CEO and Chief Counsel of Manhattan Regional Center, Winnie Ng, says she was relieved the proposed EB-5 legislation ultimately did not gain inclusion in the omnibus bill on March 26th and that she’s optimistic that legislative changes will eventually solve the retrogression issues haunting Chinese and Vietnamese applicants.
During an interview with Investment Migration Insider at the Investment Immigration Summit in Ho Chi Minh City yesterday, Ng said that the proposal – which would have granted long-term authorization for the program without raising the current 10,000 applicant quota (individuals, rather than applications) – would “have done nothing to reduce the petition backlog” and would have led to applicants from retrogressing countries (China and Vietnam) losing interest which, in the end, “would kill the program”.
Read also: EB-5 Industry “Extremely Disappointed” as Bid for Re-Authorization Falls Flat
On the topic of Vietnamese retrogression, Ng maintained a sanguine position, pointing out another 700 visas will be available to Vietnamese nationals in October.
Watch the full five-minute interview below.
