Give Me Your Investors

The U.S. government is easing the way for foreigners with business plans to get visas.

Image: iStockphoto

The federal government announced today that it plans to streamline the approval process for visas awarded to foreigners who plan to invest in new businesses in the United States.

The EB-5 Immigrant Investor visa was created in 1990 as a way to “attract investors and entrepreneurs from around the world to create jobs in America,” said Alejandro Mayorkas, director of U.S. Citizenship and Immigration Services. “We are dedicated to enhancing this program to ensure that it achieves that goal to the fullest extent possible.”

Every year, 10,000 visas are available to prospective immigrants who plan to invest in new businesses that will create at least 10 jobs here. Applications require business plans and economic analyses showing that the program’s criteria will be met.

Now, USCIS plans to expedite approvals of visas for projects that are fully developed and ready to be started. For an additional fee, these applications will be processed within 15 days.

The agency also plans to create specialized intake teams with expertise in economic analysis to work with applicants to quickly resolve any issues with their applications.

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