The effects of COVID-19 are apparent in all aspects of our country and the economy, and the EB-5 industry is not excluded. As the U.S. begins to re-open, EB-5 practitioners may be wondering what this means for their business and the Program.
Join IIUSA on Tuesday, June 16 for a panel of EB-5 experts as they dive into what this “new normal” means for the industry and what the implications of the global pandemic are for the months and years ahead.
IIUSA member and moderator of next week’s panel Carolyn Lee (Carolyn Lee PLLC) recently spoke to Bloomberg Law in an article about EB-5 and COVID-19’s effect on the industry and investments coming to the U.S. through the Program. Lee will continue this discussion with fellow experts including Christine Chen, CanAm Enterprises; Noreen Hogan, CMB Regional Centers; Michael Kester, Impact DataSource; and Cletus Weber, Peng & Weber PLLC.
The panel will immediately follow a presentation from Charles Oppenheim, Chief of the Visa Control and Reporting Division at the U.S. Department of State.
From Bloomberg Law
“At its peak, the EB-5 program brought in nearly $11 billion and created more than 355,000 U.S. jobs in 2014 and 2015, according to a report based on U.S. Citizenship and Immigration Services data. The program has been particularly popular with investors from China, Vietnam, and India.”
Lost visas from the consular closures due to COVID-19 can lead to millions of dollars in lost investments and job creation, and the disruption caused by the pandemic highlights the important role EB-5 plays in our economy.
Another IIUSA member, Mitch Wexler from Fragomen, Del Rey, Bersen & Loewy told Bloomberg, “These are entrepreneurs who have been successful at home—here they’re stimulating the economy and they’re job-creating machines.”.
Have you Signed onto IIUSA’s Public Letter of Support?
Join over 330 organizations and sign IIUSA’s public letter of support for the EB-5 Regional Center Program!
The letter, addressed to members of Congress, highlights the key economic benefits of EB-5 investment, including job creation and retention for U.S. workers and local economic development, particularly in this time of need for economic recovery.
Help show Congress how far-reaching and impactful the EB-5 Program is and the need for long-term reauthorization.
During this critical time for our country, IIUSA is committed to reminding local and federal lawmakers, as well as the public, of the important role that EB-5 plays in our economy and job creation. We encourage all EB-5 stakeholders to use IIUSA’s op-ed template and submit an op-ed for publication in their local media outlets. You are welcome to modify the city/region/state data as you see fit but we ask that you verify all data points with IIUSA before publishing.
At a time when EB-5 is needed most, we need the action of our members to help ensure that EB-5 has a long-term role in economic development for our country.