Recently, Mr. Ronald Klasko, a long-time friend of WorldWay, visited the WorldWay Group twice. He held meetings with Dr. Winner Xing, Chairman of WorldWay Group, and Ms. Li Ma, Vice President of WorldWay Group. The two parties engaged in in-depth discussions regarding the EB-5 reform, a topic of mutual concern, and the issue of visa retrogression, which is of particular interest to Chinese investors.
Former Chair of the IIUSA EB-5 Committee and renowned U.S. immigration attorney Mr. Ronald Klasko (center) pictured with Dr. Winner Xing, Chairman of WorldWay Group (right), and Ms. Li Ma, Vice President of WorldWay Group (left).
Mr. Ronald Klasko stated that after December 8, the U.S. EB-5 investment immigration program might face another short-term extension, but this extension will not be long, and it is expected that the new legislation will be passed by the first quarter of 2018 at the latest. This is because if the new legislation fails to pass, the highly restrictive administrative regulations proposed by the USCIS, which have already been publicized, will take effect. This is a scenario that neither the urban nor rural factions wish to see, so the new legislation will certainly be passed in advance.
So, what impact will the new legislation have on visa retrogression? Mr. Ronald Klasko indicated that retrogression involves the issue of immigrant visa quotas and is tied to comprehensive immigration reform. The new legislation will not completely resolve the retrogression issue in a short period, but he emphasized that the provision regarding reserved visa quotas for "Urban Priority Investment Areas" and "Rural Areas" will almost certainly appear in the new legislation.
During the meeting, Dr. Winner Xing, Chairman of WorldWay Group, mentioned that WorldWay is about to launch a new project in December that meets the definition of an "Urban Priority Investment Area"—Manhattan 9. Mr. Ronald Klasko highly praised this, considering it a very smart approach; under the current circumstances, "Rural" or "Urban Priority Investment Area" EB-5 projects will inevitably be favored by investors.
Mr. Klasko specifically emphasized that retrogression only addresses the speed of processing, but it does not necessarily guarantee U.S. permanent residency or the return of capital. Therefore, one must be cautious when selecting projects, focusing on high-quality selections and paying attention to the fundamentals of the project, such as job creation.
Dr. Winner Xing, Chairman of WorldWay Group, praised Mr. Ronald Klasko as a famous U.S. immigration attorney and a prominent figure in the U.S. investment immigration industry. Whenever there is a major change in the EB-5 program, Mr. Ronald Klasko provides authoritative and forward-looking insights to guide the development of the EB-5 industry.
During this meeting, Dr. Winner Xing, Chairman of WorldWay Group, and Mr. Ronald Klasko also reviewed their many meetings and exchanges since 2009, as well as the deep friendship they have built over the years. Dr. Winner Xing, Chairman of WorldWay Group, stated: The achievements of WorldWay Group over these years are inseparable from the guidance and assistance of Mr. Ronald Klasko.
Finally, the two parties held a detailed discussion on the issues to be faced after the new U.S. EB-5 investment immigration legislation takes effect. Dr. Winner Xing, Chairman of WorldWay Group, expressed his heartfelt gratitude to Mr. Ronald Klasko and looks forward to their next meeting. For more details, please call our consultation hotline: 400-138-2929.