The Los Angeles Times recently recognized the Third Annual Southern California EB-5 Conference, hosted by EB5 Investors Magazine and EB5Investors.com in Newport Beach in July 2014, in a news piece regarding the impact of visa retrogression for Chinese nationals.
The article, “Visa program for wealthy investors maxed out by Chinese demand,” published on August 29, 2014 and written by Frank Shyong, delved into the consequences of the State Department announcement “that no more EB-5 visas will be issued until the beginning of the 2015 fiscal year in October and that procedural changes planned for next year will bring greater delays in obtaining visas.”
Shyong noted the growing popularity of the EB-5 program in recent years, citing the program’s importance in California alone, with local EB-5 projects including the JW Marriott hotel at L.A. Live in downtown Los Angeles. However, delays in the program, such as the aforementioned retrogression, might make it “less attractive to Chinese investors who want to quickly get visas and green cards for family members." This could be problematic, considering that Chinese nationals constitute the majority of EB-5 visa applicants.
It is exactly these delays that many Congressional figures, both Democrat and Republican, are working to prevent. Accordingly, the article noted that “at a July EB-5 convention in Newport Beach, Rep. Bob Goodlatte (R-Va.) called the delays unacceptable and promised reforms to an audience of attorneys and investors.” Rep. Goodlatte served as a keynote speaker at this convention – the Third Annual Southern California EB-5 Conference – providing an opening “Address on the State of the EB-5 Program.”
Also in attendance at the EB5Investors.com conference was Rep. Darrell Issa (R-Vista), who, along with Rep. Goodlatte, introduced the SKILLS Visa Act last year. Indeed, the Los Angeles Times article specifically pointed to this proposal, explaining that its intention is to “streamline the application process and increase the number of visas available to the EB-5 program.”
As the EB-5 immigrant investor program approaches its categorical visa number limit, its rapid ascent widely covered by media sources such as the Los Angeles Times, educational platforms which enhance program awareness will continue to play a significant role in securing the program’s growth and expansion. EB5 Investors Magazine is proud to have hosted a forum for continued learning and constructive discussion surrounding the EB-5 program, and is committed to continuing its efforts to educate communities on the benefits of a permanent EB-5 program.