With the increase in issued EB-5 Visas and economic growth, President Obama is working to make the EB-5 program permanent.
Established in 1990, the EB-5 program has been honed and renewed over the last two decades. Every three years, the bill is resigned, and is currently scheduled to run its course through 2015. For President Obama, this is not enough. The success of this program has been critical in the restoration of America’s fractured economy.
America has always been considered the proverbial “melting pot,” fostering immigration and diversity. The EB-5 program continues to support that American ideal, providing, “life, liberty, and the pursuit of happiness” for current citizens by creating much-needed jobs, and “life, liberty, and the pursuit of property” for immigrant investors looking for permanent residency in the U.S. Once again, promoting the immigration and diversity America was founded upon.
Moreover the EB-5 program—or more aptly named “Immigrant Investment” program—benefits America’s international relations, encouraging immigrants to invest in America’s success.
Even though the program only requires a minimum of ten American jobs, most exceed that quota. This program incorporates $2 billion into the U.S. economy and at no cost to the taxpayer.
This bill is almost unanimously accepted, entreating a 412-3 vote in the House of Representatives at its latest renewal. There’s plenty of bipartisan support to solidify the EB-5 Program as a permanent, viable option in the United States. Therefore, Obama is actively working to make it permanent.
President Obama feels that, with comprehensive immigration reform (CIR), a permanent EB-5 Program is likely to pass in the next four years. His current CIR includes:
- Strengthening America’s borders
As with his first term, Pres. Obama wants to continue to build upon the border patrol to help reduce national threats. This will make the EB-5 Visa program a legal and respectable alternative.
- Crack down on companies hiring undocumented workers
Companies will be obligated to send all their employee information electronically. Any who cannot submit their employees’ information will be held personally accountable for undocumented workers in the U.S. Alongside EB-5, this will create jobs for citizens of the United States.
- Earned Citizenship
Obama’s plan includes a way to allow immigrants to remain in America, so long as they, “play by the rules.” This includes submitting to background checks, paying taxes, going through national security, etc. Furthermore, they must learn English to gain citizenship.
- Streamlining legal immigration for families
Pres. Obama wants to keep families together; if one person is working to become a citizen, the whole family is eligible. This will contribute to generating more economic growth.
Given the near-unanimous bipartisan support of the EB-5 program, and President Obama’s policies on immigration, it’s likely that the next four years will establish the EB-5 Program as a permanent and viable option in the U.S.
EB5Investors.com is a site for those interested in learning more about the eb-5 visa program and potentially looking for a regional center or immigration attorney.