Following the March 2022 enactment of the EB5 Reform and Integrity Act (RIA), which witnessed major updates to the programme, the EB5 Immigrant Investor Programme has opened up more opportunities for rural investors.
With the new EB5 reforms and policies, investors now have a viable route forward for speedy processing of the EB5 petition over non-rural investors, rural investors can bypass extensive waits caused as a result of visa retrogression which has been an issue for non-U.S. nationals.
The Chief Operating Officer, DC Partners, a real estate development and investment firm in Houston, Acho Azuike, disclosed this during the Houston EB5 and 3invest event in Lagos, meant to connect with potential EB5 investors to the new priority processing investment in Texas Hill and Wine country, America known as ‘The Frederick’.
He explained that the investment plan for the project is $800,000 of which investors can get their approval faster within 12 months, adding that EB5 investment has proven to be a great portfolio diversification investment for an investor who intends to immigrate to the United States.
According to Azuike, “priority processing under the new law only applies to rural EB-5 investments. “Other EB-5 investments are processed within the normal time frames, approximately two years. New applicants, who invest in rural designated projects would benefit from priority processing with six to12 month according to the new reforms. In February 2023, the first I-956F approval for a rural EB-5 project under the new reform was issued by the USCIS under nine months,” he said.
Under the new reform, investors can choose to remain in the U.S. and apply for a Green Card without having to travel and wait in their country of origin. “This ability to adjust your visa status from within the U.S. is stirring interest from potential EB-5 investors with temporary residency currently residing in the U.S. on any non-immigrant visas. This is a huge benefit to families with children, who would like to avoid disruption to their child’s academic schedules and social development.”
Chief Executive Officer, 3invest Limited, Ruth Obih, further explained that the EB5 programme is an investment one can make and get his money back with interest after approval have been made and it’s also an investment for migration into U.S.
“It’s an investment for someone who has the money, and such money must be approvable, it must not be government base money or fraud money,” she said. She disclosed that under the programme attorneys would run a check on the potential investor to ensure the source of fund is genuine.
Obih further urged the Nigerian government to adopt the EB5 programme. She noted that the programme is an employment base visa. She said: “For each investor, the U.S. government create employment for 10 people. This programme was created to increase and improve employment for U.S. citizens.”
The Frederick is a $175,600,000 multi-use development consisting of 200 hotel units, 38 condominium, 220 for-rent multi-family units, and 29,300 square feet of retail space developed by DC Partners, an award-winning real estate development company with a strong track record of developing over 5 successful EB5 projects.
The Frederick aims to utilise the last remaining parcel of land on Main Street to meet the burgeoning demand for hotel, residential, and retail space in Fredericksburg, Texas. The 22-acre parcel has been thoughtfully laid out to achieve an efficient, spacious, and great amenities landmark. Each component will have a distinct design to match the different architectural styles from several areas found in Fredericksburg.