The IR-6 green card, formally known as an Immigrant Investor Visa, is no longer available. It was a category under the U.S. immigration system that allowed foreign nationals to obtain permanent residency (a green card) by investing a significant amount of capital in a U.S. business that would create jobs for American workers. This program was replaced and is now covered under the EB-5 Immigrant Investor Program. While the IR-6 no longer exists, understanding its history provides context for the current EB-5 program.
Understanding the Transition from IR-6 to EB-5
The IR-6 visa was phased out and replaced by the EB-5 Immigrant Investor Program. The core concept remains the same: foreign investors contribute capital to the U.S. economy in exchange for a green card. However, the EB-5 program introduced several key changes, including:
- Investment Amount: The required investment amount under EB-5 is significantly higher than it was under IR-6.
- Job Creation Requirements: The job creation requirements are more strictly defined and enforced under EB-5.
- Targeted Employment Areas (TEAs): The EB-5 program designates specific areas as TEAs, offering a lower investment threshold for projects located in these regions.
Essentially, the EB-5 program built upon the IR-6's foundation but implemented stricter regulations and higher investment thresholds.
Frequently Asked Questions (PAA) about the Former IR-6 Visa and the Current EB-5 Program:
While the IR-6 visa itself is obsolete, understanding its legacy helps clarify the current EB-5 program. Therefore, we'll address common questions relating to both:
What were the investment requirements for an IR-6 green card?
The investment requirements for an IR-6 visa were less defined and significantly lower than the current EB-5 requirements. Precise figures are difficult to pinpoint due to the program's age and lack of consistently documented thresholds. However, it's generally understood that the investment amounts were considerably less than the current EB-5 minimum.
How many jobs were required to be created under IR-6?
The job creation requirements for IR-6 visas were also less stringent than those of the EB-5 program. The exact number varied depending on the circumstances of the investment and the regulatory environment at the time. However, it's safe to say that the job creation thresholds were lower than under the present EB-5 guidelines.
What is the difference between the IR-6 and EB-5 programs?
The primary difference lies in the investment amounts and job creation requirements. EB-5 significantly increased both, along with implementing stricter regulatory oversight. EB-5 also introduced the concept of Targeted Employment Areas (TEAs) offering lower investment requirements in designated high-unemployment regions. The IR-6 program lacked the structure and clearly defined criteria of the EB-5 program.
Is it still possible to get a green card through investment?
Yes, but not through the IR-6 program. The EB-5 Immigrant Investor Program is the current pathway for obtaining a green card through investment in a U.S. business.
What are the current investment requirements for an EB-5 visa?
The current minimum investment amount for the EB-5 program is generally $1,800,000, unless the investment is made in a Targeted Employment Area (TEA), where the minimum is $900,000.
This information is for general knowledge and should not be considered legal advice. Consulting with an immigration attorney is crucial for accurate and up-to-date guidance on immigration matters. The information provided here is based on publicly available information and understanding of the historical and current immigration laws. Laws and regulations change, so always verify information with a professional.
