uncertainty of future legislation has caused many investors to postpone their decision , consider other types of visas or look at other countries as immigration options .
CHANGE IN CHINESE CONSTITUTION LAW
The recent changes to China ’ s constitution , mainly with the change in presidential terms from a maximum of two five-year terms to an indefinite number of years , have led to two camps of thought amongst the Chinese people . Some fear that China and its people will suffer under such dictatorship rule , while others embrace the change because of the positive changes they have seen under President Xi Jinping . welcomed by investors and honest developers alike . However , without a fix to the visa backlog , Chinese investors will likely be reluctant about investing despite their acceptance to all the other changes .
Not enough credit has been given to the positive impacts of the EB-5 program . The EB-5 program has been directly responsible for pouring in billions of dollars into the United States and creating hundreds of thousands of jobs that would not have otherwise been created .
This program is what the U . S . needs . Much of the criticism about the EB-5 program has been blown out of proportion . Any visa program should be fixed to address fraud , abuse and national-security concerns . However , after fixing a visa program , it should attract more applicants , not fewer . Otherwise , it would defeat the purpose of fixing the program .
" Despite the current uncertainties , there is still a strong interest for Chinese investors to immigrate to the United States ."
Policymakers should understand that increasing the minimum investment amount will have a tremendous impact on countries other than China . Experts have projected that there may be as large as a 90 percent decrease in new applicants outside of China . An increased minimum investment amount will have some , but not as great , an impact to the China market .
However , if the new law increases the minimum investment amount ( among other changes ) but does not alleviate the visa backlog , then there will be an immediate chilling effect among Chinese investors .
This would , in effect , defeat the purpose of passing any new law . New legislation or regulations should fix fraud , abuse and national-security concerns so that more investments pour into the U . S . economy to fuel job creation . The current
Those who are concerned about the change have become more incentivized to leave the country as soon as possible . Many of these people are now considering the EB-5 program . Those who embrace the change , however , believe that China will prosper and grow under the leadership of President Xi . They believe that in the next 10 years , President Xi may be instrumental in eradicating air pollution , increasing food safety , decreasing crime rates and improving the culture .
Some of them think that China will be better than the United States in 10 years . As such , they find no need to immigrate to the United States anymore , especially when told to expect a 10- or 15-year wait before they can get a conditional green card . However , both schools of thought are merely predictions about an unknown future . No one will know how China will be 10 years from now , and no one will know if the EB-5 visa backlog will actually be 10 or more years long , either .
Despite the current uncertainties , there is still a strong interest for Chinese investors to immigrate to the United States . New legislation or regulation may slightly alleviate the backlog or eliminate the backlog altogether . By the time investors ’ priority dates become current , they will have the ability to decide whether they want to stay in China or immigrate to the United States .
If investors let the current uncertainties stop them from investing now , they may never have the opportunity to fulfill their American dream , as other visa options may not work for them . For investors willing to wait , they will likely find that the price they pay to wait is well worth it . The visa backlog may not end up to be that long after all . Moreover , they have bought an option and an opportunity for their future .
WINNIE NG
Attorney Winnie Ng is the chief executive officer of the Manhattan Regional Center ( MRC ) and the chief counsel of the center ’ s associated projects . Ng directs the affairs of MRC and works closely with securities and immigration attorneys to ensure that MRC and its associated projects are in compliance with EB-5 securities laws and regulations . Ng has provided legal services to hundreds of EB-5 investors and counseled many regional centers and project developers . She frequently speaks at EB-5 conferences and conducts EB-5 trainings worldwide . Ng has also authored articles on EB-5 topics .
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