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What does President Trump’s Executive Order to eliminate or suspend preferential treatment for Hong Kong mean for prospective EB-5 investors?
Unfortunately, for investors born in Hong Kong, the executive order means they become subject to Mainland China’s EB-5 backlog.
EB-5 investors from Mainland China currently have a priority date of August 15, 2015.
Prior to this executive order, Hong Kong was recognized as a separate foreign state from China in regard to immigration chargeability rules under the Immigration Act of 1990. For EB-5 investors from Hong Kong, this meant separation meant that their final action dates on the visa bulletin were current.
The executive order was one move in a series made by the United States’ in an effort to punish China, however, the moves continue to hurt Hong Kong after it has already suffered losses of its freedoms and autonomy from China.
Unless the executive order is rescinded or Congress passes legislation, Hong Kong will be subject to Mainland China’s years-long EB-5 visa backlog. While fewer EB-5 petitions were reportedly received in fiscal year 2020, which may help with alleviating much of the backlog, the new visa availability approach will prioritize petitions from all countries other than China.
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Does this affect those who have filed the I526 petition? Or only those who are going to file I526?