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Number of EB-5 investors increases
With banks wary of lending because of the recession, the EB-5 visa program has become an increasingly popular way of funding projects.
The U.S. Citizenship and Immigration Service (USCIS) recently held an EB-5 visa stakeholder meeting in San Diego, California, where it revealed that there were more petitions for green cards through the EB-5 visa program through the first seven months of the 2010 fiscal year than there were during the entire 2009 fiscal year.
In addition, the success rate for applicants this year is remarkably high, with 955 petitioners out of 1100 gaining approval of their visas.
The EB-5 visa program was created in 1990 to help American businesses bring in foreign investment. If a foreign national invests $1 million (or in some areas $500,000) in a U.S. business and that investment leads to the creation or preservation of 10 jobs, the investor becomes eligible for a U.S. green card.
The USCIS also told those in attendance that 90 to 95 percent of participation in the EB-5 visa program occurs through EB-5 regional centers, which help to manage and direct EB-5 investments.