U.S. Runs out of Investor Visas again as Chinese Flood Program
Every fiscal year the United States sets a cap as to how many EB-5 immigrant investor visas can be issued; this is the second year in a row that the Chinese have over powered the amount of applications received.
Starting May the State Department will no longer be issuing any EB-5 visas to individuals residing in China, if you are looking to obtain a EB-5 you may be waiting another 2-3 years. The requirements involved in getting a EB-5 including being able to invest at least $500,000 and create 10 jobs in the U.S., there will only be 10,000 accepted each fiscal year.
In 2014, 90% of the EB-5 visas were issued to Chinese Nationals, many rich individuals in China are looking to come to the U.S. for both personal and financial reasons. Although immigrant investors provide an important alternative source of financing in the U.S., there has recently been an issue of Chinese couples fraudulently obtaining visas through the EB-5 program.
Although it is too late for this year, don’t fret the next fiscal year begins September 30th, 2015.
About Fadi Minawi
Fadi primarily practices in US Immigration Law. He assists with matters relating to business immigration (including: relocation, expansion, investments, and work visas), litigation, admissibility issues, customs forfeitures and other cross-border issues. Fadi is also a criminal defense attorney and can assist with criminal matters in the US. Read more
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