Increase EB-5 visa capacity
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In conjunction with our Immigration Law Colleagues, we seek the support of the entire EB-5 industry for Senator Cornyn’s proposal to exclude derivatives from the 10,000 visa allocation. We believe this clarifies Congress’ original intent to admit up to 10,000 investor families annually, not about 3,000 annually as is currently allowed. See AILA White Paper below:
The USCIS Ombudsman’s 2017 Report made it public and plain: we have a 10+ year wait for Chinese EB-5 investors, and likely some years longer taking into account the 2015 filing “surges” and Visa Office’s own projections. With only about 3,000 families allowed to immigrate annually, we will likely see India reach its per country limit soon also.
Demand for EB-5 visas has withered as a result of this backlog for investors. Reauthorization or reform alone, without addressing EB-5 visa capacity will result in the opposite problem – close to no demand for EB-5 visas. A reformed and viable EB-5 program requires addressing the backlog and finding capacity.
We therefore ask for your support by signing onto this petition, and by forwarding it to other stakeholders in the industry to sign on. Please also contact Bernie Wolfsdorf (firstname.lastname@example.org) or Carolyn Lee (CSL@millermayer.com). Include your name, title(s), organization, state(s) of operation and email address.
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