How Are The Proposed Changes In The EB-5 Program Better For Indian Investors?

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The current law expires at the end of September 2017. However, there is a strong possibility that Congress will not get this done by September 30th. They are going to have a little over three weeks to discuss this, and the debt ceiling, and a lot of other things, so the chances are they will not have an EB-5 bill ready to or agreed upon. If that happens, then there’ll be what is called the continuing resolution, where they keep the program the way it is until the end of the year. They’ve done that for the last two years.

What Sort Of Effects Can Be Seen If Changes Are Implemented By The End Of September?

India, and every other country, has a quota of what percentages or what percentage of the allotted numbers of visa categories they can get. Let’s put that to numbers. India is entitled to 7% of a little less than 10,000 available EB-5 visas. That means the actual number is 695, but let’s round that to 700. Now, the 700 are for investors, spouses and children. If you assume three members for the applicant’s family, then you’re looking at maybe less than 250 applicants to be approved to before they use the quota for India. So far, they haven’t reached the quota for India. They have reached the quota for China, which is the only country they’ve reached the quota for. This is because so many people are applying from China right now, but Indian applicants are now growing. The number of applicants filing is growing, because the regional centers are marketing in India because the wait is so long in China.

People in China don’t want to have to wait over 10 years, and their availability to invest has decreased, so regional centers are trying to find other markets. India is the top market that they are going to, so it’s projected that in the next couple of years that there could start to be a waiting line for Indian born applicants. In other words, they’d be backlogged for India. It’s projected that possibly by fiscal year 2020, which would start in October 2019, as the US fiscal year is October 1st to September 30th, that there could possibly be a backlog of Indian cases, that would start off at maybe the next 3-year backlog.

Should Indian Citizens Try To File For An EB-5 Visa Prior To September 30th?

People who are calling me now who ask the same exact question from whatever country they’re from, whether it be India or any country. I tell them the history of the last couple of years, and the fact that these continuing resolutions that continue the law for 3 or 4 months, and probably at least through the end of the year or longer, are very common. I put that in the fee agreement in other words, we’ll do what we can to get the case filed by September 30th, subject to getting us the documentation, making the investment, and all that. If they can do it, we’re fine. Then we hold off filing, hopefully to know whether it’s going to be extended before the end of September, and make a decision right before the end of the month whether or not to file. If it looks like there’s going to be a bill, we hold it if we see there’s going to be a continuing resolution. It’s just doing our best, but the dates are getting shorter as to when we could make it by the end of September.

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