February 2021 EB-5 Visa Bulletin Sees Modest Advancement for Vietnamese EB-5 Applicants
The US Department of State has released its February 2021 Visa Bulletin. Compared to the January 2021 Visa Bulletin, there is modest advancement for Vietnamese EB-5 applicants from Sept 15, 2017 to Oct 1, 2017. There was no advancement from Aug 15, 2015 for Chinese EB-5 applicants, and Indian EB-5 applicants still remain current. EB-5 investors from all other countries are current.*
With the US Consulates in China still not open for non-essential visa services, it is understandable that China has not seen any EB-5 priority date advancement. Vietnamese EB-5 applicants should be encouraged by the forward movement, and Indian EB-5 investors are not doubt happy to see the EB-5 visa category still current. As US Consulates open back up worldwide, we except to see an increase in EB-5 visa processing, thus further advancing the EB-5 priority dates on the EB-5 visa bulletin for China and Vietnam. It is unfortunate for Chinese EB-5 investors that the US Consulate remains closed to non-essential services, as there was a massive spillover in unused EB-5 visas from Fiscal Year 2020 that could be issued in Fiscal Year 2021.
According to Charlie Oppenheim, the Chief of the Visa Control and Reporting Division at the US Department of State, there are potentially over 18,000 EB-5 visas available for issuance worldwide in Fiscal Year 2021 as a result of unused visas from last year. If all of these visas were issued in 2021, that would certainly improve the EB-5 wait time for Chinese EB-5 investors. However, so long as the Consulates remained closed, there is no way to issue the EB-5 visas. There is speculation that the US Consulate in Guangzhou will open for EB-5 visa processing by Q2 2021. If that happens, then there would be increased likelihood of additional EB-5 visas issued above and beyond the 10,000 annual EB-5 visa quota, thus helping to advance the Chinese EB-5 applicant priority dates on the EB-5 visa bulletin.
For all other nationalities, EB-5 remains the fastest and most efficient path to United States permanent residency.
What is EB-5?
The EB-5 program is the fastest and most convenient path to obtaining a United States green card for foreign investor. With an investment of only $900,000, an EB-5 investor can obtain a green card within a couple years, and then receive their $900,000 back after approximately 5 years. The core requirement of the EB-5 program is that the EB-5 investment create at least 10 direct or indirect jobs for US workers. The EB-5 program was created by the US Congress in 1990 and since then has provided a path to a green card and/or citizenship for tens of thousands of immigrant investors.
READ MORE ABOUT THE EB-5 PROGRAM OVERVIEW HERE.
Are there alternatives to EB-5?
As an alternative to EB-5, many investors elect to look at the E-2 investor visa program. The E-2 visa provides many of the same benefits of the EB-5 green card, but there are lower investment and documentation requirements. Children of E-2 visa applicants are still eligible to study for free at US public schools, and the spouses of E-2 visa investors can freely work in the US.
READ MORE ABOUT THE E-2 PROGRAM OVERVIEW HERE.
*Source: United States Department of State Visa Bulletin
