The delay in the reauthorization of the EB5 Regional Centers program by the United States Congress has caused uncertainty among firms that connect investors to the scheme.
According to the Houston EB5 firm, the United States Congress was expected to reauthorize the program on December 3, which has been in detention since June 30; however, this has not happened, which has caused uncertainty among investors and the real estate industry.
“Uncertainty began to grow, among investors and the US real estate industry, about whether the Regional Centers program will work again or not,” explained Houston EB5 in a statement.
According to this company, in the event of a reauthorization of said scheme, the minimum investment to enter this program would remain at $ 500,0000.
For Christian Triantaphyllis, partner of the Jackson Walker LLP firm, this scheme has a great area of opportunity in Mexico because more and more Mexicans are interested in applying for the EB-5 visa to migrate with permanent residence to the United States.
According to data from the firm, Mexicans are among the eight nationalities that most request the EB-5 visa, by which investors can apply for a green card for permanent residence when making an investment in a company in the United States that generates at least 10 permanent jobs for workers in that nation.
Emilio Guzmán, executive vice president and Houston EB5, applications for this type of visa have grown 30% in recent years, when before this increase was at least 10 percent.
“Before the pandemic, this program contributed to the United States real estate industry approximately 5 billion dollars, and at least 100,000 jobs a year,” the firm explained.
Houston EB5 pointed out that, according to data from the United States Department of Migration, last year there was a setback in the allocation of visas, derived from the pandemic; However, they foresee a recovery for this 2021.
The scheme that has not yet been reauthorized by the United States Congress is that of projects under regional centers, which provide the majority of jobs and investments within the program.
“As the Regional Centers program is not active, the only avenue for EB-5 visas is direct investments, since these are set forth in law, and do not require the approval of the United States Congress,” explained Houston EB5.
Houston EB5 is one of the few firms that has projects that create direct jobs. through Moderno Porcelain Works, a company dedicated to the sale and installation of large-format porcelain, which began operations two years ago. According to the company, a Green Card can be accessed with an investment of $ 600,000.
Reference-www.eleconomista.com.mx