The EB-5 immigrant US visa has helped to rebuild the skylines of Miami and Manhattan, but the program is set to expire today. Michael Halloran, CEO of the Washington-based EB-5 services firm, NES Financial, says that he is confident President Donald Trump has no intention of killing this law.
The firm helps regional centers housing real estate development projects to find overseas investors. In return, those investors receive green cards for themselves, as well as for members of their immediate family if their investment in a development project amounts to at least $500,000 and the creation of no fewer than ten jobs. Today, legislators will have to decide whether to reauthorize the EB-5 US visa program as it is until September or give it a three-to-five-year extension under new rules proposed by the likes of Senator, Charles Schumer.
The EB-5 is one of many US visas aimed at giving the ‘brightest and best’ immigrants a chance to gain US citizenship. EB-5 investors are wealthy legal immigrants, making it much easier for them to gain US visas while also giving working class American communities an economic boost.
Halloran says that the EB-5 US visa falls into the merit-based category of immigration and that the perpetual delay in renewing it must be stopped. The US visa was given a four-month extension during the final weeks of Barack Obama’s Presidency, and many developers await an extension or changes to the program.