US Golden Visa reauthorisation within 60 days
The general consensus among industry analysts is that the popular US EB-5 Immigrant Investor programme will be reauthorised, says Shai Zamanian, Legal Director at UAE-based immigration consultancy, The American Legal Center
The US EB-5 Immigrant Investor programme was created with the intention of stimulating the US economy through the requirements of job creation for at least ten US persons per application and the injection of $500,000 in investment capital in a new commercial enterprise. In the last decade it has become one of the most popular investment programmes in the Middle East and North Africa Region for families looking to immigrate to the US, primarily due to the host of benefits investors and their families obtain once they get their US Green Cards. Under the programme, participating families can obtain US Green Card and residency for the investor, their spouse, and unmarried children under the age of 21. Once they are Green Card holders they can work and study in the US without the requirements of additional work or student visas.
Since the lapse of the Regional Center programme on June 30, 2021, prospective investors have been unable to file their applications as the programme has no authorisation to accept new applications. As such investors and industry leaders have been eagerly waiting for Congress to reauthorise the Regional Center pilot programme whereby applicants invest passively into the US economy and obtain their Green Cards and US residency. The delay in accepting new applications is primarily due to Congress not passing the government Federal Spending Bill, causing great uncertainty regarding the future of the programme. However, industry experts and top EB-5 consultant, Shai Zamanian, reassure investors that the programme will soon be reauthorised and for a limited time will be reauthorised under the $500,000 rules. For over three decades, the programme has continuously proven to be a pertinent tool in the stimulation of the US economy as evidenced by its growth in demand and popularity. Thus, the importance of the EB-5 programme for the recovery of the US economy is unquestionable, especially during the pandemic.
Although industry experts were not surprised, the recently passed Continuing Resolution to the Federal Spending Bill did not include the renewal of the Regional Center EB-5 programme, which translates into delays in the acceptance of new applications.
However, it is not an indication that the programme will not be reauthorised in the near future. The Continuing Resolution provides the US government with additional time to come up with a final compromised deal that works for both Democrats and Republicans. This means that the EB-5 Regional Center programme is yet to be decided on and will currently not accept new applications.
Among the many changes that the programme has experienced in the past two years, it is the change in required capital investment that has left most investors on edge. On June 23, 2021, the capital investment decreased from $900,000 to $500,000, a tremendous win for investors that had been waiting to participate in the programme but could not afford to do so at $900,000. This limited opportunity was captured by investors who had been in active communication with proactive EB-5 consultant firms such as The American Legal Center. Zamanian, Legal Director of The American Legal Center, says, “We are confident that the EB-5 programme will be reauthorised in the next 60 days, and will be reauthorised under the $500,000 rules for a limited time.” Thus, families looking to apply should start collating their documents and ensure they contact an EB-5 expert to start the process of preparing their file for immediate submission once the programme is reauthorised.
This will likely be the last opportunity for families to file under the $500,000 rules. Based on the attempt by Alejandro Mayorkas, US Secretary of Homeland Security, to ratify the EB-5 programme modernisation rules which placed the programme at $900,000, the US government will ultimately change the programme policy and increase the required capital investment. This would also be in line with the government’s efforts to ensure that the programme is on par with the current inflation rate.
The American Legal Center is a leading EB-5 consultancy firm that primarily assists families in the GCC region with the EB-5 process. They host monthly educational seminars on the EB-5 programme where its Legal Director, Zamanian provides in-depth insights on the various programme trends and projections. The seminars are free for all those who wish to know more on how they can access the US and start the process of carving out their multigenerational future in the US.
We are confident that the EB-5 programme will be reauthorised within the next 60 days, and under the $500,000 rules, for a limited amount of time.”