What is the AMIGOS Act
The “AMIGOS Act” was signed into law by President Joe Biden on Dec. 23 as part of the National Defense Authorization Act (NDAA) for Fiscal Year 2023. Unfortunately, the AMIGOS Act is bad news for all citizenship by investment programs used for access to the popular U.S. E-2 visa.
Under the bill, if an alien became the national of an E-2 visa-eligible foreign country by making a financial investment, such alien must have been domiciled in that foreign country for a continuous period of at least three years before applying for an E-2 visa.
How does this impact E-2 Visa seekers
This requirement will have significant harmful impact on the citizenship by investment programs of countries like Turkey, Grenada, or Montenegro, whose programs are used as a bridge to their E-2 visas. It is unlikely that applicants eyeing this route will be prepared to establish three years of domicile in the country of their new citizenship to qualify for the U.S. E-2 visa purposes.
What is the solution – EB-5
In the past years, the E-2 visa remained a good option for citizens of E-Treaty countries seeking to invest and relocate in the U.S. However, E-2 does not lead to a permanent residency in the U.S. and the children of E-2 visa investors age out at 21 and lose E-2 benefits.
These inherent downsides of the E-2 visa status combined with additional restrictions introduced by the AMIGOS Act for prospective E-2 visa seekers underscore the benefits of EB-5 visa program, which allows investors, their spouses, and unmarried children under 21 to obtain permanent US green cards though one time investment of $800,000 into one of the available EB-5 projects.
If you have any questions or need more information, please do not hesitate to contact your EB5 United representative.
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