Posts Tagged ‘EB-5 Visa Program’
AILA was advised by the National Visa Center (NVC) that appointment notices for Chinese EB-5 applications may indicate that applicants must bring original documents, even if NVC already had original documents. NVC emphasized that those applicants who require original documents from the NVC file are not penalized and that applicants should attend the interviews regardless of whether they have all of their original documents. In cases where originals are unavailable at the interview, the file will be shipped to Guangzhou after the interview, instead of before it. Questions or concerns about a particular application can be addressed directly to the U.S. consulate in Guangzhou at GuangzhouIVform@state.gov.
IIUSA analysis points to staggering increase in qualified funds raised and projected job creation.
As posted in (PRWEB) December 17, 2014
The Association to Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), recently released its analysis of U.S. Citizenship and Immigration Services (USCIS) data demonstrating significant growth of the EB-5 program in FY2014.
Under EB-5, a program created by Congress with broad bipartisan support, foreign nationals who invest between $500,000 and $1,000,000 dollars in approved U.S. businesses are eligible for permanent residency if the U.S. government confirms that their investment created at least 10 American jobs within two years of the investment.
According to IIUSA analysis, the number of investors seeking to participate in the Program in FY2014 increased by 72 percent compared to FY2013, and the number of investors requesting approval for permanent residency based on demonstrated job creation has more than doubled.
Specific data points of interest include:
- In FY2014, USCIS received 10,928 I-526 petitions to determine eligibility for the EB-5 Program, compared to 6,346 I-526s received in FY2013.
- USCIS approved 5,115 I-526 petitions in FY2014 – representing approximately $2.6 billion in capital designated for investment in U.S. job-creating projects
- In FY2014, USCIS received 2,516 I-829 petitions to remove visa conditions based on demonstrated job creation compared to 1,217 I-829s received in FY2013
- USCIS approved 1,603 I-829 petitions which represents at least 16,030 American jobs created by EB-5 capital
“The numbers released by USCIS point to astounding growth of investors participating in the EB-5 Program as well as investors demonstrating jobs created by EB-5-funded projects,” said IIUSA Executive Director Peter Joseph. “The increase of approved investors in the past year, compared to those from 2008 when our country was entering its devastating economic downturn, is nearly 800 percent; and the number of completed projects in FY2014 has similarly skyrocketed. Public and private developers alike have found EB-5 to be immensely valuable in bringing jobs and industry to the U.S., and these are the numbers to prove it.”
IIUSA’s analysis also notes that 1,266 I-526 and 178 1-829 petitions were denied, demonstrating the rigorous scrutiny and oversight exercised by USCIS as well as the risk required by law for those participating in the EB-5 program.
“USCIS has taken important steps in the last year to improve its ability to evaluate petitions and projects and strengthen the integrity of the program,” said Joseph. “IIUSA will continue to advocate for integrity measures as well as Congressional reauthorization of the program that continues to bring much-needed capital and job creation to communities across the country.”
U.S. Citizenship and Immigration Services (USCIS) invites you to participate in a stakeholder teleconference on Wednesday, April 23, 2014, from 2:30 p.m. to 4 p.m. (Eastern) to discuss future regulatory changes for the EB-5 Immigrant Investor Program.
USCIS is beginning work on revised EB-5 regulations. Regulatory revision has been identified as an important step for the future of the EB-5 Program and is an agency priority. We invite EB-5 stakeholders to provide feedback on EB-5 regulations as we work toward making regulatory improvements to strengthen the efficiency, predictability, and integrity of the EB-5 program.
During this engagement, USCIS officials will listen to your feedback and input on changes to the EB-5 regulations. Feedback and input can be related to:
- Methods to combat fraud and abuse
- How to improve upon current regulations
- Substantive eligibility requirements
- Procedural filing requirements
For those unable to attend, we will hold a follow-up discussion in the USCIS Idea Community. We encourage you to become a part of the discussion starting on April 24, 2014.
To register for this session, please follow the steps below:
- Visit our registration page to confirm your participation
- Enter your email address and select “Submit”
- Select “Subscriber Preferences”
- Select the “Event Registration” tab
- Be sure to provide your full name and organization
- Complete the questions and select “Submit”
Once your registration is processed, you will receive a confirmation email with additional details.
If you have any questions regarding the registration process, or if you have not received a confirmation email within two business days, please email us at Public.Engagement@uscis.dhs.gov.
We look forward to engaging with you!
Thursday, 27 Mar 2014 07:40 AM
By Michelle Smith – as posted on www.moneynews.com
Surging interest from wealthy Chinese reportedly could overwhelm the U.S. immigrant investor visa program.
The EB-5 visa is issued to foreigners who are willing to invest $500,000 and create 10 U.S. jobs.
A decade ago, the Chinese accounted for only 13 percent of the applications. Now, they account for more than 80 percent, CNN Money says government data show.
Or, to put it into better perspective — in 2004, Chinese nationals received 16 EB-5 visas. In 2013, that number rose to 6,900 visas.
This surge in demand could be problematic since only 10,000 immigrant-investor visas are issued each year. And that number includes the visas required for family members.
A total of 7,000 applications are currently pending, David Hirson, a partner at immigration-law firm Fragomen, tells CNN Money. If half of those are approved and the applicants move with a family of four, this year’s allotment of EB-5 visas would be exhausted, he notes.
“There is a panic being created in China about the demand [getting] so big that there is going to be a visa waiting line,” said Bernard Wolfsdorf, founder of the Wolfsdorf Immigration Law Group.
A green card offers [Chinese] a way to send their children to college, escape heavy pollution and enjoy an improved quality of life, Kate Kalmykov, an attorney with international law firm Greenberg Traurig told CNN Money.
“The U.S. remains the most attractive country for them, because of its freedoms and its ability to cater for individual needs, including the Chinese culture. It’s a very comfortable transition physically,” Hirson noted.
Hirson says it’s also cheap compared to the alternatives. To get a similar visa to Australia requires an investment of $4.5 million — nine times greater than a visa to the United States.
The appeal of a EB-5 visa is also boosted by the fact that Canada announced plans to scrap its immigrant-investor visas.
The Canadian program allowed investors to secure visas by agreeing to lend the government 800,000 Canadian dollars interest-free for five years.
According to Forbes, Canada’s program had developed a reputation for being “a visa expressway for wealthy mainland Chinese.”
That perception was furthered by a report in Hong Kong’s South China Morning Post, which revealed that among 59,000 pending applications, more than 45,000 were from mainland Chinese, Forbes reports.
When the government announced intentions to end the program in February, the backlog was 65,000 applications, reports Canada’s CBC.
Not only was the interest overwhelming, but immigrant investor program also appeared to be falling short of its objectives.
“This was not a program that was generating jobs, growth, opportunity in Canada and it was certainly not a program that was getting the immigrant investors we wanted,” CBC quoted Minister of Citizenship and Immigration Chris Alexander as saying.