EB-5 Visa News: Routine Visa Services at US Embassies and Consulates Beginning Phased Resumption
In the latest EB-5 visa news, the U.S. State Department tweeted that US Embassies and Consulates are starting up routine visa services in phases.
The tweet, from Monday, states: “US embassies and consulates are beginning the phased resumption of routine visa services. The dates for each embassy or consulate will depend on local conditions. We are unable to provide details for each location. Please monitor the embassy or consulate website for updates.”
While they are unable to provide any specific dates as to when different US embassy or consulate locations will resume specific visa services, they will list updates on their website for visitors.
What does this mean for the EB-5 Program?
Due to the recent suspension and limitation of entry on multiple visa categories, lines at the US consulates and embassies may be shorter, meaning that EB-5 investors’ appointments may potentially be moved-up in the line.
The EB-5 Opportunity
The EB-5 Program was not affected by the Presidential Proclamation issued on June 22, 2020 which suspended entry of aliens from multiple visa categories. The EB-5 Program may prove invaluable in the coming months when US businesses troubled by Covid-19 began their recovery journey. Due to a combination of Covid-19, new EB-5 regulations increasing the minimum investment amount, and slow visa waiting times, the number of petitions filed for EB-5 dropped drastically in the latest quarter. There may be a huge opportunity for foreign nationals looking for US green cards through the EB-5 Program.
- Projects that weren’t going to qualify under the EB-5 targeted employment area regulations may change in the near future due to the economic impact Covid-19 has had on major cities including New York City and Los Angeles.
- Processing times may reduce due to uniquely low volumes of petitions at the Immigrant Investor Program Office.
- India no longer faces EB-5 visa retrogression as of the July EB-5 Visa Bulletin.
- New York
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