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.
The program was due to expire on September 30, 2020 but was fortunately reauthorized until December 31, 2020. It is evident with the continuous increase in EB-5 applications that the program is popular, especially among growing economies such as China and India. The program requires foreign investors to invest $900,000 into a U.S. government-approved commercial enterprise in return for a U.S. green card and residency for the investor and their immediate family members, including their spouse and unmarried children under the age of 21. Holistically, the EB-5 immigrant investor program provides great benefits for investors and their dependents, one of which is a path to obtaining U.S. passports and thereby becoming U.S. citizens.
The EB-5 immigrant investor program has proven to be a great stimulus for the U.S. economy. The investment not only benefits the U.S. economy through the injection of foreign capital but also benefits the U.S. labour market given the program’s requirement of generating a minimum of 10 jobs for U.S. persons.
Although history has shown that the program will most likely be reauthorized once more in December 2020, it is equally important to recognise that the U.S. immigration policies have changed, which changes are often made suddenly and without much advance notice. It is therefore recommended that prospective investors file their EB-5 applications prior to the upcoming elections. Regardless of the election results, the U.S. is likely to see numerous changes to their immigration policies. Both candidates have expressed their plans regarding immigration, thus making it pivotal for investors to secure their application now.
The EB-5 immigrant investor program still remains to be one of the programs that has been least affected by the U.S. immigration changes, but given the lack of certainty with respect to the U.S. immigration landscape, there is no guarantee that this will remain the same post the national elections on November 03, 2020.
Our U.S. licensed lawyers are specialists in the EB-5 immigrant investor program. We have over 10 years of experience in filing EB-5 applications out of the GCC region. Contact us today for a free consultation.