US moves to hike EB-5 Visa Fee by 270%
..as Nigerian investors charged to take right, swift decision
Motolani Oseni
The United States of America has concluded plans to hike its Employment-Based Fifth Preference Category 1, EB-5 Visa Fee by 270 per cent.
This is even as Nigerian investors have been charged to take right and swift decision regarding the development.
Speaking with the newsmen in Lagos, the Chief Executive Officer, Brandley International Limited, Olumide Idowu, said the advice became necessary due to the completion of EB-5 Immigrant Investor Programme Modernisation’s review by the US Office of Management and Budget (OMB) in June.
The EB-5 Visa Programme is a citizenship programme that allows investors and all their immediate family to become permanent citizens and after six years, so far they engage the right Regional Centre and attorney. It affords foreigners the opportunity to bring capital investment into the United States in exchange for citizenship.
According to Idowu, as a result of the review, the investment fee is expected to grow to about $1.35 million from current $500,000 and increase as much as $1.8 million from current $1 million.
Providing more details, he said: “It is believed that once the final rule is published in the Federal Register, the usual time for a legislative change to take effect is 30-60 days.
“The time to act is now. With the priority dates still in place, any interested investor can still get their petition signed under the old fee if they act now. One major cause of delay in filing for EB-5 is the Source of Funds (SOF).
“It takes two or more months for an attorney to get pass this stage before filing the main petition Form i526. It is pertinent at this point, prospective investors should contact a regional centre and a reputable attorney to get started. For those who can afford the higher minimum investment level of $1.35 million and above, it is advisable that they should apply as normal”, he explained
The Brandley International chief added: “EB-5 will continue to offer the fastest and most straightforward routes to USA permanent residency. While your investment is naturally at risk, our affiliate Regional Center (MCFI) and attorneys (Davies & Associates) are uniquely positioned to help Nigerians assess the risks associated with various projects. This would allow you to mitigate risks to your investment and boost the chances of having your money returned, whether it be $500,000 or $1.35 million.”
The EB-5 Visa Programme was created by US Congress in 1990 by the Immigration Act to stimulate the US the economy in exchange for immigrant investors to become lawful permanent residents along with their spouse and children below the age of 21.
It is being controlled and monitored by United State Citizenship and Immigration Services (USCIS).
At the end of 2018,113 Nigerians signed up for the programme with 108 invested in $500,000 in TEA while five invested in $1m non-TEA, as reported by USCIS.
