A 2022 Yearly Glimpse at the US EB5 Golden Visa
February 5, 2023
The year 2022 was pivotal for the EB-5 immigrant investor program, as it saw the implementation of significant regulatory improvements that would increase program transparency and foreign investor security. Residents of the United Arab Emirates and other Gulf nations remain to express strong interest in the US golden visa program. We estimate that the EB-5 program will continue to be in great demand in 2023 and will be the most popular path for immigration to the United States.
How Does the EB-5 Program Work?
The EB-5 program was established in 1990 by the United States Congress to facilitate the immigration of foreign nationals to the United States in exchange for a minimum investment of $800,000 in a project authorized by the federal government. The principal applicant's spouse and unmarried minor children will also be granted permanent residence and green cards. It will give them full rights to work, live, and travel in the United States. After the investment period ends, which is usually about five years from the investment date, the investor receives their original investment amount back.
Significant EB-5 Program Improvements in 2022
The program saw numerous significant changes in 2022, including the approval of the EB-5 reform and integrity act (RIA) in March. The new law introduced more monitoring of main stakeholders in the EB-5 business, increasing the safety and openness of the program for investors. Significant changes include a 5-year reauthorization that would ensure the program's continuity, concurrent filing that will enable EB-5 applicants to work and live in the US while their cases are being reviewed, innocent investor safeguards, increased security via tighter government control, and the introduction of reserved visa categories that will allow for quicker processing of EB-5 applications.
The program's renewal authorization for another five years is evidence of the government's faith in it and its ability to boost the US economy. Moreover, the RIA included a grandfathering clause that ensures USCIS would continue to review applications submitted on or before September 30, 2026, even after the EB-5 program has ended. Existing investors are reassured by the grandfathering clause because their files would only be handled according to USCIS's rules and regulations placed when they submitted them. It effectively ensures that current EB-5 investors will be unaffected by any modifications to the program made by future legislation. Existing investors, for instance, may get their US Green Cards for an $800,000 investment without paying any additional fees in the event of a price rise.
While USCIS processes their green card petitions, EB-5 investors may now live, work, and go to school in the country because the RIA introduced concurrent filing. U.S. permanent residents interested in investing in the EB-5 program may now submit their application and their adjustment of status petition (Form I-485) at the same time (Form I-526E). Concurrent benefits families since it allows them to settle in the United States without waiting for everyone to get their green cards.
Financial Security for Unknowing Investors
The RIA offers safeguards for current EB-5 investors of good faith. Existing EB-5 investors have six months to locate a new project sponsor or participate in another project if their original project or business is canceled. Consequently, this loophole still permits honest investors to benefit from the program's immigration advantages and gain permanent residency in the United States.
Latest EB-5 Visa Classification
The EB-5 program introduced visa set-asides. According to the RIA, each fiscal year there are a total of 10,000 EB-5 visas available, with 10% set aside for investors in high-unemployment regions, 20% set aside for investors in rural areas, and 2% set out for investors in infrastructure projects. The EB5 application process is now open and accepting new investors in reserved categories. Therefore, no new customers who fall under one of these protected groups will be penalized for submitting late.
The Outlook for 2023
Given the positive regulatory adjustments that have boosted the program's allure to international investors, we foresee a rise in demand for the US golden visa in 2023.
Note: This website's material is provided for informational purposes only; it does not represent legal or financial advice. Only a certified professional with a complete grasp of all the facts and circumstances surrounding your particular case can give legal or financial advice. Before applying for the EB-5 program, you should consult with a visa attorney who specializes in legal, immigration, and financial matters.