EB-5 visa

rdf:langString EB-5 visa

rdf:langString The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program, created in 1990 by the Immigration Act of 1990, provides a method for eligible immigrant investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a business in the United States that will employ at least 10 American workers. Most immigrant investors who use the EB-5 program invest in a targeted employment area (TEA)—a rural area or area with high unemployment rate in order to invest less capital. The EB-5 program is intended to encourage both "foreign investments and economic growth." The EB-5 Immigrant Investor Visa Program is one of five employment-based (EB) preference programs in the United States. Applicants traditionally had the choice of investing directly or through a "larger investor pool via regional centers (RC)", which are federally approved third-party intermediaries that "connect foreign investors with developers in need of funding, and take a commission." Regional centers are usually private, for-profit businesses that are approved by the U. S. Citizenship and Immigration Services (USCIS) which is part of the Department of Homeland Security. By May 1, 2017, there were 883 USCIS-approved regional centers and by 2014 the "vast majority" of EB-5 visas were "granted through regional center[s]." By 2015, the EB-5 program had become an "important source of capital for developers" and for the regional centers. If an EB-5 investment is made in a regional center, the jobs may be created indirectly through economic activity, as opposed to a direct investment. As of April 23, 2020, 78,278 investors have applied for the EB5 program. Most investors—about 80 percent—come from four countries: China, South Korea, Taiwan and the United Kingdom. Large numbers of applicants have also come from Vietnam, India, Brazil, Mexico, and Nigeria. In 2014, 85% of the 10,692 EB-5 visas issued were for Chinese nationals according to a study by Savills Studley, a "real estate services firm." On December 20, 2019, President Trump signed a law extending the Regional Center Program through September 30, 2020. On March 15 2022, President Biden signed a law extending the regional center program through September 30 2027.