EB-5 Investor Visa Program extended till Dec 8, 2017

EB-5 Visa Program Extension

The EB-5 Investor Visa Program was extended until December 8th, 2017 without changes. The minimum investment amount remains at $500,000. Active discussions continue in Congress and the Senate about new proposed EB-5 legislation. The industry anticipates that a new EB-5 law will be implemented in the very near future.

About the EB-5 Investor Visa Program: https://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/about-eb-5-visa-classification

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U.S. Consulate in Russia reduces issuance of visas

The U.S. Embassy and Consulate in Russia cancelled some non-immigrant visa interviews, will begin visa issuance again on Sep. 1, 2017, but will reduce the number of non-immigrant visas being issued. If you think this affects you – read this: https://ru.usembassy.gov/fact-sheet/

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USCIS Denies Citizenships (N-400) for Fathers Who Cannot Prove Child Support Payments!

Citizenship Denial Reasons

Financial support of a child by the father is considered necessary to show “good moral character”. Even if there is no demand for payments from the mother or no court-ordered child support plan, the father is expected to demonstrate financial assistance to a child that resides full-time or part-time with the mother. Absence of child support evidence is grounds for a denial.

To reduce a chance of a denial we recommend to take the following steps:

  • keep receipts for all child-related payments that you make (school supplies, doctors, insurance, clothing, payments for trips, lessons, sports, etc.)
  • make regular child support payments, even if not required by the court
  • do NOT give cash; make payments in check or bank transfer and make sure to reference “child support” in the payment

ALTERNATIVELY

  • have a written agreement with the mother of the child waiving, outlining your obligations in the child-bearing. Make sure you have evidence to support your compliance with this agreement.
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Why does Congress continue to give temporary extensions to the EB-5 program?

EB-5 extended until April 28, 2017

EB-5 Visa Extension

Many prospective investors keep asking why has the U.S. Congress been giving short, temporary extensions to the EB-5 program and when is the minimum investment amount increase?

The EB-5 Visa Regional Center Program for Investors was established in 1992 as a temporary program. Since that time the Congress has been renewing the program every three (3) years for a period of another three (3) years (except for one time when the program was allowed to expire before being renewed after a significant break).

On September 30, 2015 the program was once again up for renewal in Congress. However, this time, a lot of debate broke out about implementing changes to the program before another renewal. Some of the hotly debated issues are:

  • Increasing the minimum investment amount to $800,000+ from the current $500,000
  • Restricting areas that are considered Targeted Employment Areas (TEAs)
    • Currently almost any area can receive a designation of a TEA (including high net worth spots like Manhattan and Miami Beach), allowing investors to contribute the minimum investment amount of $500,000, instead of the $1,000,000
  • Increasing the amount of visas allocated to the program (currently there are only 10,000 visas available each year)

Multiple legislative proposals were presented, but neither received majority support. While lobbyists, Congressmen, and Senators continue to debate over the changes they want to implement, it was mutually agreed to temporarily extend the program to avoid interruptions for ongoing projects and investor petitions. While the debates over the proposed new EB-5 bills are continuing, the Congress continues to give the EB-5 Program short-term extensions.

The last EB-5 Visa Program extension was just approved on Friday, December 9, 2016, renewing the program “as-is” until April 28, 2017. Now that the new administration has been decided, industry professionals expect that Congress will come to an agreement on a new EB-5 bill in year 2017. Although it is still unclear what the new TEA rules will be, one thing seems to be certain: the minimum investment amount will likely be increased to $800,000+. Once a majority consensus is reached on other elements of the bill, the program is expected to receive a long-term extension as before (about three (3) years) or even be made permanent.

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The Russians are coming in greater numbers than ever!

Despite the general anti-American mood in the Russian media, more and more Russian citizens are choosing to relocate to the United States. I experienced this in my own practice representing a number of investors who chose the EB-5 Green Card program for investors. Bloomberg pens a great article about the latest migration trend from Russia to the United States:

http://www.bloomberg.com/news/articles/2015-10-16/if-russians-hate-the-u-s-so-much-why-do-they-want-to-move-there-

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The EB-5 Visa Program is Renewed Until December 11!

On September 30, 2015 the U.S. Congress temporarily extended the EB-5 Program until December 11, 2015 while they review proposed changes to the program. Some of the proposed changes include raising the minimum investment amount to $800,000 and rewriting a definition of a Targeted Employment Area, which can mean significant limitations on locations that will qualify for an investment at the minimum amount.

Investors have less than 10 weeks to qualify for a $500,000 investment amount

Investors should keep in mind that they have less than 10 weeks to invest and file applications, in order to qualify for the $500,000 minimum investment amount. It is also possible that Congress will implement the changes even before December 11, 2015.

Italian Zegna family buys Flatiron District building for $65M

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US Chamber of Commerce President & CFO writes a support letter to Congress for the EB-5

US Chamber of Commerce President & CFO writes a support letter to Congress for the EB-5 Program:http://thehill.com/opinion/op-ed/253896-eb-5-program-is-smart-government-policy   The EB-5 Program 2013 Economic Report is Ready! The EB-5 Visa program contributed 3.68 Billion dollars to the U.S. GDP in year 2013 and created 41,000 new jobs that same year!!!! #EBFiveIsWorking  EB-5 Visas through Regional Centers! https://iiusa.org/blog/wp-content/uploads/2015/05/Economic-Impacts-of-the-EB-5-Immigration-Program_2013_FINAL-web.pdf?utm_source=weekly+5-22&utm_campaign=Weekly+Report+9-16&utm_medium=email

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Dramatic Economic Impact by EB-5 Visa ProgramПрограмма ЕВ-5 Позитивно Воздействует на Американскую ЭкономикуDramatic Economic Impact by EB-5 Visa Program

An in-depth study of the EB-5 program on the U.S. economy reveals a very positive economic impact. EB-5 contributed 3.39 billion to the U.S. economy in 2012! Read the full story on Fox News: Fox News Article on EB-5 Economic Impact Report

Исследование раскрывает положительное экономическое влияние программы EB-5 на экономику США. Программа ЕВ-5 привлекла $3.39 миллиарда в ВВП Америки в 2012 году. Читайте полную статью опубликованную Fox News: Доклад о влиянии программы ЕВ-5 на экономику США.

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