Rich Arabs are rushing to join a US program that offers investors green cards in exchange of cash as they try to beat a crackdown on immigration by Donald Trump. Three companies in Dubai that offer legal advice on immigration state they have witnessed a surge in demand for US investor visas.
There has been a strong increase in Arab demand lately according to Preeya Malik. The EB-5 immigration program gives green cards to foreigners who invest $500,000 or more and create 10 jobs in the U.S. The program caps the number of visas issued per year at 10,000.
Since 2011, nearly 83% of the EB-5 visas issued went to Chinese investors and just less than 2% went to people from the Middle East, but with Trump likely to unveil a new executive order on immigration any moment, interest from the region is surging.
Strong demand and possible changes in the requirements
Step America states there has been a 60% increase in inquiries and a 40% surge in EB-5 applications. Arton Capital saw inquiries handled by its Dubai office increase by 200% compared with the last year.
Luay Al Azzawi is an Iraqi doctor who works in Dubai, he wants to move to US to give his son a better future. He applied for the US refugee program six years ago and did not hear back. He's considering the EB-5 program today, but he is worried that his status as an Iraqi may make it difficult.
A requirement of the EB-5 program is to put the $500,000 upfront when applying although approvals may take 12 months or more. The Congress could review the program in April, and it could increase the requirement to $800,000 or more.
The Trump administration wants to make changes to many visa programs, but the EB-5 was not included in the draft executive order. Time will tell us if there will be changes in the investor visa.
