The EB-5 Visa program was to expire on Dec 7 2018. However, the US has decided to extend it further. They have given Overseas Investors 2 weeks of extra time to avail of the opportunity. The program will now expire on Dec 21 2018.
The EB-5 Visa program has been a highly controversial initiative. The program provides Overseas Investors with an opportunity to acquire a green card. There are 2 criteria for the same.
- Overseas Investors must invest at least $500,000
- They must create a minimum of 10 jobs in the country
In the last 3 years, the EB-5 Visa program has got many extensions. Congress has failed to decide on a permanent measure. Last time lawmakers had extended the Visa program till Dec 7 2018. Ronald Fieldstone, a partner of Saul Ewing Arnstein & Lehr said it would be extended again. It is business for the country. There is no way they would end it in the near future.
The Eb-5 Visa is popularly known as Million Dollars Green Card. Overseas Investors must invest either $500,000 or $1,000,000 in business or projects in the US. The program has been renewed again and again in the past. Trump Administration had even issued a notice to Congress to remove the program. Its aim was to bring a transformed EB-5 Visa program in the future.
The following changes have been proposed to the program -
- The minimum investment amount will increase to $800,000
- The definition of TEA (Targeted Employment Area) will be restricted
TEA is an area where the employment rate is 1.5 times that of a rural area. Congress had nearly 3 months to change the plan, end the existing one and re-launch the program. However, they chose to extend it all over again until Dec 21.
The EB-5 Visa program has faced a lot of issues since it was launched. The demand from China has reduced. Overseas Investors from China were the largest source of this program. The reason is, of course, long wait times. Also, as reported by The Real Deal, many fraud cases involving the EB-5 Visa has been in the news.
In October 2018, the most high-profile EB-5 project was cancelled. Overseas Investors walked away from the project. Reports suggest that nearly 412 Overseas Investors were involved with this. It is the largest EB-5 failure to date.
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