Category: News

The US EB-5 Visa program seeks to entice international capital into developed areas with high unemployment.

The United States is an attractive destination for business professionals due to its superpower status, economic growth, ample business opportunities, and equal rights and benefits for citizens. The EB-5 Visa program offers a way for foreign investors to obtain US permanent residency by investing in projects that create jobs in underemployed areas and developed regions. The program is open to eligible investors worldwide, including those from India, and has already granted visas to many Indian investors who have invested in real estate projects.

Features and Benefits of EB-5 VISA

1. There is no prerequisite for language skills either.

2. Be relatively quicker to process and have a seamless procedure.

3. Can become a citizen of the US by staying there as a permanent resident for at least five years.

4. They have access to government positions, cheaper tuition costs, healthcare financial help, freedom of movement, and social security benefits.

5. You can sponsor qualified family members to immigrate to the US and work there without any limits.

6. Partners and children under the age of 21 are also granted permanent residency in the US, which can be passed down through the generations.

Two different investment alternatives for EB-5 visas

1. Direct Investment: Investors have the option of making a direct investment or an investment in a US company worth up to USD 500,000 or USD 800,000, depending on whether the company is located in a Targeted Employment Area. Or invest $1.05 million into a company with a strong employment rate.

2. Regional Center Investment: In this case, the investor transfers the funds to a real estate or construction project that serves as a fund manager through a regional centre approved by the US. Various levels of return on investment are permitted for some low, medium, and high-risk projects. Candidates must pick their initiatives carefully.

Targeted Employment Area: Given the time commitment, it may either be a rural location or a place with significant unemployment (at least 150% of the national average). Any territory outside of a metropolitan statistical area (MSA) or inside the limits of a town or city with an estimated population of at least 20,000 is considered a rural area.

Eligibility Requirements for EB5 Visa

1. Invest $500,000 or $800,000 in a business that is situated in a high-unemployment region known as a Targeted Employment region. The project must be in a rural or high-unemployment area with an unemployment rate at least 150% higher than the national average to qualify for TEA funding. Outside of urban centres, the TEA region consists of cities and towns with a minimum population of 20,000.

2. The sum would be USD 1,050,000 if you invested in a company outside of the Targeted Employment Area (TEA).

3. Create at least 10 full-time, permanent jobs for qualified US citizens and residents.

4. The applicant must directly generate jobs for the firm outside the regional centre by taking on the role of employer for a new commercial operation or establishing owned subsidiaries.

5. Direct or indirect employment may be generated by the new business venture inside the regional hub.

6. Before investing, the “Immigrant Petition by Alien Entrepreneur” must be accepted using the 1-526 Form.

US EB-5 Detailed Application Process

1. Choosing an appropriate EB-5 Project: The initiatives might be for brand-new businesses or regional centres. The authorized investor income criteria for the EB-5 procedure must also be met.

2. Make an Investment and I-526 Petition: After deciding on a project and a company in the US, you must pay the required capital investment, agree to an escrow account, and submit an I-526 petition to USCIS.

3. Two-Year Conditional Permanent Residency: With the approval of the I-526 petition, you are qualified for two years of conditional residency in the US under the EB-5 visa application procedure.

4. Unconditional Permanent Residency and the I-829 Petition: Before the expiration of your conditional residence, you must file an I-829 petition to become a permanent resident of the United States. From the time the I-829 petition is filed, it takes between 22 and 45 months to receive a green card.

Conclusion

With the alluring US EB-5 Visa program, ignite your goals and take advantage of this once-in-a-lifetime chance. There are no restrictions or obstacles; only endless possibilities. A world of fortune in the country of dreams is yours to open when you join the ranks of successful Indian investors. The EB-5 Visa program invites you to take a fantastic trip to the United States with its simple application procedure, outstanding perks, and opportunity to build a brighter future. Take hold of your American dream right away.

For individuals interested in US citizenship or residency through investment, My Global Citizenship is a trusted immigration consulting firm. In addition to offering a truly global perspective on citizenship by investment and residency by investment, we have extensive knowledge of these programs. In addition to providing comprehensive services, we also assist our clients in selecting and applying for a second citizenship or residency. We also assist them in obtaining final approval for their second citizenship. We provide expert assistance and support at every stage of the process, ensuring a seamless transition.

If you still have any queries, connect with our team, and we will be more than happy to assist.

A significant issue that affects talented immigrants from every corner of the world is the backlog for green cards. The yearly ceiling on green cards, the per-country restriction, and the strong demand for green cards from qualified workers are a few of the causes contributing to the backlog.

As of 2023, there is a backlog of over one million applicants waiting for green cards in the employment-based category. The wait times for these green cards can be extremely long, causing significant difficulties for skilled immigrants. They are unable to work legally in the United States, travel freely, or bring their families to join them.

What is the Green Card Backlog?

A permanent resident visa known as a “green card” enables a person to live and work in the US continuously. Both family-sponsored and employment-based immigrants can receive green cards.

The green card backlog refers to the situation where individuals have applied for green cards but are still waiting because the number of green cards issued each year is limited. U.S. Citizenship & Immigration Services (USCIS) reported that as of FY2021, there were over 9 million green card applicants who were still pending.

Applicants who are awaiting a green card based on their job status are included in the total backlog of green cards as part of the work-related immigration backlog. The backlog has been growing steadily because of the protracted processing holdups and the overwhelming demand. The Congressional Research Service (CRS) published a report in which the analysis projects that by FY2030, the projected EB-1 backlog is expected to grow from 119,732 to 268,246, the estimated EB-2 backlog would rise from 627,448 to 1,471,360, and the estimated EB-3 backlog would rise from 168,317 to 456,190.

About 68% of the employment-based backlog as of April 2020 came from India. Over 200,000 skilled Indian immigrants are expected to pass away before when they could acquire a green card (barring a change in the legislation), making them the group to suffer the most from the backlog.

What Are the Causes of the Green Card Backlog?

Some factors have contributed to the green card backlog, including:

1. The annual cap on green cards: The cap for employment-based green cards is set at 200,000 per year, and it has not been increased for over 20 years. Even though more individuals are now eligible for green cards, the limit remains the same.

2. The per-country limit: Green cards are also subject to a per-country restriction. Due to this cap, each nation may only receive a specific amount of green cards annually. For immigrants from nations with significant demand for green cards, including India and China, this has produced a backlog.

3. The high demand for green cards from skilled workers: Green cards are in great demand from qualified employees. This is because positions in a variety of sectors, including engineering, healthcare, and technology, require competent employees to fill them.

The Impact of the Green Card Backlog

Skilled immigrants are being severely harmed by the green card backlog since they are unable to lawfully work in the country, travel without restriction, or bring their families with them.

1. Unemployment: Many skilled immigrants who are waiting for green cards are unable to find work in the United States. This is because they are not eligible for most jobs without a green card.

2. Financial hardship: Many talented immigrants are suffering financially as a result of the green card backlog. Because they are unable to legally work, they cannot support themselves. This may result in debt, destitution, and homelessness.

3. Family separation: Separation of families is another effect of the green card backlog. Many skilled immigrants are restricted from bringing their spouses and kids to the country. This might lead to anxiety, concern, and unhappiness.

Among the afflicted immigrants and their allies, the backlog in green card applications has also led to a great deal of resentment and activity. The hashtags #StopAsianHatred, #ModernSlavery, #GreenCardBacklog, and #FairnessBill have recently been popular on Twitter. One of the organizations that have been utilizing social media to spread awareness and push for solutions to solve the backlog is the Green Card Backlog Coalition (@GCBCoalition).

What Can Be Done to Solve the Green Card Backlog?

Several things may be done to clear the backlog of green cards. These consist of:

1. Raising the annual cap on green cards: The annual cap on green cards has to be increased to reflect the growing demand for them.

2. Eliminating the Per Country limit: The per-country limitation should be eliminated to ensure that all immigrants have an equal chance of obtaining green cards.

3. Building a merit-based immigration system: Immigrants with advanced degrees and abilities would be given preference for green cards under a merit-based immigration system.

The Eliminating Backlogs Act of 2023, commonly referred to as H.R. 1535, is a proposed solution to the green card backlog. This legislation is supported by both parties and aims to address the issue by making unused employment-based green cards available since 1992. By exempting these unused green cards from the 7% per-country cap, the bill provides relief to immigrants who are waiting in the backlog. The bill was introduced on March 10, 2023, by Representatives Raja Krishnamoorthi and Larry Bucshon. Along with reducing the backlog, the legislation also aims to facilitate family reunification and contribute to the US’s economic growth.

Conclusion

The green card backlog presents significant challenges for skilled immigrants, causing unemployment, financial difficulties, and family separation. Addressing this issue requires policy changes, such as raising the annual cap, eliminating per-country limitations, and implementing a merit-based immigration system. The proposed Eliminating Backlogs Act of 2023 offers a potential solution to alleviate the backlog and promote fairness and economic prosperity.

For individuals interested in US citizenship or residency through investment, My Global Citizenship is a trusted immigration consulting firm. In addition to offering a truly global perspective on citizenship by investment and residency by investment, we have extensive knowledge of these programs. In addition to providing comprehensive services, we also assist our clients in selecting and applying for a second citizenship or residency. We also assist them in obtaining final approval for their second citizenship. We provide expert assistance and support at every stage of the process, ensuring a seamless transition.

If you still have any queries, connect with our team, and we will be more than happy to assist.

With the introduction of the EB-5 Reform and Integrity Act of 2022, the EB-5 Regional Center Program has experienced substantial changes, therefore both present and potential investors must be educated.

The lack of specified restrictions regarding age, business training, managerial abilities, expertise, or language competence is one of the main benefits of the EB-5 visa. It is a desirable option for anyone desiring permanent residency in the US due to its flexibility.

For entrepreneurs seeking an accelerated route to permanent residency as well as the many investor families that submitted their applications previous to the RIA, the EB-5 Reform and Integrity Act of 2022 (RIA), which reauthorizes the EB-5 Regional Center Program, is great news.

The EB-5 program, which was first established by the US Congress in 1990, is a job-creation project that boosts the US economy using foreign direct investments. Investors must make an ‘at risk’ investment that generates at least 10 new employment in the nation to qualify for this program, which is run by the USCIS (United States Citizenship and Immigration Services).

The EB-5 program allows for the issuance of up to 10,000 visas annually, with specific caps limiting the number of visas that can be allocated to a single country.

Why Choose the EB-5 Visa?

The EB-5 visa offers permanent residency to the applicant, their spouse, and unmarried children under the age of 21, without the need for re-qualification in the future. It provides numerous advantages and fewer constraints compared to other visa programs worldwide. Notably, the EB-5 visa does not impose requirements regarding age, business training, management skills, experience, or language proficiency.

Important Modifications to the EB-5 Regional Center Program:

Under the new legislation, the Regional Center Program is reauthorized for 5.5 years until September 30, 2027.

The ‘grandfathering’ provisions will assist entrepreneurs who have an I-526 on file or submit their I-526 applications by September 30, 2026, letting them finish the EB-5 process even if the regional centre program were to expire once again.

The minimum investment level has been set at $1.05 million, which can be reduced to $800,000 for projects located in qualified high-unemployment or rural areas, or for infrastructure projects.

Starting on January 1, 2027, a minimum amount of investment will be based on the higher dollar value and will be increased for inflation every five years. The calculation for the smaller amount is 75% of the greater amount.

New visa set-asides have been introduced, allocating 20% of all visas to investors who invest in projects qualifying as rural, 10% reserved for investments in high unemployment areas as defined by the new law, and 2% allocated for infrastructure projects.

Investors already in the United States on another visa can now concurrently file their I-526E petition, the initial step in the EB-5 process, with their I-485 for adjustment of status. This presents a valuable opportunity for investors with temporary work or student visas to remain in the country. Additionally, new integrity measures have been implemented, providing increased reporting requirements for regional centres and their operators to safeguard investor interests.

Understanding Regional Centers:

The majority of EB-5 investments are made through Regional Centers, which are organizations chosen by the USCIS to foster economic development in particular American regions through EB-5 investments. These Regional Centers locate, create, and oversee investment opportunities that are specifically crafted to satisfy EB-5 program standards.

Conclusion

In conclusion, the EB-5 Reform and Integrity Act of 2022 has significantly altered the EB-5 Regional Center Program, making it crucial for present and prospective investors to keep informed. The EB-5 visa is a tempting choice because of the program’s flexibility, absence of severe restrictions, and a chance for US residency through investment. Entrepreneurs and investor families have additional prospects thanks to the Regional Center Program’s renewal. Investors may traverse the program with confidence thanks to significant changes in investment levels, visa set-asides, and integrity controls. It is essential to comprehend the function of regional centres since they are essential to facilitating EB-5 investments and promoting regional economic development. Investors may make wise judgments and benefit from the possibilities provided by the EB-5 Regional Center Program by remaining updated about these important changes.

For individuals interested in US citizenship or residency through investment, My Global Citizenship is a trusted immigration consulting firm. In addition to offering a truly global perspective on citizenship and residency by investment, we have extensive knowledge of these programs. In addition to providing comprehensive services, we also assist our clients in selecting and applying for a second citizenship or residency. We also assist them in obtaining final approval for their second citizenship. We provide expert assistance and support at every stage of the process, ensuring a seamless transition.

If you still have any queries, connect with our team, and we will be more than happy to assist.

The H-1B season is in full swing in the United States, with numerous individuals worldwide competing for the highly sought-after work visa. The current annual regular cap for the H-1B category, set by the US Congress, is 65,000.

An H-1B temporary worker is typically a non-citizen who enters the United States to perform services in a specialized occupation. American employers submit H-1B petitions on behalf of the employees they have hired, and recipients are selected through a lottery system.

The total number of H-1B petitions filed saw a 19.1% increase, rising from 398,296 in FY21 to 474,301 in FY22. Out of these, the number of approved petitions increased by 8.6% from 407,071 in FY21 to 442,043 in FY22. (Source – The Economic Times)

According to a report by the US Citizenship and Immigration Services (USCIS), 72.6% of H-1B applications received from India in FY22 were accepted.

It’s important to keep in mind that the H-1B program is distinct from the US citizenship by investment program, which enables people to become US citizens by meeting certain financial requirements.

Here is a breakdown of the total applicants from 2022:

First-time applicants vs. continuing employees:

 In FY22, there were more petitions filed for both initial employment and continuing employment compared to the previous four years.

Source – The Economic Times

In FY22, the USCIS approved 442,043 H-1B petitions, which surpassed the numbers of the previous four years. Among these, 132,429 petitions for initial employment were approved, marking the highest number in the past four years, except for 2019.

The USCIS approved 309,614 petitions for continuing employment in FY22, which was the highest number in the past four fiscal years.

Approved petitions for initial employment included petitions for new employment (30%) and new concurrent employment (<1%).

Petitions for continuing employment included requests for extensions (20.4%), amendments (21.6%), and sequential employment (change of employer, 28%).

Men vs. women: 

Men accounted for the majority (70.8%) of all approved H-1B petitions, while women accounted for 29%.

Women had a larger share (35.6%) of approved initial employment petitions compared to their share of continuing employment (26.2%).

While men outnumbered women in every education category, a higher percentage of women held a master’s, doctorate, or professional degree compared to their male counterparts.

In the case of India, 76% of the total recipients were male, while 24% were female.

Age factor: 

The median age of approved H-1B beneficiaries in FY22 was 33 years old.

Among beneficiaries approved for initial employment, nearly two-thirds (65%) were between 25 and 34 years old.

Beneficiaries approved for continuing employment were slightly older, with almost two-thirds (62.8%) falling between 30 and 39 years old.

Source – The Economic Times

Level of education: 

Regarding qualifications, 31.7% of beneficiaries with an approved H-1B petition in FY22 held a bachelor’s degree.

Additionally, 31.1% were workers with a master’s degree, 7.6% possessed a doctorate, and 3.1% had a professional degree.

A higher percentage of beneficiaries approved for initial employment had earned a doctorate (12.5%) or professional degree (4.3%) compared to those in continuing employment (5.5% and 2.6%, respectively).

Source – The Economic Times

Occupation:

In FY22, the professional, scientific, and technical services sector was the most common industry sector among employers of H-1B workers, accounting for 46.2% of all approved petitions.

Source – The Economic Times

Computer-related occupations constituted the largest major occupational category, representing 66% of all beneficiaries.

The largest detailed occupational group was systems analysis and programming, making up 54.7% of all beneficiaries and falling within the major occupational category of computer-related occupations.

The second-largest major occupational group was architecture, engineering, and surveying, accounting for 9.8%.

Source – The Economic Times

Conclusion

In summary, the H-1B program in the United States experienced a significant increase in petitions filed and approved in FY22. Men accounted for the majority of approved petitions, while women had a higher share of initial employment approvals. The median age of beneficiaries was 33 years old, and a significant percentage held bachelor’s or master’s degrees. The professional, scientific, and technical services sector was the most common industry, with computer-related occupations being the largest category. 

For individuals interested in US citizenship or residency through investment, My Global Citizenship is a trusted immigration consulting firm. In addition to offering a truly global perspective on citizenship and residency by investment, we have extensive knowledge of these programs. In addition to providing comprehensive services, we also assist our clients in selecting and applying for a second citizenship or residency. We also assist them in obtaining final approval for their second citizenship. We provide expert assistance and support at every stage of the process, ensuring a seamless transition.

If you still have any queries, connect with our team, and we will be more than happy to assist.

The sandy beaches of Phuket, the bustling streets of Bangkok, and the mountains of Chiang Mai could all soon be options for digital nomads looking for their next home base.

Thailand will soon offer a 10-year visa to potential long-term residents, with applications opening Sept. 1. The scheme hopes to attract “foreign human resources with high potential and skills,” Narit Therdsteerasukdi, deputy secretary general for the Thai Board of Investment, told Nikkei Asia.

The visa is targeted primarily at people working in high-tech industries, like electric vehicles, biotechnology, and electronics. But the visa will also be available to employees of foreign companies who want to base themselves in Thailand as a digital nomad—or “work-from-Thailand professionals,” as the visa describes them.

Visa holders would be taxed at a lower rate—17%, as opposed to the 35% charged on income greater than $140,000. (For comparison, the U.S. charges a 35% tax rate on income between $215,950 and $539,900.) The visa will also be available to those with over $1 million in assets, or retirees with stable incomes, similar to other so-called golden visa programs that offer residency to wealthy foreigners.

Thailand is the latest country to seek out remote workers as a new source of visitors, as hotspots try to rebuild and revamp their tourism industries in the wake of the COVID pandemic. 

Thailand hopes to bring in a million people from Japan, South Korea, China, the U.S., and Europe. Therdsteerasukdi told Nikkei Asia that he expects visa holders to contribute about $28,000 per person to the local economy, with the whole scheme contributing $27.6 billion in total.

Documents from Thailand’s Board of Investment lay out the requirements for becoming a “work-from-Thailand professional”: You need to have earned $80,000 per year for at least two years (with some exceptions), have at least five years of experience, and work for a company that’s generated at least $150 million in revenue over three years.

The Board is clearly interested in attracting remote workers. Its website trumpets a survey from workspace company Instant Offices that designates Bangkok as the world’s second-best location for digital nomads (behind Lisbon). 

Digital nomads

Other Southeast Asian countries are also appealing to digital nomads. Indonesia, home to the resort island of Bali, is considering a visa for remote workers that would allow them to stay for up to five years. In June, Indonesia’s Tourism Minister Sandiaga Uno told Bloomberg that he hoped the visa might attract higher-spending visitors.

Uno described the digital nomad visa as part of a broader initiative to rebuild the country’s tourism industry. “In the past, the ‘three S’s’ were sun, sea, and sand. We’re moving it to serenity, spirituality, and sustainability,” Uno said at the time. 

• A new Active Investor Plus visa category is created to attract high-value investors.
• The new visa will replace the existing Investor 1 and Investor 2 visa categories.
• Eligibility criteria includes a minimum $5 million investment and encourages greater economic benefit to New Zealand companies by capping passive investment in listed equities to 50 per cent and excluding bonds and property.
• Visa category will open 19 September 2022.                                            

As part of the Government’s Immigration Rebalance strategy, changes to New Zealand’s investor visa settings will be made to attract experienced, high-value investors bringing growth opportunities to domestic businesses, Economic and Regional Development Minister Stuart Nash and Immigration Minister Michael Wood announced today.

“We have so many fantastic businesses in New Zealand that are making a real name for themselves in the global marketplace. Our Government has a goal to support these businesses to grow into even more successful global brands, and updating our investor visa settings is a key part of our strategy to attract high-value investors,” Stuart Nash said.

“This is part of our Immigration Rebalance strategy, which aims to attract high-skilled migrants, and aligns with our goal to build a more productive, competitive and sustainable, economy. The new visa settings will attract active and high-value migrants who will bring their international expertise to help New Zealand businesses to grow, which increases local employment and directly benefits the economy.

“The new Active Investor Plus visa will replace the old investment visa categories, which although successful in attracting a large amount of funds over past decade – over $12b –often resulted in passive investment in shares and bonds rather than directly into New Zealand companies, meaning a missed opportunity to attract more active investors who can deliver real benefits to our economy over a long period of time.

“We want to encourage active investment into New Zealand, which generates more high-skilled jobs and economic growth compared to passive investment. This new visa category will also leverage the skills, experience and networks of migrants who will bring their access to global networks and global markets to help Kiwi companies grow faster and smarter.

“Overall, the visa changes are a win-win for New Zealand and migrant investors. Investors secure an opportunity to invest in smart and innovative New Zealand businesses that have the potential to be globally successful, and Kiwi businesses gain valuable skills, connections, and capital. This will make New Zealand more competitive in the international marketplace and take our businesses to the next level,” Stuart Nash said.

“The new visa category will help to attract investors that will remain in New Zealand for the long term, bringing their skills and experience to increase our productivity and competitiveness, supporting our transition to a high wage, productive economy,” Michael Wood said.

“Applicants who make acceptable direct investments, among other requirements, will be eligible for the new visa with a $5 million minimum investment and receive the highest rating which is a lower minimum amount than those who choose more indirect investments. The minimum amount required for indirect investments will be $15 million.

“We’re also improving the flexibility for the investor by allowing them to invest over a three-year period and maintain their investments up to the end of a fourth year. Investors will need to spend at least 117 days, or around a month a year, in New Zealand over the four-year investment period. This is increased from 88 days in the previous category in order to ensure that investors are actively getting hands on with local companies to help them grow.

“Being in New Zealand will provide more opportunities to become involved in the businesses they’ve invested in, further sharing their expertise and connections. Spending time here also increases the likelihood of further active investment. The changes align with similar investor migrant settings in Australia,” Michael Wood said.

The new Active Investor Plus visa will open on 19 September 2022. Applications under the Investor 1 and Investor 2 visas will no longer be accepted after 27 July 2022. All applications in the current pipeline will continue to be processed by Immigration New Zealand.     

Cambodia has launched a programme to encourage foreign investment that offers a ten-year visa and other benefits to those who invest in the country.

Local media reported that the “Cambodia – My Second Home” programme has been exclusively launched by the Khmer Home Charity Association with full authorization from the Ministry of Interior, with the goal of promoting trade and investment while eliminating unauthorized intermediary companies.

Applicants for the Cambodia My 2nd Home (CM2H) programme will have access to a number of business-friendly measures, such as 10-year visas with no entry or exit restrictions, as well as an option to apply for Cambodian citizenship after five years.

Foreign investors will also benefit from Khmer Home Charity Association membership under the programme, which will grant them access to local insurance coverage and VIP medical treatment, among other advantages.

According to the official website of ‘Cambodia My Second Home’ (CM2H) programme, applicants must be a citizen of a country recognized by the Cambodian government and must have investment capital of not less than US$100,000 in Cambodia.

No language proficiency or academic qualifications are required by those wanting to enter the program.

Investors will receive their CM2H membership number within seven days, while the visa will be processed within 14 days, according to the program website.

New EB-5 Investor Form I-526 for Standalone or Direct EB-5 Investors is Expanded with New Required Disclosures

On July 12, 2022, U.S. Citizenship and Immigration Services (“USCIS”) released an updated Form I-526, Immigrant Petition by Standalone Investor. This new form replaces Form I-526, Immigrant Petition by Alien Entrepreneur, which had been the prior individual EB-5 investor petition for both regional center and standalone (direct) EB-5 investors. Instructions for the new Form I-526 can be accessed on https://www.uscis.gov/sites/default/files/document/forms/i-526instr.pdf

Form I-526 form has been expanded and can now only be used for EB-5 investors who select standalone (direct) EB-5 investment projects with only a single EB-5 investor. A separate Form I-526E has already been released by USCIS for EB-5 investors who select EB-5 regional center sponsored EB-5 investment projects.

Form I-526 requires additional information about the EB-5 investor since he/she is now involved in the EB-5 program as an owner of the NCE.

Disclosures about the EB-5 investor’s net worth, sources of capital for the EB-5 investment, and a breakdown of all “administrative costs and fees” are now present in Form I-526. The EB-5 investor must also answer questions about prior work authorization and compliance with United States immigration laws.

Overall, the new Form I-526 will require EB-5 immigration attorneys to spend more time gathering information and documents in order to prepare their client’s initial EB-5 investment applications.

Read more: https://www.uscis.gov/newsroom/alerts/uscis-releases-new-forms-for-immigrant-investor-program-0

Portugal is among the top ten countries in the world that attracts the most millionaires.

This year, around 88,000 millionaires are expected to move to a new country, with Portugal expected to receive 1,300 new millionaires, putting the country in sixth position in the countries that attract the most millionaires.

Also read 11 Reasons to Move to Portugal in 2022 from India

The ranking is led by the United Arab Emirates, with 4,000 millionaires expected to arrive there by the end of 2022, according to the “Henley Global Citizens Report”, carried out by Henley & Partners.

“The forecast for 2022 reflects an extremely volatile environment around the world. By the end of the year, 88,000 millionaires are expected to have moved to new countries, 22,000 fewer than in 2019, when 110,000 moved.”

The United Arab Emirates — which has become an interesting hotspot among wealthier investors — ranks first on the podium when it comes to millionaire arrivals. The expected arrival of 4,000 millionaires this year represents a 208% boom compared to the flow recorded in 2019 (1,300).

“This influx of millionaires is due, in part, to the country’s adaptable and responsive immigration policies, especially designed to attract private wealth and international talent,” explains the London-based consultant.

The podium is completed with Australia and Singapore, with an expected gain of 3,500 and 2,800 millionaires, respectively, then Israel (2,500), Switzerland (2,200), United States of America (1,500), Portugal (1,300), Greece (1,200), Canada (1,000) and New Zealand (800).

“The richest individuals are extremely mobile, and their movements can provide an early warning signal for future trends in countries. Countries that attract wealthy individuals and families tend to be robust, with low crime rates, competitive tax rates and attractive business opportunities,” explains Andrew Amoils, head of research at New World Wealth.

Despite not appearing in the top ten of the list, Henley & Partners also points out that a large number of millionaires are also expected to move to Malta, Mauritius and Monaco.

Parliament has rejected the proposals of the PCP, BE and PAN to end golden visas, as well as the proposal by Chega who called for the enlargement of the regime.

“The way and the time is one of evaluation” about a “successful legal amendment that safeguarded the dimensions that are important in this regime”, said the socialist deputy Pedro Anastácio.

The PS parliamentarian, the party that voted against all these proposals, argued that “the last legal change made to the regime responded adequately to the housing dimension, allowing to safeguard and maintain the regime’s dimension”. For Pedro Anastácio, the changes represent “something that is also important and fundamental for the country, which is the promotion of productive investment, job creation, investment in urban requalification, cultural heritage and in activities of high environmental or social value”, adding that “it is necessary to assess the effects after the introduction of this change” in order to assess whether the desired balance has been achieved.

The deputies only approved a PSD recommendation to the Government for urgent regulation that would allow the operation of the online platform and the submission of online applications for golden visas for real estate purposes in the Autonomous Regions of Madeira, the Azores and interior.

Read The Portugal Golden Visa: All you need to know in 2022.

Online platform

While the debate and voting took place, it was announced by the Portuguese Association of Real Estate Developers and Investors (APPII) that the platform was now operational.

Jornal de Notícias reported last Tuesday that the lack of regulation of the law that changes criteria for the attribution of Residence Permits for Investment, which came into force in January, was preventing the submission of new applications to the golden visa regime.

The following day, the Secretary of State for the Presidency of the Council of Ministers, André Moz Caldas, stated that the law in question did not need to be regulated and could be “directly applicable”. “From my point of view, the law amended in the past is directly applicable and does not require any special regulation”, said the Secretary of State.

This morning, APPII announced that applications for the so-called golden visas were resumed and several new applications for Residence Permits by Investment (ARI) have already been submitted. In a statement, APPII adds that, “after a round with its associates, it confirmed that the platform to insert new ARI of the Foreigners and Borders Service (SEF) is finally operational”.

During the plenary debate, PSD deputy Sara Madruga da Costa defended the “urgency to proceed with the rapid operationalization of the SEF portal” within the scope of the latest changes, adding that “this is an excellent opportunity to put into practice the so often touted territorial cohesion”.

No new changes will be brought in relation to golden visas and the online platform for submissions is now up and running again.

Also read 11 Reasons to Move to Portugal in 2022 from India