A controversial proposal that would boost the number of wealthy immigrant investors allowed in the United States under the EB-5 investor program is now under consideration by the Trump administration. The proposal would significantly boost up the capped total from 10,000 to 75,000 and reduce the required investment by half from $900,000 to $450,000. More than half of the investors who come to the United States on an EB-5 visa are from China. Many other investors come from South Korea and Taiwan.
The EB-5 visa began in 1990 as an effort to help rural areas and economically distressed urban areas. However, over the years, some investors have found a way to increase investment in higher-income areas. For instance, EB-5 visas are sometimes used by property developers in New York City.
It is believed by the administration that increased investment in projects in the United States that could create jobs would be especially helpful at a time when unemployment rates have soared.
Critics who are usually supportive of the President’s immigration policies do not support this increase in visas. They are concerned about increasing the number of foreigners coming to the United States, especially from China. They also believe that increasing immigration during this turbulent time is not the right approach.
The proposal is likely to face resistance from governors in states with large rural areas. They believe the program essentially ignores them as it is currently structured.
The increase in visas for investors could come at a time when the administration is putting holds on other types of visas, mostly associated with lower-income individuals, in light of the increased unemployment numbers resulting from the coronavirus. The administration is also seeking to reverse its decision to increase the number of non-agricultural seasonal workers by 35,000.
If you have questions about the EB-5 investor program, you should consult with an experienced immigration attorney. At Serving Immigrants, we have the knowledge and experience to guide you through the process. Contact us online or call us at (305) 907-6151 to schedule a strategy session.