In March, the US Congress revived the EB-5 scheme under the EB-5 Reform and Integrity Act 2002. Under the Act, the minimum investment amount was hiked to $800,000 from $500,000 in targeted employment areas and from and from $1,000,000 to $1,050,000 for investments in non-targeted unemployment areas.
The law passed by the Congress was signed by President Joe Biden on 15 March.
The law also steps up audits and site visits to deter fraud, while also creating a path for some to skip the backlog of cases if they’re willing to invest in rural areas or places with high unemployment.
Since the programme lapsed in June 2021, roughly 1,00,000 EB-5 visa applicants with some $15 billion in committed investments had been in limbo, trade group Invest in the USA estimated, as per the Bloomberg report.
The programme’s restart comes as more wealthy Chinese and Indians are attempting to leave their home country or are looking for a backup plan.
Independent estimates suggest that about 10,000 rich residents are seeking to pull $48 billion from China this year, while another 8,000 Indians are looking to leave as the two Asian nations are expected to have the biggest outflows of rich residents this year, after only Russia.