For several years, South Korean nationals have been among the most loyal members of the EB-5 investment industry. The EB-5 program is open to qualifying investors from all nationalities, and there are no restrictions regarding an investor’s age or profession. Thousands of successful, high-net-worth South Koreans have relocated to the United States lawfully after making an EB5 investment in a qualifying business.
The EB-5 investment industry benefits immeasurably from South Korean capital, which has created many jobs for qualifying U.S. workers, strengthened the economy, and reduced unemployment. In fact, now is the ideal time for South Korean nationals to participate in the EB-5 program and begin their journey toward permanent resident status.
South Korea’s Role in the EB-5 Investment Industry
Even though China, India, and Vietnam have historically been the countries with the most EB-5 applicants, South Korea is not far behind. For example, United States Citizenship and Immigration Services (USCIS) reported that 695 EB-5 visas were issued to South Korean investors in FY2019. This means that South Korea received an impressive 7.3% of all available EB-5 visas. Vietnamese investors were issued 716 visas—only 21 more than South Korean nationals.
Migration agents are active in South Korea and help refer interested individuals to suitable EB-5 investment opportunities. Additionally, the visa petition approval rates for South Korean investors are high.
How South Korean Families Benefit From the EB-5 Program
The EB-5 visa offers families a practical way to relocate to the United States—under the EB-5 program, an investor’s spouse and unmarried children under the age of 21 are also eligible for permanent resident status. Any children will gain access to the United States’ world-class education system. What is more, their chances of being admitted to a U.S. college grow significantly when they become permanent residents.
Potential South Korean EB-5 Investors Should Act Quickly
Since South Korea has an exceptionally high volume of EB-5 investors, the country faces a growing danger: becoming oversubscribed and experiencing a processing backlog. USCIS is known for its notoriously slow visa petition processing times, and countries such as China, India, and Vietnam have experienced long backlogs. As of September 2021, South Korea has not yet reached the point of oversubscription, but this may happen in the coming months or years.
Moreover, the EB-5 industry is still celebrating the June 22, 2021, court ruling that invalidated the controversial Modernization Rule. The repeal of the Modernization Rule means that foreign nationals can invest at only $500,000 if they choose a targeted employment area (TEA) EB-5 project. USCIS has already filed an appeal against this decision, so prospective investors should act quickly to invest at only $500,000. EB5 Affiliate Network offers several trustworthy and profitable EB-5 projects.