal of the conditions. If this form is properly processed and approved, the investor and his/her family will be granted permanent (unconditional) residence status. If the I-829 is not submitted or approved in a timely manner, the conditional residence of the investor and his/her family will expire and they will lose their residence rights.
Processing Times and Expectations
EB-5 application processes usually take a long time. I-526/I-526E decisions vary depending on the quota and intensity of the country of application. For example, according to USCIS data, 80% of I-526 transactions of Chinese investors are finalized in approximately 90 months. Other country applications are usually finalized in 1-3 years. Since I-829 applications are processed at the end of the second year following the investment, they are usually processed within a few years after the expiration of the two years of conditional residence.
Miami’s Advantages for EB-5 Investors
- Climate and Lifestyle: Miami’s tropical climate offers year-round sunshine and mild weather. With summers averaging around 30°C and mild winters that rarely dip below 15°C, it is ideal for outdoor activities, beach life and sports. The culturally diverse city offers a vibrant nightlife, shopping and international cuisine.
- Tax Advantages: The state of Florida does not charge income tax. This allows investors and their families to keep more of their earnings. In addition, the property tax in Florida is close to the national average. Overall, there is an attractive tax environment for businesses.
- Economic Indicators: Miami has a growing economy in many sectors. There are significant developments in international trade (Port of Miami, major airport), finance/banking (Latin American financial center), construction and real estate, healthcare and technology. Florida’s population is growing rapidly and a wave of high-income migration, especially from New York and California, is creating demand for the Miami market. Capital inflows to Miami-Dade County from EB-5 investments exceeded $2 billion.
- Regional Centers: Miami has an EB-5 Regional Center for investors, such as the City of Miami’s approved regional center. In addition, many areas, especially Downtown Miami, are considered “Targeted Employment Areas” (TEAs). This allows the investor to obtain a visa for a minimum of USD 800,000. Indirect job creation through regional center projects is recognized, which provides flexibility for the investor.
Real Estate Market in Miami
The Miami real estate market is characterized by strong buyer demand and high prices. Luxury residential projects are common throughout the city. Foreign investors can also buy property in Florida; Florida law grants foreigners broad real estate acquisition rights (except for farmland or sensitive areas, which are free to buy). The purchase steps usually proceed in the following order: inspect listed properties with a licensed real estate agent, make an offer, sign the acquisition contract if accepted, and make a deposit (earnest money). This is followed by a home inspection and title search. If a loan is to be used, mortgage approval is obtained. The final step is closing in the presence of a Florida title company or lawyer. It is possible for foreigners to get a loan, but a higher down payment is usually required.
- Price Ranges: Housing prices in Miami are above the US average. (For example, at the beginning of 2025, the median list price was around 500-600 thousand USD.) Luxury apartments in the city center and along the coastline can reach millions of dollars.
- Popular Neighborhoods: Central business districts such as Brickell and Downtown and beach areas such as Miami Beach are in high demand. For families, greener and safer neighborhoods like Coral Gables, Coconut Grove, Pinecrest and Key Biscayne are preferred. Doral, Aventura and Kendall are also home to major projects.
- Property Types: There are many condominiums and high-rise residences in the city, while single-family detached homes and duplexes are common in the suburbs. The investment rental market is also active.
- Local Regulations: There are no general restrictions on the purchase of foreign-owned real estate in Florida, but the recently enacted SB 264 law has imposed some limits. Accordingly, citizens of certain countries (China, Russia, Iran, etc.) cannot purchase property near agricultural land or military installations. Purchase and sale transactions must be registered through a licensed title company or lawyer.
Life in Miami: Cost, Education, Health and Society
Miami’s tropical climate offers warm and humid weather throughout the year. The average summer temperature hovers above 30°C, while even in winter, temperatures rarely dip below 15°C. This constant summer weather is ideal for beach and outdoor activities. Miami is cosmopolitan in lifestyle, with nightlife, arts and cultural events, and thousands of restaurants and shopping options.
- Cost of Living: The cost of living in Miami is higher than the national average. Housing (rent/home price), electricity/cooling costs and medical expenses can be high. General expenses should be planned.
- Education: There are many public and private school options in the Miami area. Universities such as the University of Miami, Florida International University and Florida Atlantic University are the leading higher education institutions in the region. There are also international schools (with English programs or Spanish/French) in the city.
- Health: Miami has a well-developed network of hospitals and clinics (Jackson Memorial, Baptist Health, Cleveland Clinic Florida, etc.). Healthcare in the US is generally expensive, so it is important to have comprehensive health insurance.
- Society and Culture: Miami has a large population of Latin American and Caribbean origin. There are large immigrant communities from countries such as Cuba, Venezuela and Nicaragua. Although Turkish immigrants are relatively few, the Turkish Consulate General in Miami supports the regional Turkish community. Turkish and other immigrant associations organize community events, and Turkish restaurants and shops are located in the city.
Green Card and Citizenship Process
- From Conditional to Permanent Residence (I-829): After the EB-5 visa is approved, the investor enters the US as a family and obtains a conditional green card for two years. Within 90 days prior to the expiration of this period, Form I-829 is submitted to request removal of the conditions. If the I-829 is approved, the family receives an unconditional green card. If the application is not submitted or approved on time, the conditional status expires and the right of residence is lost.
- Naturalization Must have resided in the U.S. for at least 5 years (if the person has demonstrated good moral character) since receiving a permanent green card. At least 30 months of these five years must be spent continuously in the US. Those who meet the required time and conditions can apply for US citizenship with Form N-400. During the naturalization process, a test and interview is conducted on English language skills, American history and government. Successful applicants become US citizens after the swearing-in ceremony.
Legal and Financial Considerations
- Source of Funds Disclosure: The source of the money invested in the EB-5 application is carefully scrutinized. Investors should document the derivation of the investment fund (company sale, inheritance, business income, etc.) with official documents such as bank statements, tax returns, title deed sale documents. Ambiguous or mixed fund flows may lead to visa refusal.
- Investment Risk: An EB-5 investment must be “at risk.” Investors should accept the possibility that the investment may fail and avoid projects that promise guaranteed returns. They should be aware that the investment is not a completely safe investment and should thoroughly research the project’s business plan and market situation.
- Title Deed Procedures: When purchasing real estate, all documents are registered with the land registry. Title deed transfers are made through a notary public or title company in Florida. Property tax is transferred according to the agreement between the buyer and seller. No additional permits are required for foreigners to purchase a home, but laws such as SB264 must be observed.
- Tax Obligations: All your global income is taxed in the US post green card. In addition, FIRPTA (Foreigner’s Land Tax) comes into play for property sales by foreigners in the US. Accordingly, if the buyer determines that the seller of the real estate is a foreign person, the buyer pays 15% of the sale price to the IRS as withholding tax. So, tax obligations should not be forgotten when selling property.
- SB 264 Regulation: Florida’s SB 264 law (effective July 1, 2023) restricts citizens of certain countries such as China, Russia, Iran, etc. from purchasing certain real estate properties. For example, foreigners cannot purchase land within 10 miles of military installations or critical infrastructure. EB-5 investors are generally less affected by SB 264 as they tend to invest in apartments/houses, but the location and scope of the property to be purchased should be evaluated within the framework of this regulation.
