Getting a Green Card Will Soon Be Harder

Congress is currently working on the EB-5 program reforms

A lot of people yearn for living the American Dream, but now it’ll be more complicated to achieve a permanent residence status in the US for some of the wealthiest foreign nationals that would like to live it.

The commonly known green card can in reality be obtained through several different means, and one of them is through the program known to foreigners as the EB-5. The program is meant for immigrants that invest at least 500,000 dollars for creating jobs in the U.S., and it has been a favorite of wealthy Chinese citizens, since they can live in American soil as long as they can pay for it.

Because of this and other different factors, it’ll be harder now to get a resident status on account of new congressional reforms that could take place early December. Even though details of the new changes aren’t known for sure, predictions on how the new process will work have been made already.

Increased Investment

Depending of project that will be presented along the EB-5 program, there are some who are willing to invest over a million dollars. There’s a big possibility that more documents to verify income will be required.

Financial Exposure

Those who seek EB-5 funding must prove in detailed manner how and where they’re spending the investor’s money so that they can evaluate job creation. Another important factor that will continue to be a requirement is to have an impeccable legal record.

Investments in Rural Areas

The majority of investments are done in urban areas but now they’re looking to develop rural or remote regions. There are good projects currently in place that would benefit some towns once they stop being exclusively aimed towards big cities like Los Angeles or New York.

Via CNN

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Translated by: edgar.martinez@sandiegored.com

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