According to US partners and US partner lawyers of Global Link, who are monitoring the revised eb-5 bill.
Extensive proposals related to the EB-5 immigration investment program are proposed and revised to be implemented at the time of investment capital increase. The proposed Proposition Act (S. 2091) attached below was introduced by Senator Rand Paul (who has an important voice in the Republican Party) to the US Congress on July 11, 2019. Currently, This law went to the Judicial Committee of the Senate.
This Act may be cited as the “Backlog Elimination, Legal Immigration, and Employment Visa Enhancement Act” or the “BELIEVE Act” ) “. This proposal relates to employment-based visa programs including the EB-5 program.
The main features of the proposed law S.2091 is the proposal to double the number of visas available, reduce the limits (visa number) of each country, and eliminate the calculation of visas (visa) according to the number of members in a family. In stead, the number of visas issued annually will be calculated according to the number of visas for each household (applicant).
It is possible that this proposal will be addressed by the US Congress as part of the program extension (EB-5) to make the EB-5 program still attractive after increasing investment capital.
According to EB-5 experts, this proposal is likely to be discussed and approved soon before the EB-5 program changes on November 21, 2019. Time-consuming US government problem is reaching an agreement on the national budget and this is likely settled. It seems that the parties have reached consensus for the national budget after September 2019.
If the proposal to extend S.2091 visa is approved, the current EB-5 record status of investors from Vietnam will soon be resolved. Accordingly, the waiting time from the time the investor submits the application to the interview to receive an EB-5 visa will be much shorter than the present. It can be from more than 7 years as current to 3-4 years.