On May 08 2018 by Karuna Chandani Simbeck
CLIENT ALERT: Projected EB-5 Visa Backlog for China, Vietnam, India, Brazil, and South Korea
On April 23 at IIUSA's 13th Annual Membership in Washington D.C., Charlie Oppenheim gave some sobering insights on future backlog estimates for a number of countries with citizens petitioning for an EB-5 visa.
The now 15-year quota backlog for China has been well-known for some time. Vietnam is currently backlogged for 6 years. But when Charlie Oppenheim, Chief, Immigrant Visa Control & Reporting Division, U.S. Department of State, presented as keynote speaker at the recent IIUSA event, he revealed that there are more countries with predicted wait times: India 5 years, Brazil and South Korea 2 years, with a possibility to include Taiwan as well. These predictions are based on the best information available right now, according to Oppenheim, and more accurate predictions should be available later this year.
These extensive wait times are going to pose challenging issues, ranging from age-outs and impact on redeployment of funds and material changes to a demand by investors on return on investment, and resulting ripple effects. The prospect of unacceptable wait times are a potential a killer of the EB-5 program, as we have seen the effect the 15-year wait has had on investments coming from China.
Klasko Immigration Law Partners is committed to creative solutions for complex problems such as these. A recent blog post by our managing partner, Ron Klasko, talks about the questions and issues Chinese clients may face when considering an E-2 visas based on acquisition of citizenship in Grenada. He also posted about the potential EB-5 backlog for Indian foreign nationals, along with the many other hurdles in place, who seek a long-term future in the U.S.
Please contact your Klasko Law attorney with any questions concerning this client alert.