The United States EB-5 immigrant investment program by congress was created with the intent to promote regional economic growth for the U.S. through foreign investment. The program was designed to directly inject capital investment into the U.S. economy and thereby create jobs for U.S. persons. While the program is an important alternative source of capital for the economic growth of the U.S. economy and labor market, it is also a crucial immigration tool for foreign nationals looking to migrate into the U.S.
With the ongoing ripple effects of COVID-19, there has been a flurry of changes in the U.S. immigration policies, such as temporary suspension of immigration visas in an effort to protect the U.S. from the adverse effects of the pandemic. However, the EB-5 program has remained unaffected and this is largely due to the reason that the program could be a potent tool to the support and recovery of the U.S. economy post the pandemic.
After the 2008 Great Recession, the program became a critical economic stimulus tool to the U..S economy through its delivery of direct capital investment and jobs for U.S. persons. The program generated over 276,000 jobs and contributed more than $37 billion to the country’s GDP between 2010 and 2015. It is thus assumed that the program will once more provide the country with the same economic benefits post the pandemic. The increase of the necessary capital contribution from $500,000 to $900,000 may prove to be an even greater economic benefit for the U.S.
Evidently, for the continuing success of the EB-5 program, it must both benefit the U.S. economy and the foriegn national that is considering participation. The ripple effect of the program’s increase in capital contribution has led to the United States Citizenship and Immigration Services catching up with the application backlog and changing the status of Indian nationals to current. This is a major win for the program as there is now no additional wait times for Indian nationals, making the program more attractive for prospective investors.
The COVID-19 pandemic has reached historic levels of global impact with national and international borders shutting down, industries being decimated, and people losing their jobs and other sources of income. It is vital that the U.S. and other countries look into alternative sources of capital to boost their economies. The program in its overall history has shown to be a strong contender as a contributor to the U.S. economy and labor market and should be continued to be positioned as a pivotal tool for the recovery of the U.S. economy.
Although the Federal Reserve has been creative in immediately providing new programs of assistance, it would be a myopic approach to dismiss foreign investment within its arsenal. The EB-5 exception to the Presidential Proclamation limiting immigration to the United States will certainly bring international attention to the program and subsequently lead to more investor participation.
Our team of U.S. licensed lawyers have years of experience in helping individuals and families apply for U.S. residency via the EB-5 program. We will not only provide you with various investment options for your EB-5 application, but also assist in choosing a suitable project. If you are ready to start your migration journey with The American Legal Center of Dubai, contact us today for more information.