LATAM , a new rising star in the EB-5 market . All in all , with the reauthorization of the RC program , we are all very positive and optimistic about our future , at least for the next five years ,” says Hahn .
EB-5 GOING FORWARD
Looking back on the history of the EB-5 program with the original direct hire program and then the introduction of the regional center program , Hirson says it has been a roller coaster ride from over 30 years ago to the present .
Among the current primary concerns of the EB-5 industry , Hirson says , include the slow pace of adjudications by USCIS and the limited number of visas available for the large number of applicants that are waiting in line .
“ It is uncanny how adjudications of EB-5 cases have slowed . In the past administration this was by design . This is no longer the case and slight improvement is noticeable ,” says Hirson . “ Remember in 1991 I said I turned the first EB-5 case around from filing to the entry of the clients in six months ? This is unheard of in this day and age .”
Hirson says he has been to so many meetings with USCIS where the promise has been to reduce adjudications to a 180- day turnaround , but says “ with all the good intention of USCIS , never in over thirty years has this promise been fulfilled .” He says there will be an ongoing lobbying effort for more visa numbers and for faster adjudication by USCIS , the National
Visa Center ( NVC ) and the U . S . consuls ( Department of State – DOS ).
Despite these issues needing to be addressed , Hirson maintains the EB-5 investor program continues to be a viable option .
“ Notwithstanding the amount of the investment , the U . S . remains the first choice of individuals wishing to immigrate ,” says Hirson . “ This is for multiple reasons , some of which include the standard of education in this country and the constitutional rights of individuals including due process and freedom of speech .”
He says the EB-5 program has been very good for the U . S . too and creates jobs , brings in foreign direct investment that stimulates the economy and is at no cost to U . S . tax payers .
“ Billions of dollars and hundreds of thousands of jobs have resulted from the EB-5 program to date ,” says Hirson .
Having been there from the very beginning , he says he sees a new start for the program , with a highly regulated and controlled program policed by USCIS , SEC and other agencies .
“ I look forward to the next 10 to 15 years of evolution of the EB-5 program and to contributing to it , not only for the benefit of the investors , but for the benefit of the United States ,” says Hirson .
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