Regarding the lesser-known US EB-5 program, the US Department of State reported that 1,443 investors and their immediate family members received EB-5 visas in 2008; in 2009, 4,218 investors and their family members obtained EB-5 visas, representing significant growth, yet still far below the annual quota of 10,000 EB-5 visas. The US EB-5 program is set to become a popular pathway for investment immigration, attracting individuals including private entrepreneurs from China. Under this program, by investing $500,000 in remote or underdeveloped areas of the United States, investors and their immediate family members become eligible to apply for a Green Card. The US Citizenship and Immigration Services (USCIS) has disclosed that the annual quota for this program could reach up to 10,000 after 2011.
This investment immigration program, launched by the US immigration authorities in the late 1990s, was implemented to compete with the investment immigration programs of Canada and Australia, though the US requirements are the most stringent. In addition to the requirement of investing $500,000 in impoverished areas of the United States, it also mandates the creation of at least 10 new jobs within a few years for the investor to obtain a Green Card.
Nevertheless, this program is undoubtedly highly attractive to private entrepreneurs in developing countries who aspire to obtain a US Green Card. Entrepreneurs, particularly from China, South Korea, Venezuela, and Saudi Arabia, are keen to use this channel to quickly obtain US Green Cards, a trend further encouraged by immigration attorneys.
Morrie Berez, Chief of the USCIS EB-5 program, stated: "For those who want to live in the United States and contribute to the country, this is a truly wonderful opportunity. It brings economic growth and creates job opportunities." Currently, the program has received relatively little criticism from anti-immigration advocates.
According to a recent report by The Wall Street Journal, this program has attracted many foreign entrepreneurs in recent years to invest in sectors such as US agriculture, tourism, renewable energy, education, and transportation. The common practice involves developers collaborating with local governments to apply to the immigration authorities for a "Regional Center" in an impoverished area, and once approved, to solicit investment overseas. The 17 "Regional Centers" across the United States have so far attracted approximately $500 million in foreign capital, including projects such as a dairy farm in Iowa, a nut orchard in California, schools and medical facilities in Alabama, an ethanol plant in Texas, and a film production studio in Pennsylvania.
In fiscal year 2007, the immigration authorities approved 803 conditional EB-5 Green Card applications, compared to only 247 in 2004. Berez hopes that after 2011, up to 10,000 such Green Cards can be issued annually, which is expected to attract nearly $2 billion in foreign investment.
