COSTA MESA, Calif. /California Newswire/ — In response to the surge in EB-5 applications from mainland China, the U.S. State Department has announced a cutoff date for immigrant investors from mainland China applying for permanent residency in the U.S. through the EB-5 visa program, according to PDC Capital Group, LLC.
The EB-5 visa is a federal program launched in 1992 that allows foreign nationals to apply for permanent residency in the U.S. in exchange for investing a minimum of $500,000 in a U.S. business. Each investment is required to generate at least 10 jobs.
As of May 1, 2015, Chinese immigrants who filed I-526 forms recently, from May 1, 2013 to the present, will experience a delay in the processing of their I-526 (Immigrant Petition by Alien Entrepreneur) forms. Those who filed their I-526 prior to May 1, 2013 can proceed to the next step in the immigration process.
Emilio N. Francisco, Chairman and Chief Executive Officer of private equity firm PDC Capital Group (www.pdccapitalgroup.com), said that this development may result in greater diversity of the EB-5 investor pool. "Companies with EB-5 projects and investment opportunities may approach investors in other countries in Asia, Europe and the Middle East," Mr. Francisco commented. "This will make for a more diverse pool of investors coming to the U.S. and helping to create jobs."
Beginning in 2011, applications to emigrate through the EB-5 Immigrant Investor visa program surged, with China accounting for more than 85 percent of total EB-5 visas issued. After China, South Korea, Mexico, Taiwan-born China, Vietnam and Russia accounted for the largest numbers of EB-5 immigrants last year.
"We are very excited about investors from Russia, Taiwan, Vietnam and the Middle East," said Mr. Francisco. "We believe that greater diversity in the program will be a net positive for EB-5."
About PDC Capital Group:
PDC Capital Group, LLC, is a private equity firm specializing in EB-5 investment projects. In identifying and executing new projects, PDC Capital Group's goal is success for three groups: success for investors, success for the community where the project is located, and success for its project partners. For more information, please visit http://www.pdccapitalgroup.com/.
PDC's Twitter Feed: https://twitter.com/PDCCapitalGrp.
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