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With the arrival of the new US President, the course of immigration policy is changing, in particular, progress is being made on the issue of reforming the EB-5 program. Everything in order in our review below.
We have prepared the latest US Immigration Newsletter for you:
Myths about the EB-5 program;
Statistics on issuance of visas under the EB-5 program for 2020;
EB-5 Regional Centers Program – new bill;
President Biden’s first immigration project.
Myths about the EB-5 program.
The EB-5 immigration program can seem daunting at first. Since the program has been operating since 1990, over the years of the program’s work, myths have arisen related to its implementation. Both investors and our team often come across them, and we decided to disassemble such myths in our article and dispel speculation.
1. Money must be donated to get a green card
In the case of investing in your own business, the return on investment depends solely on the project. In the case of projects of Regional Centers (RC), the return of the investment amount usually occurs within 5-6 years, depending on the specifics of the project and the type of activity. The investment term is always specified in the contract.
2. A green card can be obtained when buying residential real estate in the United States
No, in the United States, the purchase of real estate does not give any immigration rights to stay in the country, and, moreover, the presence of real estate in the United States may lead to refusal, for example, in a tourist visa.
EB-5 Visa Issuance Statistics for 2020
Published data on the issuance of EB-5 visas for the 2020 financial year (1.10.2019 – 1.10.2020). The data includes the number of visas issued by the US consulates and data on the change of status in the US for the specified period.
It is important to note that from the date of investment and application to obtaining an EB-5 visa, it is currently 2 – 2.5 years.
Since most of the time US consulates were closed due to the influence of the coronavirus, the statistics may differ significantly from previous years, since not all investors managed to obtain an EB-5 visa during the pandemic.
A little about numbers
The Asian region remains the leader in the number of EB-5 visas issued, where the share of India and Vietnam is growing, despite the pandemic.
The share of Russians who received an EB-5 visa has slightly increased and amounts to 1% of the total number of issued visas.
Total EB-5 visas issued: 3,596
The EB-5 Regional Center Program is a new bill.
Progress is being made on the long-term work of the EB-5 Regional Center Program, which has been under discussion for years. In March, the Senate presented the EB-5 Reform Bill to the US Congress. The bill aims to ensure the long-term operation of the EB-5 Regional Center program and reforms to protect investors from fraud. The project was supported by the non-profit industry association Invest in the USA (IIUSA).
The main provisions of the bill:
Regional centers are responsible for overseeing the implementation of EB-5 projects and are required to have policies and procedures to protect against fraud;
Regional centers are required to submit business plans for EB-5 projects to the US Department of Homeland Security (DHS), including marketing materials;
Regional centers are required to provide information on significant business risks and conflicts of interest in projects under the EB-5 program;
Department of Homeland Security (DHS) is required to audit Regional Centers every 5 years and visit EB-5 project sites
President Biden’s first immigration bill.
The bill, proposed by President-elect Joe Biden, is the most ambitious reform in US immigration law in 35 years.
1. Biden proposes to simplify obtaining documents for a large number of illegal immigrants living in the United States.
2. In addition, the new bill will contribute to the issuance of millions of previously unused immigrant visas, namely, it will reduce the waiting list for obtaining a residence permit, remove visa restrictions for each country and provide accelerated procedures for issuing green cards for children and spouses of permanent residents.