The brilliant Suzanne Lazicki published a new article last week explaining the massive increase in FY2021 total US immigrant visa numbers which has triggered a buzz of questions within the EB-5 community. I’m writing this to give AVSEB5 and LatourLaw clients and readers in Vietnam a brief summary on how this development may impact Vietnam EB-5 investors.
As his poll number continue to drop and reelection hopes dim, Donald Trump is again weaponizing US immigration policy to energize his most aggressive, anti-immigrant voter base. He is expected to sign an executive order on Monday that would suspend temporary visas for foreign workers until the end of 2020, infuriating US business and industry groups who rely on foreign talent. The freeze will apply to H-1B visas designed for high-skilled workers, particularly in the tech industry, and H-2B visas used by seasonal workers, such as in the construction and hospitality industries.
Last week, one of the EB-5 program’s biggest players announced that they were stopping payments due to EB-5 investors because of volatility caused by the pandemic. Citing “extremely challenging conditions” in the residential condo market, that was that, leaving its investors wondering about their investments, their EB-5 process, and a lot more. While we see no need to name this giant company, they are hardly alone: hundreds of US developers relying on EB-5 capital raised via fraudulent TEAs are lurching as the economy falters and the house of cards they have built with EB-5 investor funds comes tumbling down.
In response to the COVID-19 situation and the inability for Attorney Jose Latour to make his monthly trips to Vietnam, LatourLaw is launching a new, low-cost video consultation services for Vietnamese clients looking for answers to their global immigration and tax questions.
[NOTE FROM JOSE: Folks, we normally translate important news like today’s into Vietnamese but AVS Vietnam and I are too busy with final $500K case prep to do so.
Yesterday, Congress passed and the President signed a Continuing Resolution (a temporary extension of funding) extending the EB-5 Regional Center Program through November 21, the day when new EB-5 reforms kick in. On November 21, AVS EB-5 will be one among a handful of Regional Centers offering bona fide TEA/Rural area projects at the new $900,000 TEA level investment amount. The other 90+% of EB-5 projects on the market will now require a minimum investment of $1.8M.