According to the USCIS, the number of applications for the investment for visa program EB-5 visa has raised to 17,791 in the previous year with an increase from 11,744 in the year 2014.
This EB-5 visa program issues visa to investors who contribute a minimum $5,00,000 to the projects in the US that hire 10 employees or more with an area of preference with increased unemployment.
Around 21,998 applications were kept pending at the conclusion of previous year, minimum of five year backlog for many investors, who normally looks for many visas for their family members.
The increase was fueled in parts by concerns that the important features of the visa program will not be renewed by the US government.
The program has been under criticism for funding the most important elevated profile projects like Hudson Yards, Michael Shvo’s 125 Greenwich, Pacific Park through a regulation that permits the developers for drawing special districts with increasing average unemployment for taking the advantage of additional benefits.
Senators have also raised the queries whether the employment created by the EB-5 program may has been created just the similar without it. around 80% of visas granted till date has gone to the investors from China.