You are here[HOT] Latest info on the looming Chinese EB-5 visas numbers backlog
[HOT] Latest info on the looming Chinese EB-5 visas numbers backlog
According to Charles Oppenheim, the Chief of Visa Controls and Reporting Division at the U.S. Department odf State who spoke at a recent IIUSA conference in Washington D.C., if the current growth trajectory continues for Chines EB-5 investors investing in the EB-5 regional center program, he anticipates that the issuance of Green Cards to Chinese investors will be suspended in the second half of 2013. We definitely see the priority date waiting taking place late 2013 or early 2014.
There are all kinds of subtle and interesting implications with this projected scenario. One for sure effect: Many RCs will die out and many RCs will not be able to sustain themselves. Basically, too many lions (RCs) eating but not enough food (EB-5 based visa numbers). This means smaller lions need to resort to more creative tactics to get their shares of food, but smaller lions are not necessarily smarter or creative.
The Department of State has now formally issued the alert in its December 2012 Visa Bulletin, stating:
*The following advisory is based strictly on the current demand situation. Since demand patterns can (& sometimes do) change over time, this should be considered a worst case scenario at this point.
It appears likely that a cut-off date will need to be established for the China Employment Fifth preference category at some point during second half of fiscal year 2013. Such action would be delayed as long as possible, since while number use may be excessive over a 1 to 5 month period, it could average out to an acceptable level over a longer (e.g., 4 to 9 month) period. This would be the first time a cut-off date has been established in this category, which is why readers are being provided with maximum amount of advance notice on the possibility.
The above projections for the Family and Employment categories are for what could happen during each of the next few months based on current applicant demand patterns. The determination of the actual monthly cut-off dates is subject to fluctuations in applicant demand and a number of other variables which can change at any time. Those categories with a “Current” projection will remain so for the foreseeable future, with the possible exception of the China Employment Fifth preference category mentioned above.