The Current EB 5 immigration to Washington State – What a great improvement for Washington state
Currently, many wealthy Chinese and Canadians are immigrating to Washington under the federal government’s EB5 program. Whereas over 100 years ago, where the people in the cities surrounding the state rose up in riots against the Chinese, (read Chinese in Washington state by Art and Doug Chin © 2013 specifically pages 40 through 55 on the subject), now, we should be welcoming them with open arms. Yes, I am biased. My wife is Chinese, my son is half Chinese, my Chinese in laws with with us, and I have a dog from Tibet and his name is . . . Panda. However, think about the culture of oldest society in the world, that, for the most part, believes in family, education, and hard work to strive to make themselves better. Further integration of their society to the United States, will not make the United States stronger. The same can be said of many cultures that have come to the United States and flourished.
Well, that being said, let’s look at the American capitalist system today. From our great country in the United States at its inception, business have been started by immigrants from other countries who wanted to experience the American Dream. Some of these businesses now include AT&T, Radioshack, eBay, Pfizer, Proctor and Gamble, and even Seattle’s own Nordstrom’s. Today those companies started by immgrants years ago, now employ over 3.6 million people and have generated over $1.7 trillion in revenues. (Partnership for a New American Economy, the “New American” Fortune 500 (New York: Partnership for a New American Economy, 2011). Now that being said, we now know why the U.S. government is asking for more wealthy immigrants to bring their creative ideas for commerce and trade to the United States.
The EB-5 program is basically a system to permanent residence in the United States for investor-entrepreneurs who start up, manage and grow their own business in the United States. The program is also used for multiple investors to use their investments in building real estate projects in the United States. Today, this system is very popular from investors from china, and currently from, Canada.
China‘s socialist market economy is the world’s second largest economy by nominal GDP, and the world’s largest economy by purchasing power parity according to the IMF. It is the world’s fastest-growing major economy, with growth rates averaging 10% over the past 30 years. China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world’s fastest growing consumer market and second largest importer of goods. [i]
With this economy growing in China at this rate, China is a great source for new wealth to enter the United States.
In Canada, the country ended abruptly their investment visa program, similar, and easier, than the EB 5 program in the U.S. With this abrupt end, Around 60,000 applicants to the Canadian program were taken off the list and refunded their application fees. Those sudden changes have many in the U.S. expecting those rich investors, mainly from China, to turn to the Seattle area to invest their money. http://www.king5.com/story/local/2015/01/10/13391002/. And also, to apply to the U.S. via the EB 5 program.
What you just read, is a double whammy of commerce and growth to the economy of the Pacific Northwest.
So, what may happen in the future? Well Congress has had some plans in the works for a while now for the entire country, as the United States climbs out of its Great Recession of 2007. Here are some of the proposed changes or additions to the current situation:
The Senate approved an amendment introduced by Vermont Democrat Patrick 1,eahy, a long-time supporter of the EB-5 immigrant investor program. The 31-page amendment made a number of significant changes to the EB-5 program. Among the most important relating to entrepreneurs are the following:
HR 2131 (THE SKILLS ACT) CHANGES TO THE EB-5 PROGRAM
The House Judiciary Committee’s skilled worker bill makes more modest changes to the FB-5 program. but there are several important ones to note that affect entrepreneurs.