One week extension is given to US EB-5 visa
Posted on May 18, 2017
In order to facilitate the US Congress to discuss reforms for the EB-5 Investor program, the visa has been given an extension of one week. It was earlier scheduled to expire on April 28, 2017.
The EB-5 visa program has been preferred by large number immigrants from India and China in the recent years. It has however of late come under the scanner of the US Congress.
It has been reported by the American Bazaar that the extension given to the EB-5 visa was as per the continuing resolution that was approved by the US Senate and House on last Friday.
Arnstein & Lehr’s Ronnie Fieldstone has said that the EB-5 visa will be reauthorized without any major changes this time. However, it is likely that the US Congress will revamp the visa prior to the conclusion of this fiscal year on September 30th.
The reason for a one-week extension given to the EB-5 visa is that the US Congress did not have adequate time to discuss the inclusive reforms to the visa program that brings in foreign investment into the nation as well as creates jobs.
In order to obtain the EB-5 visa an investment of 500, 000 to one million dollars is required from the applicant. This visa eventually is a pathway for securing green cards for the investor as well as his entire immediate family.
In the recent years, the visas have evoked concerns amongst the Democrats as well as opponents of hard-line GOP immigration owing to Chinese availing the majority of the EB-5 visas.
Bills for redefining the EB-5 visas have been introduced in the US Congress by Republican senators in January and March 2017.