Surge In EB-5 Demand As Investors Fear Program's Days Are Numbered
The EB-5 visa program experienced record demand in 2015 as potential immigrants—over 80% Chinese—feared a key provision of the law would expire. (It didn't).
The program received 17,691 applications in 2015, up over 50% from the 11,744 it received in 2014 and way above the 6,554 applicants in 2013, according to figures released recently by the US Citizenship and Immigration Services.
EB-5 cash helps fund some of the nation’s largest private developments; to date, NYC’s Hudson Yards has received over $1B from EB-5.
“It’s no secret that the program has long been riddled with corruption and national security vulnerabilities,” Sen. Charles E. Grassley (R-Iowa) said of the EB-5 program this month.
Still the program passed unscathed through the past year's budget fight, and looks to remain secure for the near future. [WSJ]