Bloomberg Article: Revival of the EB-5 Visa Program

Sep 20, 2022 | Investor Visas

The EB-5 visa program coveted by many wealthy overseas investors is being revived after changes aimed at curbing abuses.

The EB-5 visa program has attracted $37 billion in foreign investments since 2008 and the queue of wealthy applicants from China to India is growing.

Earlier this year, the Biden administration signed a law that steps up audits and site visits to deter fraud, while also creating a path for some to skip the backlog of cases if they’re willing to invest in rural areas or places with high unemployment. Roughly 100,000 EB-5 visa applicants with some $15 billion in committed investments had been in limbo since the program lapsed, trade group Invest in the USA estimates.

The fresh rules are unleashing pent-up demand. Bernie Wolfsdorf, WR Immigration’s Managing Partner and a former president of the American Immigration Lawyers Association, said his firm has been working overtime and hiring new staff to adjust to demand from countries like India, which has eclipsed the number of petitions filed from China. Drawing such investors could help prevent a brain drain, since many wealthy emigrants’ children study at top US schools, he said.

Read the entire Bloomberg article here.

Related Posts:

Despite House Decriminalization of Marijuana, Pot for Immigrants Remains a No-No

The U.S. House of Representatives recently joined many states by voting to decriminalize marijuana via legislation that would remove cannabis from the list of scheduled substances under the Controlled Substances Act and eliminate criminal penalties for individuals who manufacture, distribute, or possess marijuana. The “Marijuana Opportunity Reinvestment and Expungement (MORE) Act” would also expunge nonviolent […]

Winter 2016 U.S. Immigration Compliance Travel Advisory

by Avi Friedman and Bernard Wolfsdorf This travel advisory summarizes the main issues and requirements for foreign nationals who plan to travel outside the U.S. to make ensure reentry is as seamless as possible. If unclear, or if your specific situation needs attention, please check with your Wolfsdorf Rosenthal LLP professional prior to departure. Simply […]