President Trump’s travel ban is likely to have a knock-on effect to the United States EB5 investment visa, say international property professionals.
EB-5 participants must invest $1million in a project which creates at least 10 jobs or $500,000 in a rural or high-unemployment area.
Each year, 10,000 EB-5 visas are issued in the United States, with 90% being awarded to applicants from China. Congress is set to review the EB-5 program before it expires on 28 April. Proposals include a change in the minimum sum to be invested, possibly to $800,000 in high unemployment areas and $1.2million elsewhere, parameters for “target employment zone” to be defined by the Department of Homeland Security instead of states and more oversight to prevent abuse of the program.
Mr Trump’s second wave of travel bans issued in March, which bars new visas for people from Yemen, Somalia, Sudan, Iran, Syria and Libya and replaces an initial order issued in January, currently faces a new wave of court battles.
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