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‘EB-5 visa fee to increase by 270%’

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Idowu Olumide<br />

Nigerian investors have been advised to take a swift decision as the United States (U.S.) is planning to hike its Employment-Based Fifth Preference Category 1, EB-5 visa fee by 270 per cent.

This came on the heels of the completion of EB-5 Immigrant Investor Programme Modernisation’s review by the U.S. Office of Management and Budget (OMB) in June, said the Chief Executive Officer of Brandleys International Limited, Olumide Idowu.

The EB-5 visa programme is a citizenship programme that allows investors and all their immediate family members to become permanent citizen after six years so far they engage the right regional Centre and attorney. It affords foreigners opportunity to bring capital investment into the United States in exchange for citizenship.

According to Idowu, given the review, the investment fee is expected to grow to about $1.35 million from current $500,000 and increase as much as $1.8 million from current $1 million.

He said: “It is believed that once the final rule is published in the Federal Register, the usual time for a legislative change to take effect is 30-60 days. The time to act is now. With the priority dates still in place, any interested investor can still get their petition signed under the old fee if they act now. One major cause of delay in filing for EB-5 is the Source of Funds (SOF).

“It takes two or more months for attorney to get pass these stage before filing the main petition Form i526. It is pertinent at this point; prospective investors should contact a regional centre and a reputable attorney to get started. For those who can afford the higher minimum investment level of $1.35million and above, it is advisable that they should apply as normal.

“EB-5 will continue to offer the fastest and most straightforward routes to USA permanent residency. While your investment is naturally at risk, our affiliate Regional Center (MCFI) and attorneys (Davies & Associates) are uniquely positioned to help Nigerians assess the risks associated with various projects. This would allow you to mitigate risks to your investment and boost the chances of having your money returned, whether it be $500,000 or $1.35 million.”

It affords foreigners opportunity to bring capital investment into the U.S. in exchange for citizenship.


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