The EB-5 program has been popular among South Korean nationals for several years. During this time, investors from South Korea have established themselves as one of the most important groups participating in the EB-5 investment industry.
The EB-5 investment program places no limitations on the nationality, profession, or age of its investors. Moreover, South Korea is full of successful individuals looking to invest in projects that will make them eligible for U.S. residency through the EB-5 program.
In addition, the EB-5 program is remarkably beneficial to the U.S. economy. Foreign EB-5 investment from South Korea has generated many jobs and strengthened businesses.
South Korea and the EB-5 Industry
Historically, the Asian countries with the most EB-5 investors have been China, India, and Vietnam. However, South Korea is becoming an increasingly important player in the EB-5 industry. In its 2019 fiscal year, United States Citizenship and Immigration Services (USCIS) issued 695 visas to South Korean investors through the EB-5 program. Additionally, South Korean nationals enjoy a high approval rate for their visa petitions.
The EB-5 Program Benefits South Korean Families
The EB-5 investment program includes investors’ spouses and dependent children under the age of 21. These family members are entitled to apply for permanent resident status. Thanks to this provision, EB-5 investors’ children can benefit from the United States’ outstanding education system. Moreover, students with permanent resident status have a greater chance of being admitted into prestigious U.S. colleges and universities.
Now Is the Time to Invest
Foreign nationals from countries where the EB-5 program is very popular may experience processing delays due to backlogs. As of October 2021, South Korean EB-5 investors are not experiencing a USCIS backlog, but this may change in the coming years. Therefore, interested South Korean nationals should act quickly to make an EB-5 investment.
In addition, the repeal of the Modernization Rule in June 2021 has increased the EB-5 program’s popularity. Now, foreign nationals can make an EB5 investment of only $500,000 in targeted employment area (TEA) projects. USCIS has already taken steps to revalidate the Modernization Rule, so this opportunity is likely temporary. Potential EB-5 investors have a limited time to find suitable projects in qualifying TEAs and begin the EB-5 process; EB5AN is here to help them identify the best available projects.