The Coronavirus pandemic has undoubtedly brought a halt in major aspects of our lives and changed the way we conduct business and interact with the world. However, for the EB-5 program it has resulted in significant positive outcomes for future and current applicants.
Here is a quick recap of the major changes that occurred in the 2020 fiscal year:
- Indian National Retrogression
Indian nationals have now been made current. All new applicants with Indian citizenship are no longer subject to additional wait times. If there are visas available they will be allocated to the next available applicant. This means faster times to obtaining a U.S. green card and residency.
- Chinese National Change in Priority Dates
While there is still a backlog of applications from China mainland, this fiscal year we have seen a decrease in that overall backlog. Based on the latest visa bulletin China is now 5 years behind as opposed to the 7 years behind it was at the beginning of the fiscal year. This is a great win for Chinese nationals that have been waiting for their visas.
- Increased Visa Quotas
The per country cap for allocated visas was increased for fiscal year 2021. The overall amount of available visas was almost doubled for the EB-5 program.
- Joe Biden Presidential Win
Under the Joe Biden administration we can expect less haphazard changes to immigration policies which will create much needed certainty. As he will be focused on reversing Trump’s major policy changes we can expect a less targeted focus on keeping foreign nationals out of the U.S. and more of an inclusive approach to retaining foreign national contributions.
- Unsecured Loans Eligible
Huashan Zhang v. United States Citizenship and Immigration Services, No. 19-5021 (D.C. Cir. 2020) provided us the historical game changing decision that unsecured loans are eligible to be considered as a viable source of funds. This means that elements such as personal loans are sufficient for prospective investors to use for their EB-5 capital investment.
EB-5 consultants project that 2021 will be a positive time for the program and those that want to participate in it. All the changes and developments implemented in 2020 will be coming into effect. This highlights the need for prospective investors to start collating their documentation in preparation for filing and utilizing this opportunity.
Our firm partners with the best EB-5 lawyers in the United States to ensure that all our applications are completed to the satisfaction of the United States government. As such we are considered as the best EB-5 consultants in Dubai.