IIUSA analysis points to an increase in qualified funds raise and projected job creation
According to an IIUSA analysis of data released by the United States Citizenship and Immigration Services, foreign direct investment (FDI) through the EB-5 program totaled over $1.4 billion dollars in the third quarter of FY2015. This represents a 45 percent increase over the second quarter of FY2015 and a 153 percent increase over the third quarter of FY2014
Since the beginning of FY2015, EB-5 investments have contributed $3.2 billion in FDI-- a 61.8 percent increase over the first three quarters of FY2014. And, for the first time, the number of pending EB-5 petitions has decreased compared to the previous quarter. There are currently 13,117 petitions pending, representing over $ 6.5 billion in potential FDI.
Under EB-5, a program created by Congress with broad bipartisan support, foreign nationals who invest between $500,000 and $1,000,000 in approved U.S. businesses are eligible for permanent residency if the U.S. government confirms that their investment created at least 10 American jobs within two years of the investment.
"Well over $1 billion in FDI per quarter is a great accomplishment for the EB-5 industry – and a big boost to economic development projects across the country. This level of investment demonstrates the integral role EB-5 is playing in development finance capital markets," said IIUSA Executive Director Peter D. Joseph. "We are also pleased to see that the number of pending EB-5 petitions is decreasing. This means that USCIS has continued to focus on processing these applications efficiently which increases stakeholder confidence in the program."
With the Program's September 30th "sunset" date quickly approaching, a growing number of supporters are joining advocacy efforts supporting reauthorization. Both the U.S. Conference of Mayors and the National Association of Counties recently adopted resolutions affirming their support for the Program, and over 760 organizations have signed IIUSA's "EB-5 is Working" letter urging Members of Congress to pass reauthorization legislation. Reauthorization is critical to ensure that billions of investment dollars are available to create U.S. jobs and revitalize communities across the country.