Expedited US Golden Visa for GCC Residents

Reforms to the United States Golden Visa have put the EB-5 programme back on the map for foreign investors looking for a fast track route to obtaining US residency and Green Cards. On the anniversary of the relaunch of the U.S. golden visa through passage of the EB-5 Reform and Integrity Act (RIA), The American Legal Center, a consultancy laser focused on the EB-5 programme explains why RIA reforms are especially beneficial for Indian and Chinese residents in the UAE and neighbouring Gulf countries. With the introduction of three new reserved categories of EB-5 visas, previously backlogged nationalities can now benefit from faster processing of their US Green Card applications.

What Is the US Golden Visa?

The US golden visa, officially known as the EB-5 Immigrant Investor Programme, was first introduced by the US Congress in 1990 with the goal of promoting the injection of foreign capital in the US economy and boosting job creation in exchange for US residency and Green Cards for foreign investors. With an investment of $800,000 in a government pre-approved real estate project, foreign investors and their dependent family members (spouse and children under the age of 21 years) can qualify for the U.S. golden visa. Investors receive their capital contribution of $800,000 back after approximately five years from the time of investment.

A Green Card unlocks a plethora of benefits for families, including but not limited to the ability to live, work, and freely travel in the US. The EB-5 programme provides a solid pathway to obtaining US citizenship.

Overhaul of the EB-5 Programme

In March 2022, the US Congress revised the EB-5 programme through passage of the RIA. One of the positive changes to the EB-5 programme is the introduction of a new category of reserved US golden visas called visa set asides. As mandated by the RIA, of the 10,000 EB-5 visas available in any given fiscal year, 10 per cent are reserved for applicants who invest in high unemployment areas, 20 per cent are reserved for applicants who invest in rural areas, and two per cent are reserved for applicants who invest in infrastructure projects.

"Visa set asides are highly favourable for applicants of Indian and Chinese nationality,” says Shai Zamanian, legal director of The American Legal Center, notable US golden visa experts in the Gulf region. “While the reserved visa categories can help expedite EB-5 applications at the moment, this will not always be the case and so those who act quickly in filing their applications will benefit most from these new visa set asides."

The programme places a per-country annual cap on the number of EB-5 applications. When the annual limit for a country has been used up or is expected to be used up shortly, the U.S. Department of State (DOS) imposes a cut-off date, otherwise known as a final action date, thereby imposing a limit on EB-5 applicants of a certain nationality. When the cut-off date is moved backwards by DOS, this is called visa retrogression. Nationalities with large populations and high demand for access to the U.S. including China and India have historically been subject to backlogs and retrogression. Under the pre-RIA category of unreserved visas, these two nationalities are currently retrogressed. However, both nationalities still remain current under the new reserved visa categories.

The newly introduced reserved visa categories are hugely beneficial to nationalities that had previously been subject to backlogs as they no longer have to endure long wait times. The March 2023 Visa Bulletin published by DOS shows that visas are currently available for all foreign investors that apply for the reserved visas (i.e., rural areas, high unemployment areas, and infrastructure projects). “Indian investors looking to gain access to the US are better off taking advantage of this golden opportunity now,” added Zamanian. “We are witnessing a higher number of Indian and Chinese applicants participate in these new categories. The reserved visa categories will not always remain current so those that apply now will be the winners.”

The September 2022 Visa Bulletin announced that the employment-based annual limit for the fiscal year 2022 was 281,507. A total of 19,987 of these are allocated to the EB-5 annual limit, out of which 13,591 (68 per cent) are allocated to the unreserved category and 6,396 (32 per cent) to the reserved category. “Given that no post-RIA applicants have reached the adjudication stage, the 6,396 reserved visas remain unused and are carried over to the 2023 fiscal year,” explains Zamanian. "That said, once adjudications begin, it is likely that a cut-off date will also be imposed given the high number of applicants in these new categories."

Apply Through The American Legal Center

The American Legal Center provides active guidance to families pursuing the US Green Card through the EB-5 programme. As a leader in the EB-5 industry operating out of the Gulf region, The American Legal Center has helped hundreds of families throughout their immigration journey to the US. If you are looking to obtain your US golden visa, reach out to their team of US licensed lawyers and professionals for an initial complimentary consultation.

• KT Network