By Elizabeth Adegbesan
Nigerians among other investors in the United States of America, USA, economy, are expected to pay more in fees for the USA’s EB-5 immigrant investors’ visa program in the coming months as the new minimum amount is likely to increase by 170 percent to $1.35 million from $500,000.
The United State Citizenship and Immigration Services (USCIS) disclosed this in a press statement announcing a seminar for investors on the USA EB-5 immigrant investors’ visa program.
According to USCIS, “The program allows an investor and all their immediate family to become permanent residence (Green Card) and after six years they get their capital back only if they engage the right Regional Center and attorney.”
USCIS noted that as at December 2018, 113 Nigerians had signed up for the program. Five of them invested in $1million non-Target Employment Area, TEA, while 108 invested $500,000 in TEA.
The statement says: “Yes, the alert hike in program fees is real and likely to go up by 170 percent.
“For long time coming, the USCIS through United States Congress have been proposing the idea of increasing the 1990 investment fee. Just last June 29th 2019 US Office of Management and Budget (OMB) completed its review of the EB-5 Immigrant Investor Program Modernization. It is expected that the new minimum investment amount will likely go up to $1.35 million from current $500,000 and increase as much for $1.8 million from current $1 million. It is believed once the final rule is published in the Federal Register the usual time for a legislative change to take effect is 30-60 days.
EB-5 Immigrant Investor Program was created by US Congress in 1990 by the Immigration Act to provide a method for eligible Immigrant Investors to become lawful permanent residents with their spouse and children below the age of twenty-one (21).