Recently, Mr. Charles Oppenheim, Director of the U.S. Department of State Visa Office, attended the IIUSA (Invest in the USA) EB-5 Industry Conference in Miami. During a panel discussion on visas and backlogs, he reported on the usage of past visas and reiterated the importance of utilizing historical 'unused visas' to resolve backlog issues.
Visa Usage in Fiscal Year 2017
Mr. Charles Oppenheim shared the visa usage statistics for fiscal year 2017, with the top three countries being: China, Vietnam, and Brazil. China, leading by a significant margin, accounted for 75%, consistent with fiscal year 2016; Vietnam maintained its position as second for three consecutive years; Brazil made the fastest climb to become third.
Review of Visa Backlogs
As is well known, starting from May 1, 2015, the EB-5 industry has faced visa backlogs. Over the past two years, the backlog issue has been a focal point of discussion among investors born in mainland China and the majority of EB-5 industry professionals.
Mr. Charles Oppenheim also reviewed the progress of EB-5 visa backlogs over the past three years: since the onset of backlogs on May 1, 2015, the backlog advanced by 228 days in 2015; 97 days in 2016; and 101 days in 2017 (as of November 2017) (if we consider the 14-day advancement in December, the total advancement for 2017 would be 115 days)). [Please note that this refers to the calendar year, not the fiscal year]
It can be seen that although the situation regarding backlogs is severe, it is reassuring that the feared stagnation or regression of backlogs has not occurred.
Proposals to Address Visa Backlogs
Mr. Charles Oppenheim emphasized from the perspective of the Visa Office that the one-time use of historical 'unused visas' is a solution to the backlog issue. According to statistics, there are at least 90,000 family-based visas that have not been used, and at least 130,000 employment-based visas that remain unused. It is noteworthy that there is a precedent for reactivating unused visas: in 2000, the American Competitiveness in the 21st Century Act ("AC 21") stipulated the reactivation of 130,000 unused employment-based visas for employment immigration applications. Therefore, if this proposal is reactivated to address the EB-5 backlog, the situation of tight quotas will be completely alleviated.
At the same time, we also revisit previously proposed legislative solutions to address the backlog. Senator Rand Paul's S.727 proposal from Kentucky and the "EB-5 Comprehensive Reform Act" draft proposed by Texas Senator and Senate Majority Leader John Cornyn in April 2017 have attempted to address the backlog issue legislatively, specifically stating that EB-5 visa quotas do not count towards the principal applicant's spouse and children (only counting the principal applicant). If calculated based on an average family size of 2.7 visa quotas, this means that the number of EB-5 application quotas would increase by 2.7 times. If this proposal is implemented, the backlog issue is expected to be resolved.
Additionally, regarding the backlog issue, many solutions have been proposed at the administrative level in the United States, which we will not enumerate here. However, it is clear that the U.S. Congress, the U.S. Department of State Visa Office, and others have recognized the importance of the backlog issue. We believe that the EB-5 backlog issue will ultimately be fundamentally resolved.
Due to the "first-come, first-served" principle applied to mainland Chinese applicants under the EB-5 program, in the context of a hopeful resolution to the backlog, the only solution for investors intending to immigrate to the United States is to: choose high-quality projects and submit applications as early as possible to secure a more favorable "priority date" for EB-5 visa issuance! Do not miss the opportunity due to hesitation.
Currently, the U.S. EB-5 Regional Center Program is set to expire on December 8, and investors can still seize the last chance for low-cost investment immigration to the United States at $500,000. The two high-quality EB-5 projects currently offered by the WorldWay Immigration Group will assist investors in seizing the final opportunity before "12.8". We advise investors intending to immigrate to the United States to take advantage of the last policy dividend period.
Dallas Project 1
Located in the "Economic Growth Engine" of the United States, the city of Dallas is hailed as the "2017 EB-5 Diamond Project"
Click to view details of the Dallas Project 1
Together we create brilliance, celebrated for 20 years!
On the occasion of the 20th anniversary of the WorldWay Immigration Group, to express gratitude for the support and trust of new and old clients over the past 20 years, we are launching the "WorldWay Group 20th Anniversary Celebration, Gratitude and Generous Rewards" event from now until November 12, 2017. During this period, the WorldWay Group will offer numerous significant discounts to share joy with investors. For details, please call: 400-138-2929.