Known as the EB-5 Immigration Regional Center Program, the new immigration law to be admitted into the country by investment took effect after it was signed by US President Joe Biden after congressional approval.
The way of US citizenship will be opened to the investor and their families who will invest 800,000 dollars in federal projects to be carried out in the regions determined by the new law that will be in effect until 2027.
Within the framework of the new law, the foreign investor himself, his spouse and children under the age of 21 will be given a Green Card, which is a residence and work permit in the USA, and also paves the way for national citizenship.
The US Immigration Service previously set the investment amount for the investor immigration program as one million dollars. The new law, which was presented to the Congress after long discussions, reduced this amount to 800 thousand dollars to cover the projects to be made in the regions that will create employment. If the immigrant investor wants the $800,000 invested in the federal project, he will be able to get it back five years later.
“IMMIGRANT INVESTORS WILL CREAT HUNDREDS OF THOUSANDS OF AMERICAN JOBS”
Immigration Fund President Nick Mastroianni stated that the EB-5 program, which is created with the investment of immigrants, is the project that creates and saves hundreds of thousands of Americans, “The success of the reauthorization of the EB-5 Regional Center Program today is truly an investment in the future of our country and economy. Regional center projects As the USA, we look forward to the hundreds of thousands of jobs it will create,” he said.
New York Bar Association Attorney Cahit Akbulut stated that with the new law, the facilities brought to immigrant investors, shortening the waiting times in application processes, providing funds to the immigration offices to speed up the procedures will provide many new investor immigrants to the USA and make serious contributions to the country’s economy.
In his evaluation to VOA Turkish, Akbulut stated that with the new law, the USA has moved one step ahead of other European countries in granting citizenship in return for investment, and said, “The EB5 law will enter into force 60 days later with its new rules. The previously valid application expired on June 30, 2021 and was not extended by Congress. The most advantageous aspect of the new application is that investors will be able to apply for a status change with the first application. In this case, if the investor is in the USA, he will be able to get a work permit within a few months. Another important issue is the authorization of immigration offices to shorten the processing times considerably. Those whose applications are in process will not be affected by the new change and their transactions will continue from where they left off. The new law, which is eagerly awaited by investors whose applications are in process and waiting for new investment, has been welcomed with pleasure.