According to CNN, a US visa program which was once hugely popular with Chinese nationals is seeing fewer applications.
The EB-5, which is dubbed ‘the golden visa’ grants green cards to foreigners who invest $500,000 or more into businesses to create jobs in the USA.
Previously, Chinese people applied for the visa in the tens of thousands. However, the popularity of the program means that there is a huge backlog of application, which has created long waiting times. This combined with Beijing’s efforts to limit Chinese money being invested in other countries, has resulted in a significant decrease in demand.
Chaninat & Leeds’ US immigration attorneys in Thailand specialize in K1 and K3 and family-based visas
The overwhelming majority of applicants for the EB-5 program are Chinese, submitting 80% of all applications in the last two years. Those who are currently putting in applications can expect to wait up to 10 years, according to the US Department of Homeland Security.
Read the full story here
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