5 Reasons Why It's a Great Time to Apply for an EB-5 Visa
Calvin Azadi
Before we begin, a quick summary of the EB-5 Immigrant Investor Program: the EB-5 visa gives foreign nationals who invest a minimum of $800,000, the chance to gain permanent residency (a Green Card) in the United States.
“$800,000 minimum - that’s a lot of money!”, you may be thinking. We know! Nevertheless, if you do have access to these kinds of funds and you would like to live in the US, we’ve got great news for you. Due to recent changes made to the EB-5 visa program that are currently in effect, now is the perfect time to apply. Let us explain…
Here are 5 reasons why it’s a great time to apply for an EB-5 Visa:
Faster Processing Times
Remain in the US While Your Application is Reviewed
Comparatively Low Investment Costs
Larger Number of Projects Available
No Nationality Restrictions
Faster Processing Times
For those looking to invest in a business located within a Targeted Employment Area (an area of high unemployment), a Rural Area, or in an Infrastructure Project (highways, roads, etc.), EB-5 visa processing times are currently the fastest they have been in a long time.
Due to the economic benefits these projects bring to the US, these kinds of applications are currently being given preferential treatment, thus processed quicker by USCIS. In fact, new Immigration Officers have been hired solely for this purpose!
In recent months, we have seen approvals for these types of projects obtained in as few as 9 months (!), with USCIS aiming to reduce processing times to 6 months in the near future and, eventually, to 90 days.* This is a huge improvement to the heavy USCIS backlogs associated with other kinds of EB-5 business projects.
*Disclaimer: processing times are not guaranteed. These change over time depending on the Department of Homeland Security, and vary on a case-dependent basis.
2. Remain in the US While Your Application is Reviewed
Following a Congress meeting to discuss the EB-5 visa program in late 2022, it was decided that applicants from almost every country* may now immediately apply for a Green Card (Adjustment of Status) alongside their initial EB-5 application. This is a game changer!
Practically speaking, this not only speeds up the overall process, but also means that applicants can now live in the United States throughout the time their case is being reviewed, rather than having to reside abroad until they receive an approval, which was the case in the past.
NB: applicants must still wait to receive their Travel Permit and EAD (Employment Authorization Document) before they are permitted to work in the US and travel abroad.
*Chinese and Indian nationals are currently excluded from this.
3. Comparatively Low Investment Costs
As previously mentioned, the current minimum investment sum for an EB-5 visa is $800,000 (in a targeted employment area (TEA), a rural area, or for an infrastructure project). For all other projects, this sum is usually around the $1.05 million mark.
This is a significant reduction in comparison with past figures, under the Trump administration, for example, when minimum sums were $900,000 and $1.8 million, respectively.
These minimum investment costs are subject to change and fluctuation; that’s why we’re encouraging eligible clients to take advantage of these comparatively low sums, before likely future increases!
4. Larger Number of Projects Available
When it comes to the EB-5 visa, there’s nothing more important than feeling confident in the project you’re putting your hard-earned money into. The good news? The number of government-approved projects available for potential EB-5 investment is currently higher than ever. This wide array of choice allows applicants to be selective and choose the perfect project for them.
One of the reasons there are so many options available may be because bank interest rates are currently high; this makes it more attractive for developers to seek foreign investment, as opposed to borrowing from the bank. These high interest rates are, of course, subject to change, so it’s important to take advantage and strike while the market is hot!
Whether you wish to invest in an external, government-approved project or start your own business, the EB-5 visa offers an opportunity for everyone. Click here to learn more.
5. No Nationality Restrictions
Any passport holder, from any country in the world, can apply for an EB-5 visa, making it one of the only US visas with zero nationality restrictions. This is, of course, a huge benefit.
Applicants from China and India are also currently benefiting from shorter wait times if they choose to invest in the types of projects listed in Point 1 (targeted employment areas, rural areas, or infrastructure projects). Historically, due to high numbers of applicants, these nationals have been restricted by long visa bulletin wait times of between 5-10 years; these are being waived for the aforementioned projects.
For more information on what the EB-5 application process entails and what types of projects you could get involved in, please visit our full information page here. If you’d like to get in touch with us to discuss a potential application, please do so here.