The EB-5 is also frequently dubbed as the Golden visa scheme of the US is one of the most popular investment migration schemes in the world for HNW families.
The EB-5 immigrant investor program is currently capped at 10,000 visas per year, including all family members with some 3000 visas allotted to regional centers. The most important requirement for EB-5 is to create jobs with minimum $500,000 investment.
This month, 3 important events happened related to the EB-5 scheme
- EB-5 regional center extended to Sep 30, 2019
- USCIS to reconsider applications funded by loans
- HR 1044 bill introduced to remove country limits
EB-5 Extension
On February 15, President Trump signed the HR 21 Consolidated Appropriations Act, 2019 that extends the EB-5 Regional Center Program authorization through September 30, 2019. Previously USCIS announced EB-5 is not affected due to shutdown, only regional center applications affected.
I-526 petitions funded by loans
USCIS has officially announced it will reconsider denied I-526 petitions funded by loans or debts, other than individual assets according to the Columbia court order.
HR 1044 Bill
Congress also has proposed HR 1044 bill on February 7, 2019 to remove per country limits for EB-5 and other employment based immigration. The bill will become law after being passed in house, senate and then signed by president.
H.R.1044 – To amend the Immigration and Nationality Act to eliminate the per-country numerical limitation for employment-based immigrants, to increase the per-country numerical limitation for family-sponsored immigrants, and for other purposes.
IIUSA has issued a statement calling for additional increase in visas, a visa capacity relief for all EB-5 investors. In a statement, IIUSA said
IIUSA’s statement regarding the bill reflected the need to address the visa backlog problem and expand the EB-5 program in a comprehensive way. IIUSA, its leadership, and members are deeply concerned about investors’ wait for a dozen years or more in the enormous visa backlog and will continue to strive to remove the backlog.
IIUSA remains concerned that the removal of country caps alone may lead Congress to believe that the visa relief issue has been resolved, in fact, there are necessary additional solutions that will truly help current and future job-creating investors, including an increase in the number of available visas. IIUSA therefore believes the best path forward for EB-5 investors and their families is real visa capacity relief.
We have been looking and will continue to look for every opportunity, including in the per-country cap bill (HR 1044 and any related bills), to push for visa capacity relief for all EB-5 investors; to create U.S. jobs, and to keep the EB-5 industry viable and vibrant.
