A controversial visa program that was created in 1990 is being revamped by President Donald Trump and his administration. The program, which provides visas for foreign investors, will see an increase in the amount of money required to invest in order to obtain the visas.
The previous limit was $500,000. The new limit will be $900,000 in order to secure an EB-5 investor visa. The standards that govern what a needy neighborhood is will also be updated to prevent investors from picking areas that border affluent neighborhoods for their own benefit.
Non-Needy Area Investments
If a foreign investor wishes to invest in a project in a non-needy area, the investment limit will increase from $1 million to $1.8 million and will adjust for inflation automatically every five years, according to a report from The Washington Post. All of these changes will take effect beginning on November 21, 2019 and are the first major changes to the program since 1993, when it was just three years old.
The Old Investor Visa Rule
Under the old requirements, an investment of $1 million was required to bring at least 10 new jobs to a non-needy area. A $500,000 investment was required for a project that would be located in areas of high unemployment rates. In exchange for the investments, the foreign investors would receive conditional green cards for themselves and their immediate family members for two years.
The New Investor Visa Rule
As mentioned earlier, the limits will increase under the new rule. The new rule also eliminates the ability for an individual state to determine which specific geographic and political areas are labeled as high unemployment. Instead of the state making this determination, the Department of Homeland Security would make the determination.
Avenues to Adjust Immigration Status Limited
At the same time that the EB-5 visa program is being revamped, the Trump Administration is working toward limiting the avenues immigrants have in changing their status, therefore keeping their promise to limit legal immigration at the same time that they work to curb illegal immigration. It is important to learn about your options as soon as possible.
Do You Have Immigration Questions? Contact an Experienced Immigration Services Attorney Today!
If you have questions about immigration, or how to obtain the EB-5 investor visa, it is in your best interest to speak with an experienced immigration services attorney. Call or text the office of The Benkabbou Law Firm, PLLC at 813-586-3351 to schedule a consultation today.