Immigration has become a particularly controversial political topic over the past year or two, but immigrants form a critical part of our culture and our economy. Recent reports have further confirmed immigrants’ economic impact, both in New Jersey and nationwide. New Jersey is currently suffering a net population decline, as residents move elsewhere. Immigrants are making up for some of that loss. They are also starting new businesses at a considerable rate, which helps local economies and the state as a whole. Numerous immigration programs play a role in this, such as the EB-5 investor visa program and the Obama administration’s Deferred Action for Childhood Arrivals (DACA) program. While the forthcoming change in the White House is bringing significant uncertainty for immigrants, it is worth noting immigration’s economic benefits.
Congress established the EB-5 Immigrant Investor Program to encourage investment, entrepreneurship, and job creation. It is available to immigrants who intend to invest a minimum amount in a “new commercial enterprise” in the U.S., which will create a minimum number of new jobs for U.S. citizens or permanent residents. 8 U.S.C. § 1153(b)(5). According to the December 2016 Visa Bulletin, the processing of EB-5 visa petitions is current for everyone except individuals from mainland China.
At least 3,000 EB-5 visas each fiscal year must be for new commercial enterprises in “targeted employment areas” (TEAs), defined as either a “rural area” or an area with at least 150 percent of the national average unemployment rate. Id. at § 1153(b)(5)(B). The minimum investment amount to qualify for an EB-5 visa is currently $1 million. 8 C.F.R. § 204.6(f)(1). For a TEA, the minimum investment is $500,000. Id. at § 204.6(f)(2). The investment must create at least 10 full-time jobs for “qualifying employees.” Id. at § 204.6(j)(4). A report issued by the U.S. Government Accountability Office (GAO) in September 2016 found that a substantial majority of recent EB-5 petitioners intended to invest in TEAs.