Since the pandemic, the US economy has struggled to regain lost profits and productivity, affecting all sectors, particularly manufacturing. As the country gradually rebounds, inflation spikes are causing consumer concern and limiting purchasing power. Amid this uncertainty, investment programs like EB-5 offer hope for economic stimulation and job creation without taxpayer expense.
According to Oliver Yang, an immigration lawyer and Partner at Reid & Wise LLC, the program provides work authorization and permanent residency for international students, particularly those from China.
The EB-5 Immigrant Investor Program
Created in 1990 to draw foreign capital and generate jobs, the EB-5 immigrant investor program has offered immigrants the prospect of obtaining lawful permanent residency through a Green Card. However, the program initially had its shortcomings, where Chinese investors often had to wait in a lengthy watch and wait period to receive a Green Card, causing the program to lose its appeal.
However, as the US government revamped the program, interest has surged again, reducing waiting times to around three years, with extra measures implemented to deter fraudulent investments to benefit prospective applicants and ensure that foreign investors bear the risks involved.
International Students' EB-5 Program Application
International students in the US can apply for the EB-5 program, which allows them to work for any employer and travel without a visa. If their application is approved, the investor, along with their spouse and unmarried children under 21, is granted lawful permanent residency, gaining access to the American job market, educational opportunities, and the freedom to travel.
Immigrants must demonstrate that their funds were lawfully obtained and invested in a commercial enterprise in the US and must intend to create or maintain at least ten permanent full-time jobs for US workers to apply for the EB-5 program.
Recent EB-5 Program Updates
With the recent updates to the EB-5 program to address inflation, the minimum investment requirement for applicants to be considered has been increased to $1.05 million. The government is also implementing measures to channel investments toward targeted employment areas, which typically necessitate more capital and job creation, with the minimum investment threshold set lower at $800,000.
Suppose international students' parents participate in the investment program. In that case, the students can benefit from automatic work authorization, which eliminates the need for employer sponsorship, which can be challenging to secure due to the government's annual numerical cap on work visa applications. Even if an immigrant obtains a work visa, getting a Green Card may take several years.
By circumventing the lottery system, international students can seamlessly enter the job market and remain in the United States, enabling the investor, their spouse, and children to enjoy residency benefits while awaiting the outcome.
Reid & Wise Leading the Initiative
Reid & Wise has emerged as a trailblazer in the field of EB-5 visa services among numerous legal firms catering to clients interested in the program. With offices in New York, Los Angeles, and Shanghai, this international law firm excels in constructing cultural connections between America and China. Its specialized services range from EB-5 assistance to handling class action lawsuits, M&A deals, and beyond. Providing comprehensive legal support for international clients, Reid & Wise stands out for its unparalleled immigration services.
Due to their Mandarin fluency, Reid & Wise's team is highly capable of assisting high-net-worth immigrants and business owners globally, especially in China. F. Oliver Yang, a Partner and Co-Leader of the immigration department at Reid & Wise, highlights the firm's unique strengths, emphasizing that Reid & Wise stands out for its extensive Chinese language support and offers more than just EB-5 assistance. The firm is also trusted for commercial litigation and divorce filings, aiming to meet various legal needs.
With the rising number of international students in America, the demand for legal services is expected to soar. Reid & Wise has established itself as a top choice for EB-5 investment support, and F. Oliver Yang predicts that the firm will cater to a growing number of clients chasing the American dream.
