On the evening of December 2, U.S. time, the Senate unanimously passed the H.R. 1044/S. 386 bill. This marks a significant step toward "eliminating per-country visa limits," which is expected to substantially alleviate the visa backlog for EB-5 applicants from mainland China.
In July 2019, the "Fairness for High-Skilled Immigrants Act of 2019" (H.R. 1044), jointly proposed by Democrats and Republicans to eliminate the 7% per-country visa quota limit for all employment-based immigration categories, was passed by the U.S. House of Representatives. At the same time, the Senate also introduced a similar bill, the "Bellevue Green Card Country Limit Act" (S. 386).
Consequently, two versions of the bill to eliminate per-country visa limits emerged in the Senate and the House. After negotiations and compromises between representatives of different interest groups, the revised and merged H.R. 1044/S. 386 bill was unanimously passed by the Senate on December 2, 2020.
As is well known, for a U.S. bill to become law, it must be passed by both the Senate and the House of Representatives and signed by the President. According to standard procedure, the revised and merged H.R. 1044/S. 386 bill will still need to be passed by the House of Representatives again before it can be signed into law by the President. WorldWay Group will continue to monitor the latest progress of the proposal and provide updates as soon as they become available.
As everyone knows, the EB-5 industry has faced a "backlog" since May 1, 2015. Because the EB-5 visa is subject to quota controls, with a 7% limit on green cards for each country, combined with the legal "queue-jumping" by applicants born in other countries, the visa backlog for applicants born in mainland China has been extremely slow. Over the past few years, the backlog issue has been a focal point of discussion for investors born in mainland China and the vast majority of EB-5 industry practitioners.
For investors, if the proposal to eliminate per-country visa limits is finally passed and signed into law, it would mean that EB-5 investment immigration will follow a "first-come, first-served" principle. This would prevent "queue-jumping" by non-mainland Chinese investors, meaning applications will be processed in the order they are submitted, and it will also significantly reduce the waiting time for mainland Chinese EB-5 investors already in the backlog.
Furthermore, based on the current situation, the market is moving in a direction favorable to investors. President-elect Biden has promised to launch a series of immigration-related reforms within his first 100 days in office, such as eliminating per-country limits on employment-based green cards and increasing the number of employment-based visas. We believe that with the joint efforts of all parties, the visa backlog for mainland Chinese EB-5 investors will be alleviated or even completely resolved. Let us continue to wait and see.
Of course, for investors with a rigid demand for U.S. immigration, regardless of whether the proposal passes, one must act early. "Prepare early, apply early, join the queue early, and benefit early" is an unchanging truth!
For those interested in immigrating to the United States, the Yellowstone Club Phase II project, which is highly favored by investors, is an excellent choice to help investors successfully immigrate to the U.S. As one of the few EB-5 projects on the market that complies with the new regulations for the $900,000 low-price investment, this project combines many outstanding advantages, including dual USCIS approval, over-fulfillment of job creation, repayment secured by assets worth five times the investment, and transparent fund supervision, thereby maximizing the protection of investors' interests.
2020 is the Year of Health Planning; prioritize health planning and secure your status first. Good projects do not wait. If you missed the opportunity for $500,000 U.S. investment immigration, do not miss the opportunity for $900,000 U.S. investment immigration. High-quality projects are rare, so book yours as soon as possible. For project details, please contact: Mainland China: 400-138-2929; Hong Kong, China: (852) 2802 8798.
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* The above information is for reference only and does not serve as a basis for investment. Investment involves risks, and choices should be made with caution. *