uncertainty of future legislation has caused many investors to postpone their decision, consider other types of visas or look at other countries as immigration options.
CHANGE IN CHINESE CONSTITUTION LAW
The recent changes to China’ s constitution, mainly with the change in presidential terms from a maximum of two five-year terms to an indefinite number of years, have led to two camps of thought amongst the Chinese people. Some fear that China and its people will suffer under such dictatorship rule, while others embrace the change because of the positive changes they have seen under President Xi Jinping. welcomed by investors and honest developers alike. However, without a fix to the visa backlog, Chinese investors will likely be reluctant about investing despite their acceptance to all the other changes.
Not enough credit has been given to the positive impacts of the EB-5 program. The EB-5 program has been directly responsible for pouring in billions of dollars into the United States and creating hundreds of thousands of jobs that would not have otherwise been created.
This program is what the U. S. needs. Much of the criticism about the EB-5 program has been blown out of proportion. Any visa program should be fixed to address fraud, abuse and national-security concerns. However, after fixing a visa program, it should attract more applicants, not fewer. Otherwise, it would defeat the purpose of fixing the program.
" Despite the current uncertainties, there is still a strong interest for Chinese investors to immigrate to the United States."
Policymakers should understand that increasing the minimum investment amount will have a tremendous impact on countries other than China. Experts have projected that there may be as large as a 90 percent decrease in new applicants outside of China. An increased minimum investment amount will have some, but not as great, an impact to the China market.
However, if the new law increases the minimum investment amount( among other changes) but does not alleviate the visa backlog, then there will be an immediate chilling effect among Chinese investors.
This would, in effect, defeat the purpose of passing any new law. New legislation or regulations should fix fraud, abuse and national-security concerns so that more investments pour into the U. S. economy to fuel job creation. The current
Those who are concerned about the change have become more incentivized to leave the country as soon as possible. Many of these people are now considering the EB-5 program. Those who embrace the change, however, believe that China will prosper and grow under the leadership of President Xi. They believe that in the next 10 years, President Xi may be instrumental in eradicating air pollution, increasing food safety, decreasing crime rates and improving the culture.
Some of them think that China will be better than the United States in 10 years. As such, they find no need to immigrate to the United States anymore, especially when told to expect a 10- or 15-year wait before they can get a conditional green card. However, both schools of thought are merely predictions about an unknown future. No one will know how China will be 10 years from now, and no one will know if the EB-5 visa backlog will actually be 10 or more years long, either.
Despite the current uncertainties, there is still a strong interest for Chinese investors to immigrate to the United States. New legislation or regulation may slightly alleviate the backlog or eliminate the backlog altogether. By the time investors’ priority dates become current, they will have the ability to decide whether they want to stay in China or immigrate to the United States.
If investors let the current uncertainties stop them from investing now, they may never have the opportunity to fulfill their American dream, as other visa options may not work for them. For investors willing to wait, they will likely find that the price they pay to wait is well worth it. The visa backlog may not end up to be that long after all. Moreover, they have bought an option and an opportunity for their future.
WINNIE NG
Attorney Winnie Ng is the chief executive officer of the Manhattan Regional Center( MRC) and the chief counsel of the center’ s associated projects. Ng directs the affairs of MRC and works closely with securities and immigration attorneys to ensure that MRC and its associated projects are in compliance with EB-5 securities laws and regulations. Ng has provided legal services to hundreds of EB-5 investors and counseled many regional centers and project developers. She frequently speaks at EB-5 conferences and conducts EB-5 trainings worldwide. Ng has also authored articles on EB-5 topics.
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