With the December rush looming, families looking to file EB-5 petitions must act swiftly
With the lapse of the United States golden visa, called the EB-5 Immigrant Investor programme, on June 30, 2021 due to a lack of reauthorisation by Congress, there has been pent up demand for access to the US for many families out of the Middle East and North Africa. Families seeking to begin their immigration journey to the US have for months been impatiently awaiting the news of reauthorisation of the EB-5 Regional Center programme, which industry experts expect to occur within the next month.
The EB-5 programme is a fast tracked option for foreign investors to obtain US residency and Green Cards. The purpose of the programme is to benefit the US economy by way of job creation through the use of foreign investment. Foreign nationals can obtain the US Green Card for themselves and their immediate family members, including spouse and children under the age of 21, by way of making an investment of $500,000 in a new commercial enterprise in the Un. For each investor, the $500,000 investment must be used to create a minimum of 10 jobs for US persons.
Access to America through the EB-5 programme had slowed down from late November 2019 to late June 2022 due to its increased cost. The Trump administration had increased the required investment amount from $500,000 to $900,000, which automatically precluded many families from being able to participate due to a lack of sufficient funds. On June 22, 2021, a US federal court vacated the Trump-era rule, which effectively reduced the investment amount back to $500,000.
The news of the reduction in capital investment coupled with the then-looming sunset of the EB-5 Regional Center programme led to the June rush in which foreign nationals, especially expats in the UAE, rushed to file their applications. With effectively seven days to file their applications, given the time required for the gathering of documents and transferring of funds, many families missed the June deadline and have since then been eagerly waiting for the programme to reemerge.
With the EB-5 Regional Center programme expected to be reauthorised on December 3, 2021, here are three tips for foreign nationals to stay ahead of the upcoming