EB-5 Immigrant Investor Visa
Congress first introduced the EB-5 Immigrant Investor Visa in 1992 as a pilot program to boost economic growth through foreign direct investment. As a major federal program, the pathway permits foreign investors and their eligible family members to obtain permanent residency status in the United States by making a substantial investment of US$900,000 or US$1 8000,000. Ever since the U.S. introduced the EB-5 investor pathway, the Program has served as a significant gateway for thousands of investors to create jobs for Americans encourage billions of capital investments for businesses in the country.
EB-5 Business Visa
While the EB-5 business visa has continued to go through reauthorizations for the past few years, the Program expired on July 1, 2021, because Congress failed to pass legislation to extend the Program further.
How To Apply EB-5 Immigrant Investor Visa
Congress’s failure to provide an extension to the program prevents regional centers from generating foreign investments in the U.S. to fuel the country’s economy. The lapse in the EB-5 investments is also putting the employment generation process in limbo. With the legal immigration for thousands of investors is on hold for an indefinite period, many investors have started to think of withdrawing their EB-5 application and capital investment. The roll back of investments could put economic funding and job creation process at risk.
An analysis done by IIUSA revealed that, “the current lapse has affected nearly 32,600 committed immigrant investors with an I-526 petition on file, putting at least $15 billion in capital investment and over 486,900 American jobs in jeopardy”. The report further depicted that as of June 30, 2021, nearly 12,800 EB-5 investor visa applications have been pending I-526 petition. According to the Department of State, 93.4% of the EB-5 have been used by applicants who had invested through a regional center. This means that approx. 12,000 applicants with an I-526 petition will not receive any formal judgement on their application, leading to processing delays in their immigration process.
An organization called the American Immigrant Investor Alliance (AIIA), has been established to advocate on behalf of stranded EB-5 investors worldwide. Currently, the organization represents hundreds of immigrant investors who are in the middle of their immigration journey in the U.S.
The EB-5 investors affected by the lapse of the program has invested at least 500,000 in capital investment to an economic development project in the U.S. approximately, 300 investors have made an investment of $900,000 through a regional center till June 2021.
These investments are not only used to inject in the U.S. economy, but also in the job creation process for Americans. According to the Department of Commerce, EB-4 investments play a significant role in creating 16 jobs when used with other resources. Overall, 487,000 jobs are generated directly through the EB-5 investments. All these jobs are not at risk.
Therefore, it is extremely critical for the Congress government to revive the program to prevent big economic losses.
For quick and efficient immigration solutions, contact the consultants at Abhinav Immigration Services. They possess the knowledge and expertise to help you migrate to your favorite destination. Pick up your phone and dial (+91) 859 533 8595 for immediate free counselling or write to [email protected] for assistance on Business Immigration.