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U.S. runs out of investor visas as Chinese overwhelm program
HONG KONG (CNNMoney)
The United States has exhausted its annual supply of EB-5 immigrant investor
visas for the first time in the program's history following a surge of
applications from Chinese nationals.
The State Department's chief of visa control, Charles Oppenheimer, told
lawyers at an industry conference earlier this week that no more spots will
be available to Chinese for the rest of the fiscal year, which ends Sept. 30
. Several attendees confirmed his comments to CNNMoney.
Known as EB-5, the immigration program offers a green card to any foreigner
willing to invest at least $500,000 and create 10 jobs in America.
No more than 10,000 of the visas are allowed every year, and this will mark
the first time the quota has been reached since the program's inception in
1990.
"It's like the movie house is sold out -- there are no spare tickets left,"
said Bernard Wolfsdorf, founder of immigration law firm Wolfsdorf Rosenthal.
"Pretty much all the visas for this year are accounted for."
Related: Rich Chinese overwhelm U.S. visa program
Paris vs London: Wooing Chinese tourists
Paris vs London: Wooing Chinese tourists
There are 10,300 pending applications, and Wolfsdorf estimates it could take
as long as three years for some to be processed.
This is of particular concern for investors hoping to bring their children,
who only receive a green card if they're under 21 at the time of application
approval.
"There's a lot of enthusiasm now to file as soon as possible," Wolfsdorf
said. "If you don't get your ticket now, you're going to wait longer."
In 2013, Chinese nationals accounted for more than 80% of EB-5 visas issued,
compared to just 13% a decade ago, according to government data compiled by
CNNMoney. That translates to nearly 6,900 EB-5 visas for Chinese nationals
last year, a massive bump up from 2004, when only 16 visas were granted to
Chinese.
For rich Chinese, opportunities in the U.S. are attractive. A green card
offers a way to send their children to American universities, escape heavy
pollution and enjoy an improved quality of life.
Plus, the EB-5 program is relatively cheap. Australia, for example, requires
a $4.5 million investment -- nine times the minimum required by the U.S.
Experts say the program has exploded in popularity this year, particularly
since Canada ended a similar program this year that was also popular with
Chinese.
Related: Why the rich are ditching their home country
Supporters say immigrant investors have provided an important alternative
source of financing, pouring at least $5 billion into jobs and projects from
Brooklyn's Atlantic Yards real estate development to a Texas peanut company.
On top of that, these wealthy immigrants contribute to the local economy by
buying houses, purchasing cars, and paying school tuition for their children
, Wolfsdorf said.
But there are plenty of critics. Some argue that the program is a way for
the global elite to buy citizenship. Others say the scheme has too much red
tape, and believe parts of it are mismanaged to the point of fraud.
A longer waiting line isn't "the end of the world," Wolfsdorf said. "The
demand is greater than the supply."
HONG KONG (CNNMoney)
The United States has exhausted its annual supply of EB-5 immigrant investor
visas for the first time in the program's history following a surge of
applications from Chinese nationals.
The State Department's chief of visa control, Charles Oppenheimer, told
lawyers at an industry conference earlier this week that no more spots will
be available to Chinese for the rest of the fiscal year, which ends Sept. 30
. Several attendees confirmed his comments to CNNMoney.
Known as EB-5, the immigration program offers a green card to any foreigner
willing to invest at least $500,000 and create 10 jobs in America.
No more than 10,000 of the visas are allowed every year, and this will mark
the first time the quota has been reached since the program's inception in
1990.
"It's like the movie house is sold out -- there are no spare tickets left,"
said Bernard Wolfsdorf, founder of immigration law firm Wolfsdorf Rosenthal.
"Pretty much all the visas for this year are accounted for."
Related: Rich Chinese overwhelm U.S. visa program
Paris vs London: Wooing Chinese tourists
Paris vs London: Wooing Chinese tourists
There are 10,300 pending applications, and Wolfsdorf estimates it could take
as long as three years for some to be processed.
This is of particular concern for investors hoping to bring their children,
who only receive a green card if they're under 21 at the time of application
approval.
"There's a lot of enthusiasm now to file as soon as possible," Wolfsdorf
said. "If you don't get your ticket now, you're going to wait longer."
In 2013, Chinese nationals accounted for more than 80% of EB-5 visas issued,
compared to just 13% a decade ago, according to government data compiled by
CNNMoney. That translates to nearly 6,900 EB-5 visas for Chinese nationals
last year, a massive bump up from 2004, when only 16 visas were granted to
Chinese.
For rich Chinese, opportunities in the U.S. are attractive. A green card
offers a way to send their children to American universities, escape heavy
pollution and enjoy an improved quality of life.
Plus, the EB-5 program is relatively cheap. Australia, for example, requires
a $4.5 million investment -- nine times the minimum required by the U.S.
Experts say the program has exploded in popularity this year, particularly
since Canada ended a similar program this year that was also popular with
Chinese.
Related: Why the rich are ditching their home country
Supporters say immigrant investors have provided an important alternative
source of financing, pouring at least $5 billion into jobs and projects from
Brooklyn's Atlantic Yards real estate development to a Texas peanut company.
On top of that, these wealthy immigrants contribute to the local economy by
buying houses, purchasing cars, and paying school tuition for their children
, Wolfsdorf said.
But there are plenty of critics. Some argue that the program is a way for
the global elite to buy citizenship. Others say the scheme has too much red
tape, and believe parts of it are mismanaged to the point of fraud.
A longer waiting line isn't "the end of the world," Wolfsdorf said. "The
demand is greater than the supply."
