After the inauguration ceremony which took place last week, President Joe Biden has set about to work on immigration reform from the very first day in his office. Besides, he has also announced that he intends to propose comprehensive legislative reforms of the immigration system to Congress. This would mean positive reforms for the EB-5 program as well.
While campaigning last year, one of Mr Biden’s main talking points was the need for significant reforms to America’s immigration system, including EB-5, and it seems that his proposed plan would certainly do that. While the bill is available in its complete form, the White House’s fact sheet released on January 20th does offer some critical insights.
U.S. Citizenship Act of 2021 and its benefits
The U.S. Citizenship Act of 2021, if passed, would indisputably be the most extensive legislative overhaul of immigration in the USA in decades. The objective of this bill is comprehensive reforms on every level of U.S. immigration. According to the statement given by the White House,
“the legislation modernizes our immigration system, and prioritizes keeping families together, growing our economy, responsibly managing the border with smart investments, addressing the root causes of migration from Central America, and ensuring that the United States remains a refuge for those fleeing persecution.” While the EB-5 program is not at the forefront of the legislation’s goals, the reforms it seeks to institute would be an unprecedented windfall for the EB-5 industry.
Furthermore, under a bullet point section entitled “Grow our economy”, the White House states:
“This bill clears employment-based visa backlogs, recaptures unused visas, reduces lengthy wait times, and eliminates per-country visa caps. The bill makes it easier for graduates of U.S. universities with advanced STEM degrees to stay in the United States; improves access to green cards for workers in lower-wage sectors, and eliminates other unnecessary hurdles for employment-based green cards. The bill provides dependents of H-1B visa holders work authorization, and children are prevented from “aging out” of the system.
The bill also creates a pilot program to stimulate regional economic development, gives DHS the authority to adjust green cards based on macroeconomic conditions, and incentivizes higher wages for non-immigrant, high-skilled visas to prevent unfair competition with American workers.”
The abovementioned bill would also exempt spouses and children of green card holders from employment-based immigration quotas.
Overall, it can be stated that President Biden’s Immigration plan bodes well for the EB-5 Program. The White House release indicates that one of the main goals of The U.S. Citizenship Act of 2021 is the much economic growth in the USA. This idea of using immigration to promote economic growth is not new. As a matter of fact, it was the catalyst for creating the EB-5 program. The reforms that this bill aims to institute would increase the efficacy, and honour the intent and spirit of the EB-5 program.
Acquest Advisors is an Investment Immigration Advisory specialising in Citizenship and Permanent Residency through Investment Immigration programs run by governments esp. America, Canada & Europe.