Number of Chinese Immigrants Applying for EB5 Visa Increased, but Likely Need Legal Representation
LOS ANGELES, Calif. (January 26, 2009) – The EB5 visa program, often referred to as the investor’s green card, was recently found to be particularly popular among Asian immigrants. Since the EB5 visa requires an investment of either $500,000 or $1 million USD, plus additional fees along the way, only those with a lot of expendable money typically apply.
However, the trade offs include permanent U.S. residency for immigrant applicants and their immediate family, along with the possibility to make back the money invested. Thus, many immigrants who have either saved up large amounts of money or have been given extra funds as a gift decide to put it into the EB5 visa program. Immigrants from nearly every country are eligible as long as they can prove that they got the money through legal means, but the most recent pattern observed is an increasing number of Chinese immigrants opting to use this program to enter the United States.
According to Beijing Entry and Exit Service Association, applicants for the program doubled at the end of last year compared to the previous year, with the numbers jumping from about 500 in 2008 to 1000 in 2009. The Chinese applicants tend to participate in the EB5 program for the obvious reason of getting involved in a new business opportunity, as well as to improve the education possibilities for their children. Immediate families, such as the spouse and children under age 21, are allowed to travel to the United States with accepted investors to become legal residents.
Although the trend of more people taking advantage of this little-known program is a good development, some worry that many immigrants, whether from Asia or elsewhere, are not protected during the process. They wonder who will make sure they know all the rules and ensure that their money gets back to them if not accepted. It is true that most immigrants taking the EB5 route will need some protection before they apply to regional centers and the various organizations that they will encounter claiming to help them. For most savvy immigrants, the answer is an immigration lawyer who can take them through each step of the process.
The sudden increase in Asian applicants to the EB5 program is definitely a good trend, as long as they have someone, such as a lawyer, to look out for their best interests.
ABOUT IVENER & FULLMER LLP
Ivener & Fullmer LLP is a law firm that specializes in providing legal assistance to those seeking an EB5 visa. The firm’s knowledge of immigration and naturalization laws serve its clients well when it comes to applying for the investor’s green card, and it boasts offices in California, New York, Canada, and Japan. Potential applicants are encouraged to contact the firm to schedule a free initial consultation. For more information, visit http://eb-5investorgreencard.com.
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