The USA has extended its EB-5 investor programme until December 9th 2016, after the popular scheme was due to expire at the end of September.
This is good news for foreigners planning to use the EB-5 program to gain residency in the USA. There have been calls for American Congress to end to the scheme altogether after evidence of being used as a vehicle for fraud, however many lawmakers are of the opinion the program needs reforming. Extending the scheme would indicate Congress would like to keep it, but needs further time to implement necessary reforms.
The EB-5 visa allows permanent residency (Green Cards) for you, your spouse and children under 21 by investing $500,000 in officially approved job creation projects, with most coming through EB-5 Regional Centers. With the EB-5 visa you have the option to take a job, run a business or retire and live anywhere in the USA.
Projects that lend themselves particularly well to EB-5 investments include hospitality projects, such as resorts and hotels, as they employ a lot of staff, depending on the project, in construction, front office, back end staff and management staff. Hospitals, medical care facilities and infrastructure projects are all potentially good EB-5 projects too, assuming they are approved by the US immigration authority.
Since EB-5 was started, it’s attracted nearly $15 billion in mostly Chinese money into construction projects, including the $20 billion Hudson Yards development in Manhattan. EB-5 applicants have also invested in the luxury Resorts World hotel project in Las Vegas. The $4billion first phase of the 3,500-room luxury resort hotel at the heart of the famous Las Vegas strip should create 45,000 jobs.
In total, the EB-5 programme has created more than 85,000 jobs across the USA and generated billions more in business.