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Changes to EB-5 Visa Could Spell Trouble for New York Construction Financing

New York EB-5 Visa Attorney

Help from a New York EB-5 Visa Attorney

A change in the requirements for EB-5 visas will make it more difficult for New York construction companies to acquire necessary funding for their projects. These visas offer a pathway to permanent residency for immigrants who invest significant amounts of money in U.S. businesses. On July 24, 2019, the Trump administration announced that it will be enforcing new rules that will require immigrants to provide at least $900,000 of financing to qualify for an EB-5 visa, an increase of nearly double the $500,000 previously required for this visa application. For those interested in this pathway to lawful permanent residency, contacting a qualified New York EB-5 visa attorney is a solid step in the right direction.

Construction Companies Likely to Be Hardest Hit

Investors looking for the immigration benefits of EB-5 often put their money into construction projects, some of which may struggle to find funding when these rules take effect on November 21, 2019. To make matters worse, the $900,000 requirement only applies in rural and economically disadvantaged areas that are currently suffering from higher-than-average unemployment. Investments in other areas require an investment of $1.8 million, up from the previously required $1 million ante.

Getting In Under the Wire

For immigrants who want to take advantage of the rapidly shrinking window for EB-5 visa applications before the higher requirements take effect, working with a knowledgeable New York immigration attorney is the best way to streamline the process. Your New York immigration attorney will typically work with you to determine the best approach for your investment and the most practical way to achieve lawful permanent residency in the United States. This can help you avoid the negative consequences of new policies and rules governing the EB-5 visa application process.

If you need a qualified and experienced New York EB-5 visa attorney, Oltarsh & Associates can provide you with the assistance you need to pursue your investment strategy and your immigration plan more effectively. Our team is committed to providing you with the New York immigration attorney services you need to achieve your goals of permanent residence in the U.S. Call us today at 212-944-9420 to schedule your free case evaluation with our team. We look forward to the chance to serve you.