US investor visa 'runs out': Extended waiting time expected next fiscal

The US has run out of immigrant investor’s visas for this fiscal year for the first time in its 24-year history.

In the fiscal year running until September 30, 2014 the maximum number of EB-5 or immigrant investor visas have all been allotted before the end of the deadline was reached.

The new fiscal year will start on October 1, 2014 and offer new opportunities, however long waiting lines have already been anticipated.

Every year, the US allocates a maximum number of 10,000 visas to foreign investors who are willing to invest a minimum of $500 in a project in a high-unemployment area or rural area, creating at least 10 jobs, or $1 million in a general project.

In return, the investor and family receive permanent residency or a green card within typically a two-year period.

Throughout the 24-year history of the programme, the 10,000 intake cap has never been reached. While the US issued 8,564 visas during the last fiscal year, only 7,641 visas were issued in the fiscal year of 2012.

The popularity of the EB-5 visa has increased immensely over the years, claim experts. A surge was witnessed since the financial crisis, and again when Canada scrapped its only investor’s programme earlier this year.

The majority of the applicants are from China, who this year accounted for 85 per cent of the total applications.

With more than 10,000 applications pending, next fiscal year promises an even quicker allocation of the available visas. Moreover, waiting periods are expected to be extended. Some people involved in the programme claim that the time it takes to get the visa could upsurge from a few months to up to 2-3 three years.

Plans to amend the programme are currently under discussion, with amendments such as the intake cap, the application procedure and the maximum age of dependents under consideration.

Meanwhile, investors are advised not to wait until the end of next fiscal year with their application.