Congress reinstated the EB-5 visa

Congress recently renewed the EB-5 visa to grant legal residency guarantees to foreign investors and businessmen.

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EB-5 Visa specifications

The EB-5 visa is the fifth category of employment-based visas. This visa has been available since 1990 and is intended to stimulate the economic development of the US by welcoming foreign investors and qualified businessmen.

This measure was set to expire on June 30, 2021, but Congress pushed for renewal through fiscal year 2027.

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Adjustments to EB-5 Visa requirements

As part of the reactivation of the EB-5 visa, Congress made certain adjustments regarding investment amounts:

• The minimum investment amount in specific employment areas or infrastructure projects went from $500,000 to $800,000.
• For investors in non-determined projects, the minimum investment went from $1,000,000 to $1,050,000.

It should be clarified that the conditions established by Congress will be reevaluated in 2027.

With respect to quota allocations, Congress also approved EB-5 quotas for:

• Rural areas
• Areas of high unemployment
• Infrastructure projects

The conditions also include guarantees that investors will not have difficulties in applying for the Green Card, which grants lawful permanent residency.

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Entrepreneurs celebrate EB-5 renewal

Approximately 80,000 investors who were in limbo are celebrating the reactivation of the EB-5 visa because they can now apply for the necessary documentation without going through arduous bureaucratic hurdles.

In addition, local employers who are currently facing staffing shortages also see the measure as a great relief as they can guarantee the hiring and retention of foreign workers.

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Our team of experts can guide you through your immigration journey

It is no secret that starting an immigration process in the US is not always the easiest task. However, our team of experts really simplifies the process for you and can provide constant accompaniment during your immigration journey. Please don’t hesitate to contact us for a FREE Phone Consultation with one of our expert immigration attorneys.

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