New EB-5 Backlog Option: Entrepreneur Parole
On December 14, 2017, U.S. Citizenship and Immigration Services (“USCIS”) announced that it will accept applications for the new Entrepreneur Parole program. Through this program, entrepreneurs and their families can come to the U.S. for up to five years, in two thirty-month increments.
Under the instructions just released by USCIS, entrepreneurs will need to own 15% of a start-up entity incorporated in the last three years. The entrepreneur will need to have some day-to-day role in the company, and the start-up will need to be capitalized by at least $345,000 U.S.-based private funding or $100,000 U.S. (Federal, State, or Local) government funding. Up to three entrepreneurs from each start-up can apply.
The start-up does not have to be related to your EB-5 project. If your EB-5 project does not meet these requirements, or if the project has already been used by three entrepreneurs, you have the option of starting a new compliant company or joining an already existing compliant company.
Additionally, family members can accompany the entrepreneur. We expect that spouses will be able to apply for work authorization. This means that if you qualify, this may help your family come to the United States while your EB-5 petition remains backlogged.