As part of the “Continuing Appropriation Act,” the EB-5 has recently been extended through till December 8, 2017. President Donald Trump signed the Act in September.The EB-5 visa program is intended to enable qualified investors from overseas to acquire green cards.
Who Does the EB-5 Affect?
The EB-5 has mostly applied to Chinese nationals, but Indian applications have increased significantly in recent years. Ultimately, the EB-5 allows these investors to file petitions prior to guideline changes that will occur at the end of 2017.
The EB-5 program isn’t popular with everyone, and some members of Congress are working to eliminate it. Bills with proposed modifications to the program are currently before Congress and will likely pass legislation prior to the expiration date of December 8. One of the proposed changes is the increase in the $500,000 minimum investment sum to $800,000 or an even larger amount.
A Brief Increase in Applications
Following the extension of the EB-5 visa program, it’s predicted that there may be a brief rise in the number of applications. This is because the extension will inspire more investors to file petitions before any changes occur.
Many investors understand that the increase in the minimum investment amount is inevitable, and this has led to the surge in applications.
There are multiple benefits to the EB-5. It adds billions of dollars to the United States economy, enables projects to progress, creates thousands of jobs, and provides thousands of green cards to families every year. Another factor that makes the EB-5 more popular is that it takes longer to receive a green card through the EB-2 and EB-3 programs, while EB-5 makes it easier to gain permanent residency.
Preparing for Incoming Changes to the EB-5
While the changes to the EB-5 may not be favorable for many investors overseas, these alterations are inevitable as Congress moves toward implementing them. Therefore it is important for investors to take advantage of the current EB-5 investor visa program before these changes take place.
With the EB-5 modifications to come, this will be another of the many changes that the Trump administration is putting into place regarding immigration laws and visa programs. The future of many programs may be uncertain, but the EB-5 is likely to remain despite the increased restrictions.