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Though changes are expected to take place to the EB-5 Immigrant Visa Program, experts everywhere are predicting that the program will thrive when Trump takes Office
Eb-5, Also known as the Immigrant Investor Program, grants visas to foreigners in exchange for investing a minimum of $500,000 into U.S. projects that promise to employ 10 or more workers.
In the past few months, there has been a lot of talk on what will become of the EB-5 visa program, which was set to expire on September 30, 2016. To no surprise, Congress passed a Continuing Resolution just two days before the set expiration date which will allow the EB-5 program to continue until December 2016. Congress will now either need to agree on a reform for the program or let it expire.
Experts on the topic believe that the EB-5 immigrant visa program will continue to thrive under the Trump Administration.
Former New York Governor George Pataki commented on the topic, "His strong stance is against illegal immigration. EB-5 is a legal immigration program. He [President Elect Donald Trump] understands the need for capital, the need for investment."
Trump himself is no stranger to the Immigrant Investor Program. His own company brand has been licensed to Trump Bay Street, a large EB-5 funded project developed by Kushner Cos. and KABR Group. Kushner Cos. is led by Jared Kushner, Tump's son-in-law.
Trump Bay Street is a 50-story luxury apartment tower in Jersey City, N.J. Though Trump himself is not taking any part in the financing of Trump Bay Street, he has displayed that he is eager to license his name out to an EB-5 funded project. This information alone suggests that he has underlying support and understanding for the EB-5 program.
Trump is a developer himself, and he seems to understand the importance of a program like this. The fate of the EB-5 Visa Immigrant Investor Program is still undecided, but EB-5 experts across the U.S. are remaining optimistic. Some experts are even speculating that the EB-5 program will expand to reach new heights once it is controlled by a government made up of Republicans.
Click here to contact us to discuss EB-5 with our team of professionals in offices around the world.
Article by By Amanda Soss, Santa Monica Observer Staff Writer, originally published November 22, 2016 here.
Topics: EB-5, Trump