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113 Nigerian investors invest in US citizenship programme
113 Nigerian investors invest in US citizenship programme

A total of 113 Nigerian investors signed up for the Employment -Based Fifth Preference Category 1, EB-5 Visa, which allows investors and all their immediate family to become permanent citizen of United States of America (USA).

The EB-5 Visa Programme was created by US Congress in 1990 by the Immigration Act to stimulate the US economy in exchange for immigrant investors to become lawful permanent residents along with their spouse and children below the age of 21. The programme is being controlled and monitored by United State Citizenship and Immigration Services (USCIS) .Nigerian investors have been advised to take right and swift decision now to further take advantage of the programme as the USA is prepared to hike its EB-5 Visa Fee by 270 per cent.

Chief Executive Officer, Brandley International Limited, Olumide Idowu gave this advice in a press statement.

The advice came on the heels of the completion of EB-5 Immigrant Investor Programme Modernisation’s review by the US Office of Management and Budget (OMB), in June. The EB-5 Visa affords foreigners opportunity to bring capital investment into the United States in exchange for citizenship.

According to Idowu, as a result of the review, the investment fee is expected to grow to about $1.35 million from current $500,000 and increase as much as $1.8 million from current $1 million.

“It is believed that once the final rule is published in the Federal Register, the usual time for a legislative change to take effect is 30-60 days. The time to act is now. With the priority dates still in place, any interested investor can still get their petition signed under the old fee if they act now. One major cause of delay in filing for EB-5 is the Source of Funds (SOF). It takes two or more months for attorney to get pass this stage before filing the main petition Form i526.

 It is pertinent at this point, prospective investors should contact a regional centre and a reputable attorney to get started. For those who can afford the higher minimum investment level of $1.35 million and above, it is advisable that they should apply as normal,” Idowu said.

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