Yesterday marked the last day of the U.S. presidential election race and by the end of the week the U.S. will have an idea of who their next president will be. The current administration has enforced radical policy changes during their term. Under President Trump, the U.S. has seen a decline in the employment rate, an increase in wage growth and constant changes to immigration policies. These are only just a few areas where the Trump administration has made cardinal changes to U.S. policies. After a tumultuous term the 3rd of November brought with it hope that Joe Biden will win the upcoming elections.
President Trump has been the most divisive president the U.S. has seen yet. While he has qualified all his radical policy changes as necessary for the benefit of the U.S. citizens they have caused a divide within the citizens of the country, particularly changes toward immigration. Under his term immigration has been at the forefront of all political debate. His administration has focused a great deal on reforming the immigration policies to suit their idea of what the U.S. needs to do for optimum growth. They have implemented measures restricting and limiting access to the U.S. for foreign nationals both living and looking to immigrate to the U.S. and, in some instances these changes have been considered to be a violation of human rights.
The current administration has long argued that the non-immigrant worker visa programs take jobs from U.S. citizens, especially the H1-B visa. The administration thus responded by implementing restrictions that will make obtaining an H1-B visa harder for employers who rely on this visa to obtain cheaper workers. Although it may seem that these changes are targeted at restricting access to the U.S., in which they might, however it will also assist the U.S. to recover from effects of the Coronavirus (“COVID-19”) pandemic by ensuring U.S. citizens get the jobs.
Joe Biden has promised reform and amendments to most of the policies that President Trump has implemented. Therefore, it can be assumed that a Joe Biden win will lead to further changes to immigration policies. The EB-5 immigrant investor program is currently one of the few immigration programs that have remained untouched by the Trump administration. Barring the increase in required capital investment from $500,000 to $900,000 the program in its entirety has remained the same. The main reason is because the program is a pertinent economic stimulation for both the U.S. economy and labor market through its requirement that the investment must create 10 jobs for U.S. persons.
For the U.S. to remain an economic powerhouse and recover from the crippling effects of the COVID-19 pandemic they will need to utilize all resources available to them. Evidenced by the decrease in the number of EB-5 petitions submitted in 2020 it must be noted that the capital investment increase did affect the program and made it inaccessible for middle class families who were the biggest target audience. Although we hope that Joe Biden realizes this and decreases the investment capital, history has proven that the longer a program for nationalization is around the more expensive it will be. Therefore, it can be assumed that there is a chance that the capital investment will increase in the near future.
When the program was instituted by Congress in 1990, there was a minimum investment ask by Congress of 1 million dollars. It is possible that there may be a price increase to match in line with Congresses original intent. Notwithstanding inflation and market demands would point to a higher investment amount. Therefore, it is important for prospective investors to submit their application now under the current investment amount and not risk waiting for new changes as prices may go up.
Furthermore, the Trump administration understands the value and need for the EB-5 immigrant investor program as commercial enterprises such as Trump Towers in Jersey City, New Jersey have been paid for by the EB-5 program. Whereas when analyzing Biden’s focus on immigration policies, it is indicative that he is more inclined to address the closures to refugees, the status of children of Mexican migrant workers. Neither party dislikes the EB-5 program, with each party the prime focus on immigration policies are different.
There is no certainty that there will be changes to the EB-5 immigrant investor program and that if there are changes they will negatively affect the program. Currently the only certainty is that the EB-5 program is the most viable option for foreign nationals looking to immigrate to the U.S. Under the program investors and their immediate dependents (spouse and children under 21 years of age) will have all the key benefits of being a U.S. person. The program provides a solution for children who require quality lower education, for tertiary students looking to attend one of the Ivy leagues or any other U.S. university and, for individuals looking for employment and residency in the U.S. Holistically the benefits of the EB-5 immigrant investor program are.
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. If you are ready to start your migration journey with The American Legal Center of Dubai, contact us today for more information