Nigerian investors have been advised to be swift as the United States of America (USA) gets ready to hike its Employment-Based Fifth Preference Category 1, EB-5 Visa Fee by 270 percent.
Chief Executive Officer of Bradleys International Limited, Olumide Idowu, gave this advice in a press statement on the heels of the completion of EB-5 Immigrant Investor Programme Modernisation’s review by the US Office of Management and Budget (OMB) in June.
The EB-5 Visa Programme is a citizenship program that allows investors and all their immediate family to become a permanent citizen and after six years, so far they engage the right Regional Center and attorney. It affords foreigners an opportunity to bring capital investment into the United States in exchange for citizenship.
According to Idowu, as a result of the review, the investment fee is expected to grow to about $1.35million from the current $500,000 and increase as much as $1.8million from the current $1million rate.
Providing more details, he said: “It is believed that once the final rule is published in the Federal Register, the usual time for a legislative change to take effect in 30-60 days.
“The time to act is now. With the priority dates still in place, any interested investor can still get their petition signed under the old fee if they act now. One major cause of delay in filing for EB-5 is the Source of Funds (SOF).
“It takes two or more months for the attorney to get pass these stages before filing the main petition Form i526. It is pertinent at this point, prospective investors should contact a regional centre and a reputable attorney to get started. For those who can afford the higher minimum investment level of $1.35million and above, it is advisable that they should apply as normal.
“EB-5 will continue to offer the fastest and most straightforward routes to USA permanent residency. While your investment is naturally at risk, our affiliate Regional Center (MCFI) and attorneys (Davies & Associates) are uniquely positioned to help Nigerians assess the risks associated with various projects. This would allow you to mitigate risks to your investment and boost the chances of having your money returned, whether it be $500,000 or $1.35 million.”
The EB-5 Visa Programme was created by US Congress in 1990 by the Immigration Act to stimulate the US economy in exchange for immigrant investors to become lawful permanent residents along with their spouse and children below the age of 21.
It is being controlled and monitored by United States Citizenship and Immigration Services (USCIS).
At the end of 2018,113 Nigerians have signed up for the program with 108 invested in $500,000 in TEA while five invested in $1m non-TEA, as reported by USCIS