Recently, the "Top 10 Immigration Events of 2017," exclusively and authoritatively released by WorldWay Group, has garnered widespread attention from the industry and numerous domestic media outlets. Major platforms such as Sina, Phoenix New Media, NetEase, and China.org.cn have reported on it, making it a major focal point both within and outside the industry.
2017 was an extraordinary year for the immigration sector. The U.S. EB-5 Regional Center Program was extended five times, the U.S. withdrew from the Global Compact for Migration and tightened immigration policies; Canada saw continuous favorable policies for naturalization; the European refugee crisis eased, and the economy recovered steadily; the CRS led to a surge in Commonwealth passport programs, and hurricanes triggered a wave of price reductions for various Commonwealth passport programs.... Amidst the wave of global diversified asset allocation and frequent policy changes across countries, what preparations should we make? Understanding these highly anticipated major immigration events is essential. The following is the original text of the "Top 10 Immigration Events of 2017" exclusively and authoritatively released by WorldWay Group. Let us review these "Top 10 Immigration Events of 2017" that have received significant attention from both the industry and investors.
1. U.S. EB-5 Regional Center Temporary Program Extended Five Times
The "U.S. EB-5 Regional Center Temporary Program" expired on September 30, 2015. After two extensions in 2016, the industry originally expected a final resolution in 2017. However, due to the inability of various U.S. sectors to reach a consensus, the program was extended five times without any changes until January 19, 2018. The repeated extensions of the EB-5 Regional Center Temporary Program have brought uncertainty to the future development of EB-5 investment immigration and have had a significant impact on the EB-5 investment immigration market. Today, the game between all parties regarding the reform of the EB-5 Regional Center Temporary Program has entered a white-hot stage, and the official introduction of the EB-5 Regional Center Program may not be far off!
2. U.S. EB-5 Investment Immigration Visa Backlog Becomes a Key Industry Concern
The U.S. EB-5 investment immigration visa operates on a quota system. By law, approximately 10,000 visa quota slots are available for EB-5 investment immigration annually. Before 2015, the number of applicants for U.S. immigration through the EB-5 visa category had not exceeded 10,000 per year. However, with the surge in applicants, applicants born in mainland China began to face backlogs starting May 1, 2015. The industry hoped that the 2017 EB-5 Regional Center Program reform would pass and resolve the backlog, but the bill has yet to be finalized, and the backlog issue has become the biggest obstacle on the path of EB-5 investment immigration. Currently, the focus of investors on EB-5 investment immigration has shifted from price increases to backlogs, and the U.S. EB-5 investment immigration visa backlog has become one of the issues of concern for the industry and investors.
3. U.S. Officially Withdraws from the Global Compact for Migration and Tightens Immigration Policies
Since taking office, Trump has gradually fulfilled his campaign promise of "America First" and began to tighten immigration and visa policies: building a wall on the U.S.-Mexico border, cutting funding for asylum seekers, signing travel bans, strictly reviewing visa applications, tightening the H-1B visa program, canceling the "Deferred Action for Parents of Americans" program, tightening the number of legal immigrants and refugees, expanding the scope of visa application interviews, cracking down on overstays, planning to cancel work permits for H-4 visa holders, and planning to abolish the DACA (Deferred Action for Childhood Arrivals) program, etc. Because many terms of the "Global Compact for Migration" were inconsistent with the immigration policy principles of the Trump administration, it ultimately led to the U.S. withdrawal from the "Global Compact for Migration." From 2005 to 2016, among the 13 million immigrants absorbed by the U.S., nearly 9.3 million came to the U.S. through family-based immigration. One of the purposes of Trump's withdrawal from the "Global Compact for Migration" is to shift from a "chain migration" system to a "merit-based immigration" system. The Trump administration's continuously tightening immigration policies became a major focus of the Chinese and foreign immigration circles in 2017.
4. The 3rd U.S. Immigration Month Successfully Held, Continuing to Cause a Sensation
In June 2017, WorldWay Group successfully held the 3rd U.S. Immigration Month in China, which greatly promoted non-governmental immigration cultural exchanges and economic and trade cooperation between China and the U.S. As the highlight of the 3rd U.S. Immigration Month, the 2017 Overseas Investment Summit Forum was also successfully held in Beijing and Shanghai on June 17 and 18, 2017, attracting many guests including Chinese and foreign dignitaries, economists, famous entrepreneurs, investment experts, tax experts, authoritative figures in the immigration industry, and over two thousand investors. From the first U.S. Immigration Month in 2015 to the third in 2017, each U.S. Immigration Month has attracted the active participation of people from all walks of life in China and the U.S., and it has developed into an annual grand event and a major landmark activity in the immigration industry.
5. U.S. Congress and USCIS Advance EB-5 Regional Center Program Reform
The U.S. Congress and the U.S. Citizenship and Immigration Services (USCIS) are committed to the reform of the EB-5 Regional Center Program from legislative and administrative levels, respectively. Since April 2017, after Senate Judiciary Committee Chairman Grassley and Senate Appropriations Committee Chairman Leahy jointly introduced the "American Job Creation and Investment Promotion Reform Act of 2017" (draft), in October 2017, Senate Judiciary Committee Chairman Grassley joined House Judiciary Committee Chairman Goodlatte to propose the "New, Best and Final Proposal" (i.e., the "2G" proposal), which further revised the original draft bill. The above drafts and proposals have greatly promoted the progress of Congress's reform of the EB-5 bill, and the U.S. Congress's reform of the EB-5 Regional Center Program is imminent. It is expected that the clause regarding the reservation of visa quotas for "Urban Priority Investment Areas" and "Rural Areas" will be retained in the final EB-5 bill.
At the same time, USCIS has also strengthened the reform of EB-5 administrative rules. In January 2017, the U.S. Department of Homeland Security (DHS) officially announced the administrative reform plan for the "EB-5 Regional Center Program"; in June 2017, USCIS announced an update to the "Policy Manual"; in December 2017, USCIS advanced the "final action date" for the EB-5 administrative reform plan from April 2018 to February 2018.
Under the pressure of the extremely stringent USCIS administrative reform plan, Congress may accelerate the reform process of the EB-5 bill. The reform of the EB-5 Regional Center Program is nearing its end, and the introduction of a new bill is just around the corner!
6. Canada Launches Million New Immigrant Plan, Investment Immigration Welcomes Spring
On November 1, local time in Canada, the highly anticipated Canadian immigration quota plan was finally announced. The immigration bureau announced the immigration quota plan for the next three years at once, which are: 310,000 in 2018, 330,000 in 2019, and 340,000 in 2020, showing an increasing trend year by year. Once this Canadian quota plan to accept nearly one million new immigrants in three years was released, it caused a sensation in the entire immigration industry. It is hailed as a "historic immigration quota plan" and will lead Canadian immigration into a comprehensive golden age.
7. Highly Anticipated Canadian Bill C-6 Takes Effect, Shortening Immigration Naturalization Time
In June 2017, the Canadian Citizenship Act C-6 amendment bill, which was highly anticipated by the industry and investors, was finally passed by the Senate after many twists and turns, and officially took effect on October 11, 2017. The main contents of the C-6 bill include: shortening the time for naturalization; allowing minor immigrants to apply for naturalization on their own; lowering language requirements; reducing tax reporting time; canceling the intent to reside in Canada; the government has no right to cancel a citizen's Canadian citizenship unless the application process is fraudulent, etc. This means that Canada's immigration naturalization policy has been relaxed, and it will be simpler and faster for new immigrants and international students to apply for Canadian citizenship in the future.
8. European Refugee Crisis Eases, Investment Immigration Heats Up Significantly
In 2017, the sails of Europe were once again in a favorable wind. As the number of refugees landing in Europe in 2017 dropped significantly, the European refugee crisis was eased, coupled with the steady recovery of the European economy, Europe once again welcomed valuable development opportunities. This allowed many investors to see the huge investment potential of Europe, prompting the European investment immigration market to heat up significantly. European countries such as Greece, Portugal, Cyprus, Spain, Ireland, and Malta have become highly sought after for immigration, setting off a European immigration whirlwind.
9. The First Year of CRS Begins, Prompting a Surge in Commonwealth Passport Projects
In 2017, the CRS entered the operational phase, and the first year of CRS began, prompting Commonwealth passport projects such as Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, and Vanuatu, which have the function of tax exemption on global income, to be highly sought after by high-net-worth individuals. At the same time, heads of government of many Commonwealth countries personally came to China to promote immigration projects. For example, the Prime Minister of Saint Lucia and the Prime Minister of Dominica have met with senior executives of Chinese immigration agencies many times, and participated in the Prime Minister and Investor Tea Party held by Chinese immigration agencies, which promoted the popularity of Commonwealth passport projects. Under the background of CRS global taxation, Commonwealth passport projects have become one of the most popular passport projects due to their many advantages such as ultra-low costs (starting from only $100,000), simple application procedures, fast approval, reasonable asset planning, pure British-style education, global mobility, and being a resort and retirement paradise.
10. Caribbean Hurricane Disaster Ignites a Wave of Price Reductions for Commonwealth Passport Projects
In the second half of 2017, affected by the hurricane disaster in the Caribbean region, Commonwealth countries such as Saint Kitts and Nevis, Dominica, and Antigua and Barbuda successively launched new policies for limited-time price reductions for investment citizenship programs: Saint Kitts and Nevis established a new "Hurricane Relief Fund" investment citizenship program, starting from $150,000 to quickly obtain a Commonwealth passport; Dominica's investment citizenship program reduced government application fees and relaxed age restrictions for accompanying dependents; the threshold for Antigua and Barbuda's donation citizenship program was directly reduced by 50%. A limited-time discount on multiple Commonwealth passport projects triggered by a hurricane sparked a buying spree among global investors, and "making a donation can quickly obtain a Commonwealth passport" has become a focus of attention both inside and outside the industry.
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