For those still interested in immigrating to the U.S. through the EB-5 Investor Visa Program, there’s good news. Though after the election many feared that the U.S. would close its doors on immigration, experts now predict that the EB-5 program will actually thrive once Donald Trump takes office.
The U.S. EB-5 program grants investor visas to foreign nationals who invest a minimum of US$500,000 into an eligible U.S. business or project that will create 10 new jobs for qualified U.S. workers.
Investors and industry experts alike have been debating what would happen to the EB-5 program, which was initially set to expire on September 30, 2016. Only two days before the expiration date, Congress passed a Continuing Resolution to extend the EB-5 program until December 2016. At this point, Congress must either agree on program reform, or let it expire entirely.
Changes are expected to take place to the EB-5 program; however, experts are foreseeing that the program will continue to succeed under Trump’s presidency. The former Governor of New York, George Pataki, said referring to Trump, "His strong stance is against illegal immigration. EB-5 is a legal immigration program. He understands the need for capital, the need for investment."
Trump himself is well acquainted with the EB-5 program. In fact, his own company brand has been licensed to Trump Bay Street, a large EB-5 project led by his son-in-law, Jared Kushner. Trump Bay Street is a 50-story luxury apartment building in New Jersey, USA. Even though President-Elect Trump isn’t financing Trump Bay Street himself, he was keen to license his name to an EB-5 project. This fact alone implies his support for the EB-5 program.
The Trump Organization continues to look for opportunities to license out the Trump name to big real-estate projects. This tactic helps expand the Trump brand without taking on funding or financial responsibility of the projects.
According to a Wall Street Journal report published in October, the Trump Organization, in partnership with Global Management Resources, is developing a US$170 million luxury hotel and condo project in Austin, Texas. This project is seeking US$40 million from 80 EB-5 investors. This will be the second project with the Trump brand that is looking to EB-5 investors for funding.
Although the EB-5 Investor Visa Program is due for some changes, such as a possible increase in the minimum investment amount from US$500,000 to US$800,000 for instance, the program will likely not expire and will, according to experts, continue to thrive under Trump’s presidency. As a developer himself, Trump understands the necessity for programs that attract foreign investors’ funds. No one knows with certainty what will happen to the EB-5 program come December, but EB-5 industry experts continue to be optimistic. Some are even saying that the Republican office will bring the program more success than ever before. Only time will tell.
For more information on the U.S. EB-5 Immigrant Investor Visa Program, please click here.
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