THE HUMAN ELEMENT OF EB-5 IMMIGRATION FOR CHINESE INVESTORS
By Matthew Khalili
Investments , petitions , forms and reports : when it comes to the topic of the EB-5 program , discussions around it tend to be a little on the impersonal side . Of course , if there ’ s one organization that likes to analyze things from a strictly technical standpoint , it ’ s U . S . Citizenship and Immigration Services . The agency ’ s EB-5 immigration officers spend their days poring over business plans and I-526 petitions , critically analyzing these documents with a mental fine-tooth comb .
s a result , many of us often forget that there ’ s a man or
A woman behind that application — a man or woman with dreams and aspirations of coming to America , and a man or woman whose very real family is oftentimes stuck in applications limbo as they patiently await the decision on their fate from the USCIS .
I spoke with some Chinese EB-5 applicants and learned first-hand about the non-financial considerations that affected their decision to apply for an EB-5 visa and the process itself .
History
The EB-5 program was enacted by Congress through the Immigration Act of 1990 . The goal was to generate a steady inflow of foreign capital and create jobs for U . S . workers , but early on , the program struggled to attract foreign investors .
In 1992 , Congress introduced the EB-5 Pilot Program , which allowed EB-5 visa-seekers the opportunity to invest the required $ 1 million ( or $ 500,000 in Targeted Employment Areas ) through pre-approved regional centers . This eased job-creation objectives — no longer did foreign investors have to directly create 10 jobs . They only had to create 10 direct and / or indirect jobs . Despite this , the EB-5 visa remained relatively unpopular among Chinese and other investors ( in 2004 , just 16 EB-5 visas were granted to Chinese nationals 1 ) and over the next two decades , program requirements were continuously eased by Congress in the hopes of boosting interest .
The measures began to work and the number of I-526 immigrant petitions received by the USCIS began growing steadily in 2010 . A major milestone in the program was reached just recently when , for the first time ever , demand surpassed supply . The number of EB-5 visas issued each year is capped at 10,000 ; in 2014 , 10,923 applications were submitted .
“ Canada had a similar program that was very popular among Chinese nationals ,” explains Jeffrey , an immigration attorney based in Los Angeles . “ Those who could demonstrate a net worth of CAD $ 1.6 million ( USD $ 1.5 million in 2014 ) and invested $ 800,000 in the form of
1 : U . S . Citizenship and Immigration Services Fee Schedule , 81 Fed . Reg . 205 ( Oct . 24 , 2016 ). Federal Register : The Daily Journal of the United States . See https :// www . gpo . gov / fdsys / pkg / FR-2016-10-24 / pdf / 2016-25328 . pdf .
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EB5 INVESTORS MAGAZINE