|[September 02, 2014]
Wilson Harvey Browndorf, LLP Prepares Clients for 2015 EB-5 Program - 2014 Quota Met
NEW YORK --(Business Wire)--
Quotas in immigration are no new thing. Work Visas typically fill their
quota every year around June or July leaving all immigrants looking to
work in the United States having to wait until January of the next year
to file for status. But for the first time in its 24 year history, the
EB-5 program has hit its annual quota of 10,000 visas per year. This
comes on the heels of Canada shutting down its program after a large
backlog. The backlog in Canada and the meeting of the quota in the
United States for the first time are largely attributed to the influx of
wealthy Chinese investors. EB-5 immigration status awards visas to
immigrants who invest $500,000 to $1 million in a U.S. business.
Applicants who can prove that their investment has created at least 10
jobs get permanent green cards. The program's popularity has exploded in
recent years - the number of applicants vying for the annual allotment
of 10,667 visas has doubled nearly every year since 2009. An estimated
85% of the EB-5 funds in 2014 have come from China. That money been used
to build projects across California and elsewhere, including the JW
Marriott hotel at L.A. Live in downtown Los Angeles.
As of fiscal year 2012, the U.S. Citizenship and Immigration Services
(USCIS) agency estimated that the program had created at least 49,000
jobs. The UCIS said the EB-5 has generated more than $6.8 billion in
new investment since its inception in 1990. It's popular with
Republicans and Democrats who tout the program's potential to create
jobs. Changes in the EB-5 program had been included in a comprehensive
immigration reform bill that languished in Congress for two years before
collapsing this summer. At a July EB-5 convention in Newport Beach, Rep.
Bob Goodlatte (R-Va.) called the delays unacceptable and promised
reforms to an audience of attorneys and investors. "This is a tremendous
boon to our economy," Goodlatte said. In May, Goodlatte and Rep. Darrell
Issa (R-Vista) introduced a proposal to streamline the application
process and increase the number of visas available to the EB-5 program.
The bill is still in committee.
Wilson Harvey Browndorf LLP operates an Elite EB-5 and Global Investment
Division from its offices in Irvine, California and New York, New York.
Led my Firm Managing Partner, Matthew Browndorf and the practice groups
co-managing member, John Hayner, both Browndorf and Hayner have advised
clients currently considering the EB-5 Visa as part of their global
investment strategies in the United States to have their applications
prepared before the year end so they are first in line for the January
filings in 2015. John Hayner said, "Much like rising interest rates in
home mortgages will cause an increase in new home sales from a rush of
buyers to lock in lower rates, we expect the meeting of the EB-5 quota
to cause a rush in preparatory legal work over the next quarter so
applicants are ready with their finger on the button come January 1,
2015." Stella Wang, MBA, who works at Wilson Harvey Browndorf's Irvine
office, said, "The EB-5 program is particularly attractive to Chinese
investors who are already making an investment in the United States as
part of a merger and acquisition activity."
About Wilson Harvey Browndorf, LLP
Wilson Harvey Browndorf, LLP, in an international law firm with offices
throughout the United States and in London, Beijing and Shanghai.
Matthew Browndorf is the Firm's Managing Partner and resident in the New
York office. John Hayner and Stella Wang operate in the Global
Investment Division and are resident in the Firm's Irvine, California
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