The EB-5 investment immigration program has been in existence for 27 years since its inception in 1990. During this period, it has evolved from initial difficulties in promotion to being widely accepted by investors outside the United States, and even becoming a highly sought-after option for Chinese citizens in recent years. However, the current controversies and various issues surrounding the program have led many to ask: Can the EB-5 program continue? The EB-5 program is currently extended until January 19, 2018; what will happen after that?
Regarding the review of EB-5 projects: Given the fraud scandals that have emerged in EB-5 projects over the past 2 to 3 years, the USCIS will implement increasingly stringent approvals for the projects themselves. It is understood that USCIS officials and economists have begun to interact fully and train each other, which allows for professional-level scrutiny from the initial review stage of the projects. USCIS officials are also continuously following up and conducting site visits based on the plans, budgets, and project schedules provided by the project developers. Such site visits will become more frequent next year. It will be difficult for projects that fail to implement according to their business plans to continue to conceal issues or remain viable.
Regarding the increase in investment amounts: Looking at popular immigration destinations globally, the threshold for the United States is already the lowest, and it has remained at $500,000 to $1 million while other countries have increased their investment requirements. Although the US has been talking about increasing the amount for several years, it has remained at the original price point. Attorneys believe that an increase in the EB-5 investment amount in 2018 is inevitable. Although the EB-5 program is currently extended until December 8, 2017, the government is unlikely to take major action at the end of the year or the beginning of the year. It is very likely that the bill will be extended until around April 2018, after which the investment amount will be increased. As for the specific amount, it depends on the final results of the Congressional discussions.
Regarding the visa backlog: The backlog is a very serious issue currently facing Chinese investors. The US government allocates a total of 10,000 visas globally for EB-5 investors, with Chinese investors accounting for 60-80% of this total. Even if all 10,000 visas were issued to Chinese investors, it would not be enough to accommodate the tidal wave of applicants from China.
The statistical chart above shows that since 2014, the number of Chinese EB-5 investor families has exceeded 10,000, reaching 16,000 families in 2015. Calculating at 3 people per family, 48,000 visas would be needed in 2015 alone to meet the immigration needs of these investors. Therefore, the backlog will be a very severe problem. Some US lawmakers have proposed changing the 10,000-visa limit to 10,000 families, but this proposal has been slow to pass. If this resolution can be passed in 2018, it will significantly alleviate the pressure caused by the EB-5 backlog.
Regarding age: Many investors are not very clear about how the age of minor children accompanying their parents in an EB-5 investment is calculated. Attorney Hu would like to clarify: the age of a minor child is frozen from the day USCIS accepts the parents' EB-5 investment application. Once the parents' application is approved, the child's age "unfreezes" and begins to count again. When the interview date for the green card quota is reached after the long backlog, if the child has not yet reached 21, they can obtain a green card with their parents. If the child is already over 21, they lose the eligibility to obtain a green card with their parents.
Regarding advice for young investors: In recent years, more and more Chinese students have come to the United States for school, and the vast majority of international students want to continue their development in the US after graduation. This is especially true for students who came to the US at a young age, as they have adapted to American life and are no longer accustomed to life in China. However, due to a lack of planning, it is often too late to start the US immigration process after graduation or when the child clearly expresses that they do not want to return to China. Currently, the Regional Center EB-5 program only requires an investment of $500,000. If parents have plans to send their children to the United States for education, they need to plan in advance. If they can obtain a green card before the child comes to the United States, they can save a huge amount of tuition fees. The child will not have to worry about how to stay in the US, and they will have a wider range of choices when applying for university education. For young students already in the United States, given the current backlog, if parents directly use the child as the primary EB-5 investment applicant, this can avoid the problem of the child exceeding the age limit due to the long future backlog.