Overseas investors rush for processing EB-5 visas as April 28 deadline comes closer
As the immigrant visa program, EB-5 visa is getting closer to its deadline of extension; there is a downpour of applications of the overseas investors who intend to avail this US economic visa. Meanwhile, the US Congress members are discussing to have a permanent legislation for this category of immigrant visa that expires on April 28, 2017.
While the budget discussions are about to commence in the US Congress, its members are also keen to have a permanent solution to the issue of extending the deadline every now and then, quotes Co Star.
On the other hand, diverse overseas immigrants and developers who are worried regarding the future outlook of this visa program are applying in huge numbers to avail the visa in its existing form as the April 28, deadline comes closer.
It is being anticipated that the EB-5 visa might be modified drastically such as the investment funds being almost doubled.
A bill has been introduced in the US Congress by a staunch supporter of this visa program, Rand Paul to re-extend the EB-5 visa program prior to its expiry and to enhance the numbers of immigrants based on the employment across the world.
EB-5 is managed and governed by the Department of Homeland Security’s U.S. Citizenship and Immigration Services. The EB-5 was authorized by the US Congress in the year 1992. But the Government Accountability Office has said that the program failed to achieve the desirable results owing to the arduous process of application.
In the year 2011 changes were introduced by the USCIS to increase the interest of the investors in the EB-5 visas that resulted in a downpour of applications. Top developers that include Silverstein Properties of the NYC encouraged the creation of their own regional centers for distinct projects. On the other hand, auxiliary firms used the EB-5 investments for extending financial support to the project of Hudson Yard redevelopment.
The latest extension to the EB-5 visas was approved by the US Congress in December 2016 and also the resolution to fund the operations of the federal government until the end of April.
Ever since then several proposals to curb or end the visa program have been tabled in the US Congress. The most prominent amongst these was the bill presented by Dianne Feinstein, the Democrat Senator from California and Chuck Grassley the Republican Senator to end the EB-5 visas.
Thomas T Demery, the veteran in the multifamily housing sector who has deliberated for availing EB-5 investments for regional centers and projects in Kentucky, Washington DC and Florida has observed that there has been an increase in the number of investors from China for availing the EB-5 visas prior to the deadline of April 28, 2017.