After what has been the most challenging year for the entire world collectively the roll out of the Coronavirus (“Covid-19”) vaccine is a tremendous win. It’s evidence that things can start going back to or what is to be considered our new normal. While this is victorious for everyone, what does this mean for the EB-5 program specifically?
For the EB-5 program, the roll out of the vaccine means that government offices will resume operations and processing of petitions. This year has been slow in relation to the amount of EB-5 petitions received due to restrictions to access America, the global pandemic, the increase in capital investment amount, and the global economy struggling to survive and adapt to thriving in a Covid-19 world. Thus the vaccine is considered to be the weapon that will win this raging war that Covid-19 has launched on the world.
It has been reported that the roll out of the vaccine will be phased out and will not reach all corners of the world immediately. Additionally, as most countries are still debating on whether or not to approve it in their nations this may slow down the roll out effect of the vaccinations. The United States have started their initial rounds of mass vaccination. The roll out of the vaccine in the U.S. is indicative of the progressive nation that the U.S. is and additionally shows that this is the type of forward thinking that makes this nation a first world country and so greatly appealing to foreign nationals.
In retrospective the Covid-19 pandemic has presented the perfect opportunity for prospective investors wishing to obtain permanent residency in the U.S. In this financial year USCIS has seen fewer applications, meaning they could catch up with the system backlog, and due to the amount of unused allocated visas this increased the 2021 available visa cap for the EB-5 program. Historically this is the best time for foreign investors to start their EB-5 filing process.
Arguably a prospective investor may state that the pandemic has come with it some significant hindrances that will make their filing slightly difficult. Things such as government department closures, inaccessibility to the U.S. embassy or consulate, and travel restrictions are just a few of the problems the pandemic presents. However, the roll out of the vaccine means that these problems will soon be a non-factor. For instance if an investor submits their application now by the time their documents would need reviewing by USCIS the vaccine would have been rolled out to a larger number of people, and the hindrances stated above might not be applicable anymore.
From a U.S. government perspective, the program provides a pertinent tool to boost U.S. employment and economy. The requirement of $900,000 plus 10 jobs for U.S. persons will directly boost and generate the economy and assist in propelling the U.S. to a more positive position of recovery. The time is definitely ripe for the EB-5 program to be used to its full potential.
We are a team of U.S. licensed lawyers who specialize in the EB-5 program. We have been in the immigration industry for over 7 years, assisting families obtain their U.S. green card and residency from the GCC region. Our company the American Legal Center, operates out of Dubai, United Arab Emirates and is ready to assist you start your journey. Contact us today