It’s a new year, and we’ve got a new president in the US. Shake-ups for immigration are inevitable, although it is highly likely these shake-ups will be favourable on anyone wanting to relocate to the US. With massive immigration reform promised, with many reversals of what were seen as oppressive bans and restrictions by the last administration, there’s a lot of work to do.
The good news is, in Biden’s first days he announced the repeal of the so-called ‘Muslim ban’ and a reversal on the border wall with Mexico. For the EB-5 program, although his views remain to be heard, we can look to history. Biden played a part in the creation of the EB-5 visa back in the early ’90s and presided over the program as Vice President in the Obama administration.
What we do Know
Biden’s own website outlines his desires to modernise the immigration system. One of his reasons for wanting to do so is to increase economic opportunities across the country. This will entail reform and changes to routes by which immigration is attained across all fifty states.
In a further nod to employment-based immigration, his website also highlights that foreign workers are worth around $2 trillion annually to the U.S. economy. Suggesting immigrant workers are largely responsible for the success in some of the more lucrative industries, such as technology, lays a promising outlook for immigration under Biden’s administration.
The Current Climate
In a world still reeling from the effects of the COVID-19 pandemic, economies have been hit hard. The ramifications of the pandemic will undoubtedly be felt for years to come across global economies. In the United States, the strategies by which the recovery process begins fall firmly at the feet of the new President.
With the EB-5 program offering millions of dollars of investment to the economy from outside sources, passing on the program would benefit nobody. What is expected, is that if reforms affect the EB-5 program directly, it is likely to fall in the favour of the applicant. For example, quicker and higher acceptance rates, less red tape, and all in all a speedier transition.
With Biden standing firmly by his motto of “building back better”, many in the immigration by investment industry are optimistic about the future. Wealthy immigrants will play a large part in the rebuilding of the U.S. economy, and it seems the new administration is already poised to capitalise on that position.