EB-5 Program the Best Alternative for Silicon Valley
Historically, as the national elections drew close the current United States president would refrain from making any drastic policy changes. Policies remain untouched until the president either returns into office or the opposing presidential candidate takes on the new role.
The E-2 Treaty Visa Compared to the EB-5 Immigrant Investor Program
The process of immigration is riddled with intricate industry jargon and application procedures. While the holistic idea of immigration can be daunting, it is important that foreign nationals understand the various programs available and what they encompass. Through an in-depth understanding of the programs, foreign nationals considering immigration will be armed with knowledge and can thereby make the most suitable decisions for their future.
Contribution of Immigrants to the U.S. Economy
The population size and diversity of immigrants in the United States has increased over the years. In 2018, it was reported that immigrants living in the U.S. accounted for 13.7% of the U.S. population. Under the Trump administration, immigration has been at the forefront of national political debate through constant amendments to the U.S. immigration policies. This increased focus in immigration has highlighted questions as to whether foreign nationals burden or strengthen the country’s economy.
Importance of EB-5 Pre-election Filing
The EB-5 immigrant investor program was created by Congress in 1990 and has been actively operating since its creation. The program requires yearly authorization from Congress. Previously, the program has been reauthorized without any changes being introduced but it must be noted that U.S. immigration policies have been constantly changing under the Trump administration and thus changes to the program may be imminent.
A Joe Biden Win and U.S. Immigration Policy
With the United States elections only a few weeks away, presidential candidates Donald Trump and Joe Biden are campaigning for the chance to lead the U.S. for the next four years. The Trump administration has focused most of its efforts on changing immigration policies while the Joe Biden campaign has categorically been against the immigration policy changes president Trump has implemented and has promised a reform that will benefit both the U.S. citizens and foreign nationals.
The E-2 Nonimmigrant Visa a Viable Option
The current United States temporary immigration ban introduced by President Trump has limited entry for most foreign nationals. While the ban did not affect programs such as the EB-5 immigrant investor visa, the E-2 was also one of the visas excluded from the ban. Therefore, the E-2 visa provides an alternative immigration option for foreign nationals to enter the U.S.
Increase in EB-5 Visa Availability
The United States Citizenship and Immigration Services has announced an increase in the EB-5 annual visa quota. Currently, the worldwide level for annual EB-5 visa quota is set to a minimum of 14,000. However, the October bulletin has informed us of an increase that is almost double the minimum quota to approximately 261,500 visas available for the 2021 financial year.
The EB-5 Writ of Mandamus Process
It is pivotal for EB-5 investors to understand the process and implications of filing a writ of mandamus against the United States Citizenship and Immigration Services. If an application has been unreasonably delayed the writ of mandamus can be used as a measure to expedite the adjudication of the application. However, this does lead to an automatic approval of the application.
The EB-5 Visa Availability Approach Model
The United States Citizenship and Immigration Services has started issuing visas based on their new visa availability approach. Previously, USCIS used the first-in first-out model which resulted in a huge backlog of visa distribution for applicants who’s country had reached their annual quota. This new model aims to prioritize immigrant petition applications and promote efficiency.
Understanding the EB-5 Escrow Process
It is common practice for EB-5 project managers to utilize an escrow arrangement to safeguard investors funds prior to the approval of the investors I-526 petition. The I-526 petition is the application filed by the EB-5 specialist on behalf of the EB-5 investor for their U.S. green card and residency. It is thus imperative that the potential EB-5 investor understands the process behind placing their funds in an escrow account.