CanAm Shares Important Takeaways from the Conversation with Charlie Oppenheim

CanAm Shares Important Takeaways from the Conversation with Charlie Oppenheim

PR Newswire

DUBAI, United Arab Emirates, June 18, 2020

DUBAI, United Arab Emirates, June 18, 2020 /PRNewswire/ --CanAm Enterprises ("CanAm") is pleased to share key takeaways from IIUSA's webinar: Conversation with Charlie Oppenheim. Oppenheim is the Chief of the Visa Control and Reporting Division at U.S. Department of State. During the webinar, he answered questions about EB-5 visa usage through May 2020.

Visa

EB-5 Visa Numbers in FY2020 and FY 2021

Oppenheim estimates that over 4,500 EB-5 visa numbers have been issued thus far for FY2020, which is well short of the approximately 10,000 EB-5 visas available each fiscal year. It is very likely that a significant number of EB-5 visa numbers will go unused for FY2020 largely due to COVID-related consular closures around the world. However, Oppenheim anticipates that there will also be significant numbers of unused family-based visas in FY2020, which will spillover and be added to the 140,000 annual visas already allocable to the employment-based visa categories for FY2021. He also estimated that the total number of employment-based visas available for FY2021 "is likely to be well in excess" of 200,000, representing a minimum net gain of 60,000 visas for all employment-based preference categories. Accordingly, it is very possible that we can expect well in excess of 14,200 EB-5 visas to be available for distribution in FY 2021.

"In the grand scheme of things," Oppenheim indicated, "the loss in EB-5 numbers used in FY2020 will be more than offset by the additional visas that will be available next fiscal year." Thus, Oppenheim noted, FY2021 "should be a very good year" under the current INA guidelines for visa availability for employment applicants.

Walter Gindin, CanAm's Director of Legal Affairs, commented, "It's helpful to view the EB-5 visa backlog as a constantly moving line, which can get shorter over time. Currently, Oppenheim estimates that an even greater number of unused family-based visas for FY2020 will be allocated to employment-based categories for FY2021, making well over 200,000 employment-based visas available next fiscal year, including a substantial number for EB-5. This trend, coupled with increased EB-5 investment amounts and other factors, will reduce visa wait times."

This is an optimistic outlook for Middle Eastern investors who have been considering applying for the EB-5 visa to obtain U.S. green cards for their families. As Oppenheim commented during the webinar, "This is a very good year for the employment category…people need to act this year."

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Contact: Clare Chen, 212-668-0690, clarechen@canamenterprises.com

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