US Immigration Fund has announced that the first approvals have been given for I-526 petitions from EB-5 U.S. visa investors who invested in Halletts Point, Astoria, in the New York borough of Queens. The EB-5 investor has to file the I-526 petition to show that they have already invested, or are investing, the necessary capital for an EB-5 project.
After approval of the I-526 petition of an investor, they are then allowed to apply to gain permanent resident status and are usually issued with a conditional permanent residence card within two to four weeks of receiving approval. The I-526 approval shows that an overseas investor is a step closer to becoming a permanent resident of the US.
The chairman and CEO of US Immigration Fund, Nicholas Mastroianni II, extended his congratulations to the EB-5 investors who have received 1-526 approvals recently. He said he wished them and their families the best for becoming residents in the US, and that they hope to be able to work with many more such investors in days to come. Mastroianni added that more than 4,500 investor families have so far been given I-526 approvals due to investing in a USIF EB-5 project.
The Halletts Point project, which is currently under construction, will see a section of the waterfront in Queens transformed into a residential community with parklands, rental units, retail outlets, renovated playgrounds, and an extended waterfront esplanade.