US speeding up its effort to attract millionaire immigrants.

After Canada, Australia, and the UK, even the United States is speeding up its efforts in the direction of attracting millionaire immigrants who will prove more than useful in stimulating the beaten up economy by their investments and job creations.

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According to a report, in spite of the fact that the US Immigration Act of 1990 assigns 10,000 EB-5 immigrant visas every year to investors and their families, the usage has been as low as 1000 only. It learned that between the years 1992 and 2004, only 6,024 such visas were issued in total with an average of just 500 per year.
The report which was issued on the 18th of March stated that some causes for the underutilization of the program were its instability, the changing environment of the economy and more lucrative programs for investors offered by other countries.
According to the law, immigrants willing to come to the US through investor program were required to create a minimum of 10 full-time jobs and invest a minimum of $500,000 for commercial enterprises present in rural areas or area targeted by the government. Alternatively, $1 Million was the minimum investment required to qualify for the program.
The report noted under the light of current economic turmoil, the USCIS must initiate all the necessary steps to ensure a healthy and smoother employment creation immigrant visa program.
Therefore, the Ombudsman proposed to the USCIS to reduce the restrictions for millionaire immigrants willing to enter the US.
Recommendations were made towards facilitating earlier incomplete applications, standardize negotiations and employ more number of people to the EB-5 Administrative Appeals Office.
According to the Ombudsman, review and processing for all petitions for EB-5 must prioritized and it also suggested that EB-5 should be promoted overseas by the US Department of State and Commerce.