October 18, 2023
By: Kripa Upadhyay
Remitting funds to the United States (U.S.) to invest in the EB-5 visa program has always been challenging for investors with funds in China. The situation has become even more fraught due to recent developments.
China has always had strict remittance restrictions that make funding an EB-5 investment difficult. The country allows citizens to exchange and remit offshore up to the equivalent of US$50,000 per person per year. Given that the minimum investment amount was historically $500,000, changing to $800,000 post-EB–5 Reform and Integrity Act of 2022 (RIA), an investor working alone can’t fund an EB-5 investment.
The Chinese government has tried to crack down on sending money out of the country by directing banks not to allow multiple transactions from one account totaling more than $50,000. Chinese investors have resorted to using friends and family members; however, the government has started taking stricter measures on banks, making transferring funds more difficult.
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