EB-5 Marketplace – China and More
The U.S. is a destination for Chinese nationals seeking to emigrate. There are several channels to get into the U.S. as a Chinese national. For wealthy Chinese citizens, however, the most famous route is the EB-5 visa program, otherwise known as the “golden visa.”
China – A Mega Marketplace
The EB-5 visa program is open to anyone from anywhere in the world as long as they meet the requirements – mostly financial requirements. However, Chinese nationals dominate the number of individuals applying for the visa every year. For instance, Chinese citizens made up over 85% of individuals who applied for the visa program in 2015.
So, what makes China the leading marketplace for the EB-5 visa program? Well, it all has to do with money.
Reflection of a Booming Economy
The EB-5 visa program is dubbed the “golden visa” for a good reason. The program was designed to attract more capital into the U.S., so applicants have to pay to play.
There are two financial requirements that you should meet when applying for the EB-5 visa program. To start with, if you choose to invest in a rural location suffering from high unemployment, then you are required to invest at least $500,000. If on the other hand, you choose to invest in a major city such as New York City, then this cap is raised to at least $1 million. These high financial requirements put most interested people off, but the Chinese are clamoring for slots in the waiting list.
The fact that the Chinese nationals do not seem deterred by the high cost of an EB-5 visa is a reflection of China’s booming economy. Over the past decade or so, China’s economy has grown in leaps mostly owing to its high working force and the strong trade ties between it and the U.S. Interestingly, the Chinese don’t seem to mind that their investment will bring minimal returns – sometimes the ventures fail altogether.
However, it is more than just money that makes the EB-5 visa program so popular and successful with the Chinese.
Taking Advantage of the Lucrative Opportunities
It is not just the Chinese nationals who stand to gain from the lucrative EB-5 visa program. The U.S. economy, and specifically the workforce and entrepreneurs, stand to gain the most. Law firms also stand to gain a lot, and they are setting up shop on both sides of the divide.
Even with the necessary funds to apply for the EB-5 visa program, there is a long process that has to be followed to the letter when applying. All the paperwork has to be filled correctly and promptly, and there is a lot of liaising with the necessary authorities. Additionally, one has to identify a viable investment opportunity and see to it that the money goes to the right use. It can prove difficult when you are off the U.S. mainland, but it is not a problem for Chinese nationals as there are lots of law firms always eager to serve. Additionally, most Chinese citizens who apply for the EB-5 visa usually have business interests in the U.S., and they mostly have extensive networks with other Chinese citizens and relatives who help them to get in and settle down.
However, the lucrative opportunities also attract unscrupulous agents who defraud unsuspecting clients. In fact, the problem is so severe that the government has taken notice and plans to crack down on these shady agents.
Emerging EB-5 Visa Supermarkets
Currently, China boasts of being the largest market for the EB-5 visa program. It is expected to retain its position at the top for the foreseeable future, but other countries are coming up too.
India, in particular, is fast taking advantage of this program. Like its neighbor China, India is also enjoying a booming economy thanks to its vast workforce and blooming trading partnerships with its neighbors, Africa, and the United States. However, it will take some time for India to reach China’s level with this respect, mostly because of the numerous hurdles that lie in the way of interested individuals.
Europe is also a significant market for the U.S.’s EB-5 visa program, but the market size is not nearly comparable to China’s. It is mostly because European citizens enjoy more comfortable travel and migration channels compared to Chinese citizens, and they are not as interested in the American dream as the latter.
Interested? Utilize Proven Channels
As mentioned earlier, some unscrupulous agents are always taking advantage of Chinese nationals seeking to invest in the EB-5 visa program. It is recommended to work with a reputable law firm to avoid being a victim of cons.
Top Pins Law Firm is one of the most reputable law firms that facilitate EB-5 investments for Chinese citizens. They have offices both in China and the U.S., and they transparently handle everything. If you are looking to make the most out of your EB-5 investment and be guaranteed of a visa, then Top Pins Law Firm is the firm to consult.