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Shipyard EB-5 Program
Future
The rapid growth in the amount of capital raised through
the EB-5 program from Chinese and other investors certainly
demonstrates that the EB-5 program represents a vibrant, healthy
program with strong demand and substantial U.S. benefit in
terms of job creation. On the other hand, the upcoming backlog
represents a substantial burden for Chinese investors and will impact everyone else in the EB-5 industry. Based on Oppenheim’s
prediction, the China backlog will only continue to increase
over time unless Congress changes the law by increasing the
number of EB-5 visa numbers available and/or eliminating the
requirement that derivative family members be included in the
visa quota. The State Department opposes changes by executive
order on legal grounds but does not seem to oppose any change
proposed by Congress. Interested parties should encourage policy makers to take action to address this serious and increasingly
burdensome EB-5 program visa-backlog problem.
golden gate global
EB-5 INVESTMENT FUND
achieved; new developments can be slowed or even cancelled
without a steady influx of investors—this included much-needed hospitals, assisted living facilities and other essential projects
in the national interest of the United States; and, the United
States may lose talented individuals ready to invest and create
jobs in the United States to other countries with faster processing times and less bureaucratic red tape.
★
David Hirson is a managing
partner at David Hirson &
Partners, LLP. There he leads
a dedicated team of EB-5 legal
professionals to provide a full
scope of services for investors,
projects and regional centers.
Colucci, Dillon. “Retrogression for EB-5 Predicted at IIUSA Conference.”
EB5 Insights. Greenberg Traurig, 27 Oct. 2014.
3
Without any relief from Congress, investor family members will continue to count toward visa quotas and limit the
number of actual investors who can immigrate through the
EB-5 program. Currently, only one out of every three EB-5
visas issued is issued to an actual investor, with the rest going
to family members.3 As a result, only about one third of the
potential amount of capital is being raised for investment in
the United States; only about one third of the total potential
job creation—100,000 jobs per year for U.S. workers—is being
David Hirson
Cletus Weber
WWW.EB5INVESTORS.COM
Cletus Weber is cofounder and senior attorney
of Peng & Weber, located near Seattle. Cletus
has two decades of legal experience and
concentrates his practices on EB-5, and other
employment-based immigration issues. Cletus
is a frequent speaker on EB-5
matters and has authored and
edited a number of publications
on the topic.
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