Language Connections has been a long time provider of immigration translation services. These include EB5 lawyers and Regional Centers working with foreign investors. That being said, not everyone is familiar with what exactly the EB5 program is, or even where EB5 translation comes in. We explain it all in this short blog!
EB5 Translation: What is the EB5 Visa Program?
The EB5 Visa program is intended to stimulate the economy by granting foreign investors lawful permanent residency in the United States. It is short for employment-based fifth preference category, as it is one of five United States employment-based preference programs.
The program grants an EB5 visa or “green card,” which authorizes immigrants to permanently live and work in the United States, to those who invest upwards of $1,000,000 to finance a business and employ no fewer than 10 American workers.
Investors can also elect to endow at least $500,000 in targeted unemployment areas, which are characteristically rural stretches with low income and low employment rates.
Congress created the EB5 visa program in 1990, more formally known as the Immigration Act of 1990. Later, to spark interest in the EB5 visa program, Congress devised the Immigrant Investor Pilot Program in 1992 which established EB5 Regional Centers, or specially-designated businesses to procure EB5 investments.
EB5 visas are administered by the United States Citizenship and Immigration Services (USCIS). Examples of investment projects include hotels and other multi-use developments such as Hyatt Hotels, Marriott’s, Starwood’s SLS Hotel and Casino, and the ongoing Hudson Yards project in New York City.
How Does The EB5 Program Impact the Economy?
In January 2017, U.S. Citizen and Immigration Services (USCIS) and the Economics and Statistics Administration (ESA) teamed up to analyze the contribution of the EB5 visa program with respect to the U.S. economy. Their findings are published in the economic report entitled “Estimating the Investment and Job Creation Impact of the EB-5 Program.”
To start, economists developed a data set using the number of EB5 projects, the number of investors, and the amount of EB5 and non-EB5 related investment spending.
They then examined expected job creation using the data over a two-year period, namely fiscal year 2012 and fiscal year 2013. Since the actual dollar amount per investment is not disclosed, they used the number of approved investor applications as a proxy for investment dollars. Once investment expenditures were estimated, a nation-wide model was created to estimate economic impacts for the country as a whole.
Overall, the economists found that “more than 11,000 immigrant investors provided $5.8 billion in capital, roughly 35% of the total investment ($16.7 billion), for 562 EB5 related projects that were active in FY2012 and FY2013. These projects were expected to create an estimated 174,039 jobs.”
Where Does EB5 Translation Fit In?
Immigration translation services are commonly requested for individuals looking to apply for citizenship in the United States.
EB5 applicants are no different in their need for legal document translation; however EB5 translation services are needed by both investors (or their lawyers) and at a project development level.
USCIS legally requires that all EB5 documentation for investors be provided in English, accompanied by a certificate to showcase complete and accurate translation.
The specific types of documentation involved will depend on the individual. These documents generally include (among other things):
- Bank Statements
- Tax Returns
- Company Audited Financial Reports and Bank Statements
- Business Registration Documents
- Personal Identity Documents
- Property Ownership Documents
- Sale or Loan of Property Documents
- Gift or Inheritance Letters
Moreover, EB5 translation services are not only significant for the investors’ documents, but also for businesses looking to engage investors through marketing and advertising. Translation bridges the gap among investors, regional centers, and project developers.
According to the EB5 Investors website, “a high-quality translation service can be the difference between successful marketing to potential EB-5 investors, and a dearth of interested investors. Well translated materials appear more attractive and more professional, and show your projects in a better light.”
Immigration Translation Services Meet Marketing Translation and Localization
When performing any type of legal translation service it is important to be thorough and precise with language – any error could result in major consequences. While it is clearly evident how this would apply to translating foreign investor’s documents, it is also applicable to EB5 marketing documents, websites, and any other touch points developers have with potential investors.
While marketing materials mostly focus on the highlights and benefits of investing in a certain project, there are of course financial and legal aspects that must be explained to potential investors in a clear manner so they understand otherwise complicated, United States legal procedures.
Not only do these EB5 translations have to grasp the benefits and legal aspects of the particular project in question, but they also have to do so in a way that appeals to foreign investors’ cultural and linguistic preferences. Regional centers and business developers need to keep in mind what potential investors will be looking for.
As such, all of this information must be conveyed in a convincing manner through proper Marketing translation and localization techniques for document text, formatting, and design.
The EB5 visa program is a powerful tool in the domestic economy. Foreign investors have a unique opportunity to gain residency in the United States whilst aiding U.S. job growth and capital investment. Investors and businesses alike should consult professional language service providers (LSP) for certified translations of EB5 documents and marketing tools.
EB5 translation goes beyond normal immigration translation services by incorporating both legal and marketing aspects. Therefore, professional translators familiar in both of these areas are best when performing a translation.
Through accurate translation, regional centers can attract investors to partake in the EB-5 program without delay, benefiting the economy as a whole.
About Language Connections:
Language Connections is a language service provider. We specialize in technical, medical and legal translation, simultaneous and consecutive interpreting, website and software localization, and corporate language programs and interpreter training. We provide certified, professional translation in 100+ languages including Spanish, Portuguese, Arabic, Chinese, Russian, German, and French. With over 20 years of experience, we have expertise in all major industries including the life sciences, patent and immigration law, international business, global education, and advanced technology. We offer cost-efficient interpreting and conference solutions that will meet your multilingual needs for all types of international events – business meetings, conferences, lectures or presentations.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135