Champions of the controversial EB-5 US visa program, the future of which remains uncertain, say they believe it has a powerful friend on its side in the form of the new President-Elect of the US, Donald Trump.
At a panel held on Friday in Shanghai, hosted by The Real Deal, EB-5 US visa experts claimed that despite his harsh stance on illegal immigration, the EB-5 US visa program is likely to thrive under the new President. George Pataki, the former Governor of New York, says that Trump’s strong stance has always been against illegal immigration but that the real estate billionaire is aware of the need for investment and capital and believes that Trump will support the legal immigration program enabled by the EB-US visas.
Former US ambassador, Charles Gargano, who is now the US Immigration Fund’s executive director, is also optimistic about the future of the EB-5 US visa program under Trump. He says that given the new President is himself a developer he will magnify the need for such a program. Trump is already aware of the program, with $50 million in funds from the EB-5 program going to Jersey City Trump-branded rental tower, owned by Jared Kushner, his son-in-law.
In October, a temporary extension was granted to the program by Congress to keep it operating until early next month. But lawmakers are considering a proposal to overhaul the program to raise the minimum investment amount.