US Extends EB-5 visa program until April 2017.
United States, 20th December: EB-5 visa program has got another lifeline now as US Extends EB-5 visa program until April 2017. Congress has announced extension of EB-5 program until 28th April, 2017. This marks another short-term renewal of the controversial US visa program.
“ US EB-5 Visa offers green Card to Investors investing amount not lesser than %500,000 engaged in ventures to create Jobs. “
EB-5 visa program—EB-5 visa program offers US Green Cards to foreign investors on investment of not less than $500,000 in job-producing ventures. It was all set to expire on 16th December, 2016. The projects must promise to employ at least 10 or more workers.
Extension of EB-5 visa program shall offer more time for getting a new bill cleared. This was stated by an Arnsterin & Lehr attorney(representing EB-5 regional centers and developers), Ronnie Fieldstone.
Related Read- US EB-5 Visa, faster way to Gain residency in USA
Its expected that US President-elect Donald Trump shall support the program. That’s because Trump’s son-in-law’s(Jared Kushner) firms used EB-5 funds for his Trump Bay Street rental tower(in Jersey City). Trump himself is not a stranger to US Immigrant Investor Program.
EB-5 visa program creates jobs in USA-Speaking about EB-5 visa program, Fieldstone said that its creating new US jobs. It also brings wealthy and talented people for creating jobs, he added. Advocates of the EB-5 visa program stated that the program is likely to thrive under Trump’s presidency.
As per George Pataki, a former New York Governor, Trump’s strong stance is against undocumented immigration. And EB-5 visa program is a legal immigration scheme, he added. After all, Trump understands quite well the requirement for capital and investment, he clarified.
What will the new bill do?—Well, the new bill will increase the minimum investment required from $500,000 to $800,000 in high unemployment areas. In low unemployment areas, the minimum required investment shall be increased to $1.2 million from $1 million.
There has been no change in investment since the year 1992. New bill may redefine targeted employment areas(TEAs). Critics of the program allege that the present structure of the program is beneficial disproportionately for wealthy areas.
Employment areas must be limited, cited a Venezuelan developer working on EB-5 funded projects in Miami, Noel Epelboim.
Trump expected to boost Eb-5 Program-Talking about the future of EB-5 visa program during Trump’s tenure, it may be worth mentioning that Trump himself is a developer. So, he knows the significance of such US visa programs. Hence, it spreads optimism regarding fate of EB-5 visa program in the coming times. Some say that the program will reach all new heights under Trump’s presidency.
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