On May 19, 2011, U.S. Citizenship and Immigration Services (USCIS) proposed changes to the Investor Program, which is commonly referred to as the EB-5 Program. The purpose of the new proposals is to streamline the process for immigrant investors. President Barack Obama’s administration is committed to improving on the current legal immigration system, in an effort to meet economic and national security needs in the 21st century.
Under the EB-5 Program there are 10,000 visas available each year to immigrant investors, when they invest in businesses that create at least 10 jobs for U.S. citizens or permanent residents.
The EB-5 Program was created by Congress in 1990 to attract potential investors and businessman from around the world to create jobs in the United States. “We are dedicated to enhancing this program to ensure that it achieves that goal to the fullest extent possible” said by USCIS Director Alejandro Mayorkas.
There are three fundamental changes being proposed to the way EB-5 applications are processed. The first being a proposal to accelerate the processing of applications for job-creating projects that are completely developed and ready for implementation. USCIS will allow such applicants to request Premium Processing Service (for an additional fee) that would guarantee processing of their cases within 15 calendar days.
The second USCIS proposal is to create new specialized intake teams that have expertise in economic analysis and the requirements of the EB-5 Program. These intake teams will be able to communicate directly with the applicants to streamline the resolution of issues and address questions quickly.
The third USCIS proposal is to assemble an expert Decision Board to make decisions regarding applications processed at the EB-5 Regional Center. Under this proposal the teams would be made up of an economist and adjudicators and will also be supported by legal counsel.
For more information on the EB-5 Program or any other U.S. or Canadian immigration matters, contact our Law Firm, Mann Law at (905) 565-5770 or by email to: firstname.lastname@example.org
Disclaimer: The above article is not a legal opinion as every case is different and is only for general awareness. Please contact us for specific questions and legal advise.