Based on the current number of Chinese EB-5 applications currently pending, Mr. Oppenheim predicted that the numbers for the EB-5 category could retrogress (i.e. move backward) for Chinese nationals by as much as two years by May 2015 and that several year backlogs could continue to occur each fiscal year if the amount of Chinese EB-5 applications does not diminish.
For prospective Chinese applicants who are interested in the EB-5 program, this means that the EB-5, while still potentially remaining a viable long-term possibility to immigrate to the United States, is not going to help those who want to move to the U.S. within the next 3-4 years, and perhaps even for a longer period of time if the numbers continue to retrogress. Further, if these applicants have children who are approaching age 21 and who could potentially age out before the EB-5 process is complete, other immigration solutions may need to be explored.
If you have any questions about the EB5 program and/or you would like to discuss how this recent update might impact your case, please contact Marty & Ellis.