By rssfeeds-admin By bringing it to the attention of the commerce department, the intended result is to see the program expanded and more visas made available – something that has long been desired by industry participants, said Jill Jones, the general counsel of institutional client services USA for JTC.
“Historically, the program was treated primarily as an immigration initiative, limiting its potential due to the constraints of other immigration categories,” she said. “This shift acknowledges EB-5 isn’t just about visas – it’s about attracting foreign investment that creates jobs and builds communities across America.”
Since 2022, the current EB-5 program has become a vital economic development tool that creates real jobs for American workers while offering a path to residency for investors who make meaningful contributions to our economy. These investments have funded hospitals, infrastructure, manufacturing facilities, schools, and other projects that benefit American communities.
In Miami-Dade County, the program has brought in over $2 billion in development in the region, said Rohit Kapuria, partner and vice chair of global immigration & foreign investment practice at Saul Ewing.
“When you look at all the tax effects, the local elements, and the benefits of more individuals coming in, and real estate is actually getting bought up,” he said, “from that standpoint, EB-5 has been a whirlwind success. That’s been a real coup for everybody involved.”
The EB-5 program was initially driven by Chinese investors, but now it attracts investors from Latin America and Canada, particularly those with existing ties to Miami, said Ronald R. Fieldstone, partner and chair, global immigration & foreign investment practice at Saul Ewing.
“Many investors are interested in both EB-5 investments and purchasing local properties, especially condominiums,” he said. “Most of downtown Miami qualifies as a Targeted Employment Area, making it attractive for EB-5 investments due to specific economic criteria. Miami’s local government is favorable to the program as well, recognizing its role in addressing housing shortages and stimulating economic growth.”
Some potential challenges facing the EB-5 program may include slowdowns in petition adjudications due to federal agency layoffs, continued congressional reauthorization after the current program expires Sept. 30, 2027, and uncertainty surrounding the proposed Gold Visa program.
The EB-5 program would be complementary to a proposed Gold Card Visa program but differs on how to obtain and qualify for it.
The EB-5 requires an at-risk investment in a job-creating project and economic development, and has a detailed vetting process and investment in specific projects. The program allows investors to immediately bring their spouse and children under 21, making it an attractive option for families seeking US residency, and foreign investors submitting petitions by September 2026 are grandfathered in under the Regional Center program.
Gold Visa appears to be more of a donation or contribution to the government, which aims to help pay down the national debt and attract wealthy individuals. This proposed program would potentially offer exemption from global taxation, allowing recipients to pay taxes only on US-earned income, while EB-5 does not provide special tax exemptions. The Gold Visa would also offer a different type of residency, which is not yet fully defined.
“Gold Visa details are still unclear, but may have less stringent background checks,” Mr. Fieldstone added. “Potential benefits of the Gold Visa include attracting wealthy individuals and offering a simplified path to partial US residency with unique tax advantages. However, the program is still in the proposal stages and many details remain undefined.”
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