In 1990, Congress established an investor visa category, referred to as EB-5, whereby immigrants are granted conditional residence and after 2 years, permanent residence status in the United States if they invest in a commercial enterprise that will benefit the U.S. economy and create at least 10 full-time jobs. The Basic Pilot Program Extension and Expansion Act of 2003 (P.L. 108-156) mandates that GAO provide certain information regarding the EB-5 employment category. In response to the mandate, this report provides information on immigrant participation, including the number of participants, their countries of origin, and the number who sought U.S. citizenship. Also, this report includes information about the types of business established and where they were established.
Recommendations for Executive Action
|Department of Homeland Security||Given the undetermined status and potential hardships imposed on hundreds of EB-5 applicants awaiting the promulgation of implementing regulations and that 2 years have passed since Congress required DHS to issue regulations for adjudicating these EB-5 applications, and to better achieve the economic benefits of the EB-5 category, the Secretary of the Department of Homeland Security should finalize and issue these regulations.||
Closed – Not Implemented