The EB-5 Visa Program is one of the paths a foreign national can take to obtain a green card and become a permanent resident of the United States of America. The EB-5 program primarily attracts wealthy families and high-net-worth individuals who want to live in the United States.
Of late, there have been several policy changes in the EB-5 program. Nicholas A. Mastroianni, President and CMO, of the U.S. Immigration Fund (USIF) in an exclusive interview with Financial Express Online shares key insights into the EB-5 program and why it is the most popular route to obtaining US permanent residence.
What do you think are the recent policy announcements by the USCIS that have made the EB-5 program more attractive for Indian investors?
The USCIS has rolled out several enticing updates for the EB-5 program. The introduction of concurrent filing enables investors, especially those on F-1 or H-1B visas, to simultaneously pursue their Green Card alongside their EB-5 applications, offering interim benefits like work authorization and travel documents.
The EB-5 Reform and Integrity Act of 2022 significantly strengthens the program’s integrity and transparency, enhancing investor protections with stricter background checks and improved oversight. Additionally, investments in Targeted Employment Areas are now fast-tracked, expediting the process. The two-year minimum investment mandate clarifies investor commitments, and the creation of reserved visas under the 2022 Act accelerates the process for new investors.
In October 2023, USCIS revised its policy on the minimum investment period required for EB-5 visa applicants. What is the investment period now and how does it impact the investors?
The USCIS’s October 2023 policy revision has redefined the EB-5 investment landscape. The new regulation stipulates a clear two-year investment requirement, starting from when the funds are infused into the job-creating entity. This policy brings much-needed clarity and stability, ensuring that investors can be eligible for a Green Card post a two-year job creation period. It’s a significant stride towards enhancing the program’s efficiency and integrity.
Recently, they have introduced the online visa application system. How do you think it will enhance the visa processing speed?
The launch of the online visa application system is a game-changer, poised to accelerate visa processing significantly. This digital move streamlines the entire process, reducing processing times, enhancing accuracy, and providing real-time application status updates. It’s a leap towards modernizing the visa system, ensuring faster approvals and a smoother experience for applicants.
2023 has seen a notable uptick in the EB-5 visa application processing speed. There’s been a surge in Form I-526 approvals, indicating quicker processing of both new and existing applications. The acceleration is particularly evident in the processing of I-526E applications within the set-aside categories, with some approvals happening in under three months. This marks a significant improvement in processing efficiency, balancing speed with thorough evaluation.