Boosting foreign currency remittance through U.S. EB-5 Visa policy
A News Analysis by Ikenna Uwadileke, News Agency of Nigeria (NAN)
On Oct. 20 the Abuja Chamber of Commerce and Industry (ACCI) in collaboration with Invest in USA (IIUSA) hosted an interactive session on EB-5 investment project for Nigerians wishing to migrate to the country for investment.
The event with the theme “Pathway to USA Permanent Residency for You and Your Family) provided a platform to enlighten Nigerians on the importance of investors getting the right information on EB-5 opportunities.
The EB-5 program is a U.S government-authorised visa category created by the Congress in 1990.
Its main focus is to inspire foreign investment in job-creating enterprises in exchange for a U.S. Green Card.
The event also provided the U.S. delegates the opportunity to further woo Nigerians on the need to invest in the U.S. economy and repatriate their money to Nigeria.
The interaction was huge and offered Nigerians the opportunity to reflect on the benefits of having the right information towards investing in USA using the EB-5 window.
Panelists at the event revealed that 80 per cent investors from Mainland China, South Korea, Taiwan and the U.K. have applied for the EB-5 programme.
They told the audience that a large number of applicants have also come from Vietnam, India, Brazil, Mexico.
Mr Fife Banks the Project Manager, IIUSA/ACCI, urged the Nigerian government to take a cue from other developed nations in creating an attractive framework to drive the country’s visa policy.
According to Banks, an investment in an EB-5 project is not just a financial investment but also an investment in a better future, safety, freedom and opportunities for families and loved ones.
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He said that one of the main benefits of the EB5 program is the opportunity to access the U.S. education system for one’s children and wards.
“Green Cards give EB-5 investors the option to enroll their children in U.S. public schools from elementary school through high school at no cost.
“Children who have experience in U.S. classrooms will already be familiar with U.S. educational.
“Such children will not have to go through as intense adjustment period as international students often do upon entering U.S. colleges.” Banks said.
Banks also said that adult children could benefit from the EB5 Green Card programme, and encouraged parents to fund such wards’ projects to make them eligible for the EB-5 Green Card.
“This is a good option for parents who do not want to immigrate to the U.S themselves but have children who are married or over 21 years old.
“There are health benefits also. It grants access to the U.S. healthcare system. The U.S is home to some of the world’s best hospitals, top medical schools, and top medical research centers”, Banks said.
On her part, the Director-General of ACCI, Ms Victoria Akai, said Nigeria’s economy could benefit immensely from the policy.
According to her, Nigeria’s business community can repatriate up to two billion dollars into the economy if they leverage the opportunity.
“The more investors Nigeria has in the U.S. the more opportunities we have to contribute to shaping policies that affect Nigeria and Africans in the U.S.
“According to World Bank statistics, in 2019 Nigeria had a total export of 53.6 billion dollars and total imports of 47 billion dollars, leading to a positive trade balance of about two billion dollars.
“Nigerians are being asked to come and invest in the U.S. like other countries come to invest in Nigeria, make money, employ their citizens.
“Whatever profits we make in the U.S., we are also allowed to repatriate it back to Nigeria.
“Eventually, in a year we should be able to repatriate up to one billion or two billion dollars to Nigeria,’’ she said.
According to Akai, many Nigerians seeking legitimate investments in the U.S., are not connecting with the right people, or getting the right information to enable them effectively manage risks and guarantee success in their investments.
“As experts in the field of international trade and investment, we recognise the advantage of being true global citizens in the sense of global mobility.
“Investment opportunities, which also provide opportunities for citizenship, can help extend peoples’ economic impact and help them build beyond borders and also trade and live without little limitations.
“The process of investing in the U.S. has been the potential to significantly increase repatriation of funds to Nigeria.
“Nigerian investors can benefit from various continental and trade agreements existing in the U.S. such as the North American Free Trade Agreement (NAFTA),’’ Akai said.
Mr Aaron Grau, Executive Director, IIUSA, said that Nigerians could achieve permanent U.S. residency for their families at a minimum of 800, 000 dollars in EB-5 investment.
Grau expressed hope for a cordial and lasting relationship between Nigerians and Americans to ensure that investors had good return for their money.
“Opportunities for citizens to sponsor other family members for Green Cards are all embedded.
Mr McKenzie Penton, Director Event and Business Development, IIUSA, said that the EB-5 project required a strict and regular in-flow of funds.
“One of the most important aspects of the programme is to demonstrate where the money one is investing is coming from.
“Whether it is your earnings, assets or even gifts/loans from friends and family, you will need to prove and show documentation for all sources of money in the investment and fees,’’ he said.
