EB5 Investors Magazine Volume 7, Issue 1 - Page 40

EB5 INVESTORS M AGAZINE 38 D one W aiting : P lanning an E ffective L-1A P etition in P lace of EB-5 The non-immigrant but dual-intent L-1 category visa for eligible business executives could be a viable option for some investors stuck in the EB-5 backlog. By William T. Dean  F or m o s t of t he p a s t d e c a d e, n o v i s a h a s held the allure of the “golden” EB-5. Now, a f t e r s e v e r a l f a i l e d a t t e m p t s a t r e fo r m a nd a system ic shor tage of ava i lable v isas, t he industr y is at a crossroads. Hundreds of would- be EB-5 investors have put their plans on hold. But with proper legal counsel, some of these foreign investors can discover a simpler option they may qualify for: the non-immigrant L-1 A, one of the L-1 category visas that provides a faster path to the United States for eligible business executives. With a green card option via conversion to EB-1C, L-1 visa holders who abandon EB-5 can find their ultimate prize simpler and no less golden. CHANGING TIDES IN EB-5 The prospect of a green card through the EB-5 program once held great social cache. For many high net worth individuals, it was viewed not just as a means of obtaining permanent residency, but as a status symbol. But facing a spiraling waitlist and prolonged uncertainty, many investors — especially those from mainland China, whose filings now atrophy in a nearly 15-year retrogression — are seeking alternatives, both in the United States and elsewhere. 1 In many of these cases, the investors aren’t simply wealthy; they are entrepreneurs, thought leaders or established businesspeople who could contribute to a different national economy immediately. If they meet the criteria