The possible increase in the prices of EB-5 Immigrant Investment Visa program has caused South Africans to rush for the program so as to avoid being left out when the price is hiked. An estimated increase of 600% from three years ago has been made by NES Financial in the South Africans EB-5 petitions filings this fiscal year.
According to Bernard Wolfsdorf, a former South African and US EB-5 lawyer, there has been a lot of South African cases processed last year than in the previous 10 years. He suspected that the potential increase may cause this.
However, other outstanding factors like excellent business environment, exceptional educational opportunities, and a stable economy in the country were also stated by Mr. Wolfsdorf.
A website focused on South Africans has been set up by Wolfsdorf Rosenthal LLP – the top-ranked immigration law firm in the US. Experienced lawyers are also sent by the firm to explain immigration options to South Africans.
As compiled by the office of the United States Trade Representatives, in 2018, an estimated total of $18.9billion was confirmed from the US goods and services trade with South Africa; with imports of about $10.5bn and exports of $8.4bn, whereby a trade deficit of $2.1bn was created with the South Africans.
Vehicles, Iron, Steel, agricultural products, precious stones, and metals are most of the US imports from South Africa.
Other reasons why South Africans move to the US is the recent unwelcoming attitude of the UK and Australia to immigrants. Australians have become less accommodating with the belief that the liberal immigration policies in the country must end. Also, UK’s Brexit has caused lots of uncertainties; as such, the US has become a backup plan for South Africans.
Attorney Joseph Barnett has expressed his excitement over meeting with the South Africans, claiming that their friendly and hardworking attitude has helped them cope in the country. He added that the popularity of the EB-5 visa is from the fact that there is no requirement for education or sponsorship by a US employer. Also, travel is simple throughout the visa process. Altogether, anyone with the ability to invest $500,000 will gain the opportunity to live his/her American dream.
However, South Africans, as advised to act immediately as the rule-making process for the regulations which was proposed initially in 2012 has reached its final stage. It is, however, being reviewed by the US Office of Management and Budget before finalization.
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