In recent years, skyrocketing applications from Chinese investors have created a significant backlog and extended the time frame for their petitions to be approved.
“Today, non-Chinese applicants need to wait about 7 years to get the official green card, but Chinese nationals will probably have to wait 10 years due to the backlog,” Law told CNBC. “The long wait has made EB-5 visas less attractive.”
However, he does see a silver lining in the new policy.
“Higher capital requirements will result in fewer new applicants. The backlog will then improve and the long wait for Chinese applicants would become shorter,” he added.
For Liu, the wait is just starting.
“Waiting a few years might not be a bad thing for us,” said Liu.
“Nobody knows what’s going to happen next, but at least this is like buying a ‘life insurance’ for the family.”
