As more weeks pass by with COVID-19 ravaging through the country’s economy, we come to wonder what other fields may be negatively affected by this pandemic. One such field is immigration. More specifically, we will look at the negative effects of the EB-5 Investment Visa and the L1-A Manager Visa.
Also Read: What Exactly is the COVID-19 Coronavirus?
The majority of EB-5 projects, especially those tied to a Regional Center involve the construction and operation of business centers like hotels, stores, apartments, etc. These businesses like any other are being heavily affected by COVID-19 construction plans are obviously on hold and a lot of employees have been laid off. As such, the Visa requirement for ten new jobs to be created is being directly affected by COVID-19.
Interestingly, the Trump administration is already taking steps to increase the available EB-5 visas per year in order to offset the financial strain the United States is facing due to COVID-19. In addition to the increase in the number of visas available to foreign investors, the investment threshold for investments in high unemployment areas might also possibly be lowered. The above-proposed changes will likely be within a new coronavirus bill to be implemented by Congress shortly.
On April 23, Trump signed in the Executive Order, “Proclamation Suspending Entry of Immigrants Who Present Risk to the U.S. Labor Market During the Economic Recovery Following the COVID-19 Outbreak.” This new executive order bans the issuance of immigrant visas to those physically outside the United States, with exceptions to particular visa categories, including the EB-5 Visa. The Order exempts EB-5 visas when they are processed outside of the United States, and investors already in the middle of an ongoing EB-5 visa application, those still considering filing for an EB-5 visa, or those already present in the United States on an approved EB-5 Visa or pursuant green card, will NOT be affected by this new order signed in by the Trump Administration.
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