South African Filings for EB-5 Investment Visa Surge
Demand for the program is the highest it has ever been with an approximate 486% increase in the number of EB-5 petitions.
WASHINGTON, DC–EB5 Capital, a company which raises capital from foreign investors under the EB-5 Immigrant Investor Program, has raised over $680 million in foreign capital from investors in several countries including China. Now they report they are seeing an uptick in the number of investors coming from South Africa.
“South Africa is becoming an important market for our company and we’re thrilled to see interest in the EB-5 program growing in this region of the world,” says Juline Kaleyias, director of Investor Relations for EB5 Capital.
There has been an approximate 486% increase in the number of EB-5 petitions submitted by South Africans within the last 3 plus years. This demand is driven by South African EB-5 investors seeking a pathway for their families to live in the US where they believe they can get a better quality of life plus educational and career opportunities.
In a recent budget speech, South African finance minister, Tito Mboweni, outlined the state of South Africa’s finances for 2019. The National Treasury predicts that over the next three years, there will be real GDP growth rate but at the same time, the current gross debt and account deficit are expected to swell. Recent government forecasts have debt topping 60% of GDP by 2024. As a result, a high number of South Africans are seeking permanent residency in foreign countries.
EB5 Capital owns and operates six USCIS-authorized Regional Centers that serve 15 states and the District of Columbia. Over the last decade, they have raised over $600 million in EB-5 funding for projects in Los Angeles, Washington DC, New York, Nashville and Portland.
“Regardless of the location, we strive to work with real estate developers who have a strong track record for success and who are delivering projects that meet the requirements of the EB-5 program. EB-5 investors want to know that the projects and the team delivering the finished product are tested and trustworthy. This is our standard for every EB-5 project we embark upon,” says Kaleyias.
EB5 Capital is sponsoring the Global Investment Immigration Summit on June 21 at Johannesburg’s Sandton Convention Centre. The United States EB-5 visa will be one of several investment immigration programs discussed at the conference.