The EB-5 visa or Investor visa program originated from the 1990 U.S. Congressional Immigration Act, which included several major immigration modifications.
Around then, the new arrangement enabled the United States to become a better alternative to similar investment programs offered at that time by Canada and Australia.
Congress included the Immigrant Investor Pilot Program in 1993 to further build interest in the visa programs. This was the beginning of the EB-5 Regional Centers, allowing us to oversee EB-5 ventures and make more employment opportunities.
These corrections changed and updated previous guidelines. With EB-5 or investor visa categories, and different parts of the immigration system.
In the early 1990s, more changes were made due to the findings of poor implementation and fraud of EB-5 investments. In 2003, the U.S. Congress passed the Basic Pilot Program Extension and Expansion Act. This meant that employment eligibility verification was extended and expanded. As well as, requiring the Government Accounting Office (GAO) to further investigate applications. The results of the examination gradually revealed more fraudulent actions.
The IRCU (Regional Center Unit) founded in 2005, as a ‘specialty unit’ of USCIS. Since that time, USCIS handles the EB-5 visa or investor visa program from policy creation to case auditing and developing new regulations to benefit the program.
Updates made for this policy in 2018 increased the requirements of the requests for I-526, I-829 or the I-924. Many investors born in Vietnam use the I-526 petition.
Migration from nations, for example, China, India, Vietnam, and Brazil play a major factor when it comes to the EB-5 visa or investor visa.
How the EB-5 Visa or Investment Visa Program Prevents Fraud
To prevent fraud is a top priority. No matter the amount you are investing in your EB-5 visa. You must follow the new business under the established guidelines with your assets used for speculation.
Your source of funds for your EB-5 visa or investor visa program can range from compensation, sale of a property, past business or investment distributions, and the closeout of personal assets.
Another significant advantage originated from the Border Security, Economic Opportunity, and Immigration Modernization Act of 2013. Which was the most important outcome because of the exception of dependent spouses and children.
These revisions in the visa programs additionally included more benefits for members. These range from the capacity to make a trip to and from the U.S. without a visa to more affordable college tuition costs for children of applicants under the age of 21.
The EB-5 visa or investor visa programs has progressed significantly since its origin 30 years ago! come a long way since its inception 30 years ago!