Posts Tagged ‘EB-5 Visa Program’
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.
What happens if my child is less than 21 years old when I apply for EB-5, but over 21 by the time I’m approved?
By Fred Burgess
Ask just about any EB-5 investor what their main purpose is for pursuing the EB-5 Visa for themselves and their family and you will almost certainly hear: to make sure their children are educated in an American College or University.
According to EB-5 rules, dependent children are eligible for a green card along with the primary EB-5 applicant/investor (parent) as long as the child is less than 21 years old. However, after age 21 dependent children are not eligible.
Aging out occurs when a “child” (an unmarried individual under 21 years old) becomes ineligible for a permanent green card as a result of turning 21 years old while awaiting permanent residency approval from USCIS.
Congress recognized that many children were aging out because of EB-5 backlogs and adjudication delays so it created the Child Status Protection Act (CSPA) to provide protections for children who age out due to excessive processing times. As long as the I-526 is filed before the 21st birthday, CSPA freezes the child’s age on the date the petition is filed until the date of its approval. For example; if a child is 20 years and 3 months old on the date the I-526 application is submitted, their age remains locked even if it takes USCIS two years to process the petition (making the child’s actual age 22 years and three months).
It is important to note that CSPA is intended to protect children from excessive processing times – not to benefit a child who aged out due to the unavailability of an EB-5 visa for any other reason such as retrogression (for example). CSPA does not freeze a child’s age if there are no visas available (even if an I-526 Petition is approved). Therefore it is exceptionally important for EB-5 investors with children near the age of 21 to file their petitions as far in advance of their children’s 21st birthdays as possible.
Aging out can be avoided with proper advisement. An Exclusive Visas EB-5 Consultant will assist the investor by providing trustworthy investment strategies that make the program work for the investor and their family. From petitioning the USCIS to assisting the client in choosing a credible project to invest in, Exclusive Visas will see to it that the investor has all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.
Contact Exclusive Visas Today for more Information on the EB-5 Program
By Renata Castro
The Department of State, issued on January 29, 2014, a 60-day notice period for a proposed information collection, where any interested individual or organization are welcome to submit comments, or suggestions on the current Electronic Application for Immigration Visa and Alien Registration form, or DS-260.
This is a particularly important form for EB-5 investors who seeking their permanent residency while outside the United States. After the I-526 petition is approved, the EB-5 investor and his or her family would then file individual forms DS-260 which would lead them to consular processing of their EB-5 application.
Comments on form DS-260 will be accepted until March 31, 2014, and can be submitted as instructed below:
- The DS Form number must be included, as well as the collection title, and the OMB control number in the email.
On the web
- The Federal Docket Management System (FDMS) can be accessed by visiting www.regulations.gov. Search for Public Notice 8612 in the search bar.
More information can be found here.