By Passport Miami Editors
The US government has announced that it will not accept Chinese applicants for the balance of 2015. The US met its EB-5 quota of 10,000 for the first time in 2014. Before this the EB-5 program had never reached its 10,000 allocation. The reason for the increase in applicants is attributable to wealthy Chinese applying in greater numbers and because Canada shut down a similar immigration visa program in 2014.
The US allocated 10,224 visas for the EB-5 category for 2015, and approximately 7,700 visas have been applied for. The breakdown of nationalities of these applicants is interesting. Mainland Chinese have used 6,819 or 88.56%. Indeed, the largest number of applicants are from Asia, with the balance of the11.0 of applicants being from the rest of the world.
In 2014, 8,308 EB-5 visas were issued to Chinese. By comparison, only 6 EB-5 visas were issued to Brazilians; and 30 were issued to Venezuelans.
The large number of Chinese applicants has created a EB-5 processing backlog, and has caused the INS to cut off Chinese applicants. Of the remaining 2525 EB-5 available in 2015, most will be allocated to countries other than China, and when these applicants are filed, the remaining will be allocated to China and those Chinese applicants who filed their petitions before May 1, 2013.
For further information about EB-5 visas write to firstname.lastname@example.org.