What changes could be made to the EB-5 visa program in the near future?
The EB-5 visa program, also referred to as the Immigrant Visa program, was created back in 1990 in an effort to encourage foreign investors and create employment opportunities for both citizens and immigrants alike. Under the program, foreign investors can receive a green card for themselves and their families if they invest at least $1 million, or $500,000 for projects within targeted employment zones, and create at least 10 full time jobs within the U.S. within two years.
Immigration reform is a main priority for the Trump administration, and the EB-5 visa program is just one of many visa programs that may soon see significant changes. Congress will review the EB-5 visa program before its expiration in April. Proposed changes include a change to the minimum sum that must be invested as well as new parameters to better define targeted employment zones. A few senators have called for the entire program to be repealed.
Applying for an EB-5 Visa
If the EB-5 visa program survives coming review, it will continue to benefit both aliens and U.S. residents. The EB-5 visa program is limited to just 10,000 visas a year. The majority of the visas have been issued to Chinese investors in recent years. To apply for the visa, an alien must provide proof of investment in the form of cash, equipment, inventory, or other property, within the United States.
The EB-5 visa program has created close to 200,000 jobs and attracted more than $5.8 billion in capital. Despite the widespread success of the program, the EB-5 visa program has come under criticism for several scams. These scams have led to heightened scrutiny of visa applicants in recent years.
Foreign investors seeking a green card should consult with our experienced immigration attorney at NPZ Law Group. We assist employers and immigrants across the world in achieving the American dream. We offer offices across the United States and in several foreign countries for your convenience.