Investor-market-report-2016-digital (1).pdf

EB-5 INVESTOR MARKETS REPORT

VOLUME 1

EB-5 INVESTOR MARKET REPORT

A Letter from IIUSA’s Executive Director We at IIUSA are proud to announce the publication of the first ever Investor Markets Report. The report comes at a critically important time

for the EB-5 industry and we hope that it provides insightful quantita-

tive and qualitative analysis of established and emerging EB-5 investor Peter D. Joseph, IIUSA Executive Director

markets.

With the new reality that investors from Mainland China will have to wait a minimum of six years, before a visa number will be available for

Special Thank You to the IIUSA Investor Markets Committee

them to use an approved I-526 petition to immigrate to the United States it becomes advantageous

&

A successful and strong EB-5 Program of the future will not only feature more visas but an increas-

IIUSA Policy Analyst Lee Li for the data analysis and visualization. Without his valubable contributions this report would not have been possible.

to analysis emerging and established EB-5 Markets elsewhere in the world.

ingly diversified investor market place. To this end, IIUSA has taken steps to formulate and promote relationships with thought leaders from investor markets with the highest potential and industry leaders with expertise on these markets to facilitate the flow of information on emerging EB-5 Investor Markets.

Over the last few years IIUSA has realized the intrinsic need for an infrastructure through which the EB-5 industry can gain unique market insights about markets with the most growth potential. IIUSA

continued efforts are evident by the formation of the Investor Markets Committee in July of 2014, the regular investor market articles in the Regional Center Business Journal as well as in newsletters to the membership and industry.

The first volume of the Investor Markets Report, includes both on-the-ground insights and compre-

hensive quantitate analysis of EB-5 investor trends and is the first report of its kind for the EB-5 industry. By crunching the numbers on comprehensive data-sets of both USCIS petition data as well as Department of State visa statistics, we can now visualize the influx of investment from around the world and extrapolate where growth may yet come. The annual report will help EB-5 stakehold-

This publication is intended for your information only. Unless you receive IIUSA's prior written consent, you may not modify, translate, create derivative works of, copy, distribute, market, or display any content from the IIUSA Investor Market Report. The Invest in the USA ("IIUSA") logo is a registered trademark and sole property of IIUSA. It therefore, may NOT be used without the express written consent of the Board of Directors. Copyright © 2016

ers draw important conclusion that can lead to actionable steps by project sponsors to bring new investors through the Program.

The following report is the culmination of months of hard work and is a primer for what is to come in the years ahead. As the EB-5 industry continues to evolve IIUSA will continue to be an educational leader in EB-5 investor markets and the untapped potential that they may hold. Sincerel y,

Peter D. Joseph

Executive Director 4•

IIUSA.ORG

IIUSA.ORG

5•

AS THE EB-5 PROGRAM CONTINUES TO GROW... As the EB-5 Program continues to grow in popularity it is important to analyze the immigrant investor markets that are fueling this growth and with Lily Wang, New City Advisors; Chair of IIUSA Investor Markets Committee

visa retrogression and increasing costs of investor recruitment hindering market growth in Mainland-

China it is more important than ever to analyze both established and newly emergent markets that will

prove to be reliable sources of investors over the coming years.

It has been the mission of IIUSA’s Investor Markets Committee, which I have had the honor to chair since its founding in 2014, to track how world events are driving EB-5 investor market demand around the globe. The first step of this explora-

tion has culminated in this report, The Investor Markets Report, Vol. 1., a first of its kind study illustrating where EB-5 investors are coming from and the impact of macro, political, and socio-economic conditions that would lead to greater utilization of the EB-5 Program in the years to come.

It has been an edifying process to explore the opportunities in emerging markets, and develop tools to better leverage these opportunities. As an industry,

we must be cognizant that immigration practitioners in certain countries and regions that have been exposed to the EB-5 Program for many years, such as

Mainland China and South Korea, are familiar with the Program’s nuances while others may have a steeper learning curve. With the introduction of this report,

and the soon to be published “EB-5 Investor Toolkit”, a document to help investors and intermediaries understand the fundamentals of EB-5 Program, we are

hopeful that information important to investors, and the public at large, are disseminated far and wide.

We hope you enjoy reviewing the data, charts and analysis contained within this report and please note that the second volume will be published as soon as the next round of data becomes available.

6•

IIUSA.ORG

IIUSA.ORG

7 • INTRODUCTION

CONTENTS

IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report. Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners. Support IIUSA’s yearly data driven analysis of investor markets and purchase your sponsorship today!

SPONSORSHIP

FULL REPORT SPONSOR MAINLAND CHINA SPONSOR REGION SPECIFIC SPONSOR*

BENEFITS • Premium ad placement in report • Logo on front cover of report, logo and link on IIUSA Website • Receive 5 hard copies of report • Option to write an introduction to report • Full Page ad in report • Placement of logo throughout sponsored section • Receive 2 hard copies of report • Half Page ad in report • Placement of logo throughout sponsored section • Receive 2 hard copies of report

COST

$5,000 $2,000 $1,000

* REGION OPTIONS: ASIA-PACIFIC, SOUTH CENTRAL ASIA, MIDDLE EAST, LATIN AMERICA, EUROPE, NORTH AMERICA, AFRICA

7

SECTION 1:

8

SECTION 2:

10

SECTION 3:

18

SECTION 4:

12

MAINLAND CHINA

14

ASIA‐PACIFIC:

26

SOUTH/CENTRAL ASIA:

32

MIDDLE EAST:

40

LATIN AMERICA:

46

EUROPE:

53

NORTH AMERICA:

58

AFRICA:

General growth pattern of the demand for the program Geographical comparison of EB‐5 demands by continent/region (Africa, Asia‐Pacific, Europe, Latin America, Middle East, North America, and South/Central Asia)

Top 15 EB‐5 Investor Markets (FY1992 – FY2014) In‐depth analyses of EB-5 investor markets within each continent/region

Hong Kong, Japan, South Korea, Taiwan, Vietnam India, Kazakhstan Egypt, Iran

Brazil, Venezuela

Russia, United Kingdom Canada, Mexico

Nigeria, South Africa IIUSA.ORG

9 • CONTENTS

SECTION 1

THE METHODOLOGY Through Freedom of Information Act (FOIA) disclosures of

I‐526 approval data by investor

origin, IIUSA has accumulated a complete historical dataset for

the years FY1992 through FY2014

(and will obtain FY2015 data when it becomes available).

THE PROS AND CONS OF THE “GROWTH SCORE” CALCULATION gate and helps us trace the remarkable

growth of the EB-5 Program since its creation over two decades ago.

As FIGURE 1 illustrates, the EB-5 Program experienced its most significant

growth year-over-year since FY2008 (i.e., post great recession). From the

data, we can ascertain that 77.06% of

This treasure-trove of data allows us all I-526 approvals occurred within to analyze I-526 approvals in aggre- the past seven year. This 77.06% is our

first benchmark by which we compare

PROS: Multi-year & Repeatable – This

Venezuela (93%) Columbia (71%) or

can be observed between FY2011 and

consistent results. The benchmark

and thus are countries that should be

country and regional growth since FY2008. A second significant increase FY2014 where 62.33% of all I-526 ap-

provals took place. With these bench-

mark growth scores in toe (77% since 2008 and 62% since 2011) there is now a barometer by which one can de-

termine whether a country or region is truly on the rise.

FIGURE 1: A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994) I-526 Approvals 5000

growth score will reflect the overall

trends of the Program and emphasizes the most recent fiscal year data.

Regional & Country-specific analysis – Using the growth score model, we can

now compare demand trends for indi-

vidual countries across the world. By

ments (i.e. since FY2008 or FY2011), we can also pinpoint exactly when in

time certain countries or regions have

4000

seen a change in overall demand. For

3500

instance, since 2008, Latin America

3000

has a growth score of just over 68%

2500

which is less than the 77% overall Pro-

2000

gram benchmark average. However, a

1500

more granular focus on the region re-

1000

veals that individual countries such as

500 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Brazil (82%) have exceed both the regional and global benchmark averages

paid extra attention by those seeking EB-5 capital.

CONS: Petition Volume: When “scor-

ing” countries and regions based on

their growth, we have no control for volume, which is also a critical de-

terminant for whether a market has a healthy share of potential inves-

tors. For example, Taiwan ranks third

among all countries globally in FY2014 in terms of overall market share, yet its growth score lags significantly behind the rest of the top 10 markets at just

over 25%. This is because the num-

ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a

highwater mark of 233 investors in

FY1997) that Taiwan’s growth score

compare favorably with its popularity in the early years of the EB-5 Program.

Benchmark Averages Includes Mainland China – We know that EB-5 de-

mand over the past seven years has been driven largely by Mainland Chinese investors. In fact, the EB-5 investor market in Mainland China made up

86.34% of the total market share in FY2014 with the next nine highest vol-

ume markets combined sharing only 8.75% (as Table 1 indicates). Removing Mainland China from the equation,

the overall growth score benchmark

average since FY2008 for the rest of

the world is actually just over 56%. This is a far more conservative figure when compared to the 77% growth

score benchmark average that includes all EB-5 investor markets.

IIUSA EB‐5 Investor Markets Report Data Source: Office of Performance and Quality, U.S. Citizenship and Immigration Services

SinceFY2011: 62.33%*

Since FY2008: 77.06%*

FY1992 -2007: 22.94%*

HOW TO CALCULATE THE “GROWTH SCORES”: EQUATION

Since 2008

year-over-year and produce

analyzing these growth scores in seg-

4500

Since 2011

methodology can be easily duplicated

over the past seven years does not

Growth Score since FY2008

Growth Score since FY2011

=

TOTAL NO. OF I-526 APPROVALS (FY2008 - FY2014) TOTAL NO. OF I-526 APPROVALS (FY1992 - FY2014)

=

10 • WORLD OVERVIEW

TOTAL NO. OF I-526 APPROVALS (FY2011 - FY2014) TOTAL NO. OF I-526 APPROVALS (FY1992 - FY2014)

EXAMPLE Growth Score of the EB-5 Industry Since FY2008

Growth Score of the EB-5 Industry Since FY2008

IIUSA.ORG

= =

= =

TOTAL NO. OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014) TOTAL NO. OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014) 17,148 22,254

= 77.06%

TOTAL NO. OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)

TOTAL NO. OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014) 11,094 13,392

= 82.84%

TABLE 1: TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014) Ranking

EB-5 Investor Market

Number Of I-526 Approvals

Market Share

Growth Score Since FY2008

1

Mainland China

4,153

85.61%

95.30%

3

Taiwan

59

1.22%

25.64%

2 4

Vietnam India

5

South Korea

7

Venezuela

9

Russia

6 8

10

Iran

Mexico

United Kingdom

Top 10 Total

67

1.38%

57

1.18%

56

1.15%

49

1.01%

44

35

25

54.23% 84.62%

93.64%

0.60%

80.50%

0.52%

4,574

73.37%

0.91%

0.72%

29

95.74%

94.29%

85.58%

68.80%

85.89%

IIUSA EB‐5 Investor Markets Report Data Source: Office of Performance and Quality, U.S. Citizenship and Immigration Services IIUSA.ORG

11 • WORLD OVERVIEW

SECTION 2

INVESTOR MARKETS BY CONTINENT AND REGION

MAP: WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM? EB-5 FOREIGN DIRECT INVESTMENT & I-526 APPROVALS BY REGION (FY1992-FY2014)

Mainland China has experienced the

most significant growth in aggregate number of I-526 approvals since the

Program’s inception in 1992 and is the

only region to have grown over time, however

I-526 APPROVALS

the market shares for Africa, Latin America and

397

South/Central Asia remained the same during

I-526 APPROVALS

$199M

1,093

EB-5 FDI

NORTH AMERICA

the three detailed time periods. When consid-

I-526 APPROVALS

increased significantly since FY2008 we can see

468

that while these markets market shares have remained the same the total volume of I-526 ap-

IIUSA EB‐5 Investor Markets Report Data Source for map on right: Office of Performance and Quality, U.S. Citizenship and Immigration Services; IIUSA obtained via Freedom of Information Act (FOIA)

I-526 APPROVALS

433

$217M

I-526 APPROVALS

199

$222M

444

EB-5 FDI

EUROPE

ering the total number of I-526 approvals has

provals has actually increased.

I-526 APPROVALS

$547M

EB-5 FDI

SOUTH/CENTRAL ASIA

$234M EB-5 FDI

I-526 APPROVALS

13,392 $6,696M

MIDDLE EAST

MAINLAND CHINA

$100M EB-5 FDI

I-526 APPROVALS

AFRICA

EB-5 FDI

EB-5 FDI

3,400

$1,700M EB-5 FDI

ASIA PACIFIC

LATIN AMERICA

GROWTH PATTERN DEMAND: 800

I-526 Approvals

500

Region

Total (Since 1992)

Total Market Share (Since 1990)

Total (Since 2008)

Total Market Share (Since 2008)

Total (Since 2011)

Total Market Share (Since 2011)

Africa

199

1.0%

140

0.9%

99

0.7%

704

4.3%

379

2.8%

100.0%

700 600

NUMBER OF I­-526 APPROVALS BY CONTINENT/REGION:

Market Share

87.9%

83.1% 78.3%

82.0% 79.2%

81.5%

79.5%

85.4%

73.9%

400

83.0%

83.0% 83.8%

70.2%

76.5% 77.6% 61.2%

31.0% 31.3%

100

19.9%

13.7% 13.6%

0 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 35.44% Since FY2008: 56.38%

FY1992 - 2007: 43.62%

12 • WORLD OVERVIEW

IIUSA.ORG

3,400

17.1%

1,521

Latin America

441

2.2%

308

Europe

49.7%

300 200

Asia-Pacific

1,085

5.5%

9.3%

1.9%

888

251

6.6%

1.9%

Mainland China

13,392

67.5%

12,762

77.9%

11,094

82.9%

North America

397

2.0%

305

1.9%

209

1.6%

100.0%

16,390

100.0%

13,375

100.0%

Middle East

South/Central Asia

Grand Total

468

444

19,826

2.4%

2.2%

336

314

IIUSA.ORG

2.1%

1.9%

232 223

1.7%

1.7%

13 • WORLD OVERVIEW

accounted for 68% of all I-526 ap-

provals since the Program started in

FIGURE 2.2: PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014

FY1992.

The Asia-Pacific region ranks as the second largest investor origin market, accounting for 17% of all EB-5 inves-

tors since FY 1992. 6% of all I-526 ap-

provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-

Middle East 2%

Latin America 2%

largest region/continent for EB-5 investors.

shows the EB-5 investor market shares

ket share of the Asia-Pacific region,

the second largest EB-5 investor re-

gion, has declined from 67% before

North America 2% South/Central Asia 2%

United Kingdom 2%

Asia - Paci�ic 17%

The graphic underneath Figure 2.2 Mainland China) overtime. The mar-

Vietnam Russia 1% 1% Venezuela Germany 1% Canada Hong Kong 0.6% 1% 1% Japan Other 120+ Mexico 1% Countries 1% 8% Iran 1% India 2%

Europe 6%

an countries, making Europe the third

of these continent/regions (other than

TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)

Africa 1%

NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)

market share from FY2008-2010 was

24% however, it has fallen to 16% after FY2011.

0

I‐526 APPROVAL “MARKET SHARE” BY INVESTOR ORIGINS (GEO‐REGIONS) (OTHER THAN MAINLAND CHINA) 67.0%

Africa

Middle East

Asia - Paci�ic

North America

Europe

47.0%

38.9%

South/Central Asia

5

10

15

20

25

30

16.6%

13.6%

Market Share (Before 2008) 14 • WORLD OVERVIEW

3.0%

4.2%

7.7% 7.1% 6.8%

Market Share (2008-2010) IIUSA.ORG

11.0% 4.3%

10.2% 9.2% 9.8%

Market Share (After FY2011)

35

40

45

50

FY2014

55

Iran

India

FY2013

60

65

70

75

Vietnam Taiwan India South Korea

Taiwan

India

FY2012

80

85

90

95 100 105 110 115 120 125 130 135 140 145 150

South Korea

Mexico Russia

Taiwan

South Korea

Mexico

Taiwan

24.1%

2.1%

Mainland China 67%

South Korea 8%

Mainland China 68%

FY2008 to 40% after FY2011. Europes

4.7% 4.7% 3.3% 4.6%

Taiwan 5%

SECTION 3

I

nvestors form Mainland China have

FY2011

Venezuela

South Korea

Iran

Venezuela FY2010

Taiwan

Mexico

South Korea

Iran

IIUSA.ORG

15 • WORLD OVERVIEW

SECTION 4.1

MAINLAND CHINA

16 • WORLD OVERVIEW

IIUSA.ORG

IIUSA.ORG

17 • CHINA

CHINA

World Mainland China Reference 1

I-526 Approvals 3,436

1990-2007

2008-2010

2011-2014

FDI Connected Through EB-5

FDI Connected Through EB-5

FDI Connected Through EB-5

630

Total Market Share

$1.72 Billion

100%

$315 Million

-

I-526 Approvals 3,015

1,668

$1.5 Billion

Total Market Share

$834 Million

100% -

I-526 Approvals 13,375

11,094

$6.72 Billion

$5.55 Billion

I-526 Approvals

Total Market Share 100% -

P

relatively small player in the EB-5 space with just 630 Investors.

However, mirroring the growth of the EB-5 market over the past sev-

13,013

100.0%

4000

80.1%

3500 3000

or just over 82 percent of the total world market share since 2011.

6.8%

Chinese participation in the program has continued to increase yearover-year since 2008. So much so that are not enough EB-5 visas to go

IMMIGRANTS TO THE U.S. (FY 2013):4

68,410

21.7%

1000 500 0

29.8%

12.1%

20.8% 16.9%

20.5%

18.5% 18.0%

LARGEST URBAN AREAS: 5 • Shanghai • Guangdong • Beijing • Tianjin • Chongqing • Shenzhen

CONSULATE LOCATIONS: • Beijing • Shanghai • Chengdu • Shenyang • Guanzhou • Wuhan

18 • CHINA

6

$6,380+ Million USD (2008-2014)

IIUSA.ORG

(2008-2014)

17.0% 16.3%

0.0%

GROWTH SCORE: (Since FY2008)

HIGHER THAN THE REGIONAL AVERAGE

EB-5 FDI GROWTH

23.5% 17.0%

30.0% 20.0%

22.4%

10.0%

  Since FY2011: 82.84% Since FY2008: 95.3%  

FY1992 ‐ 2007: 4.7%  

2016, the reality for Chinese investors is that they may have to wait

EB-5 FDI

26.1% 14.6%

40.0%

0.0%

HIGHER THAN THE PROGRAM AVERAGE

+1652%

60.0%

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

emigrate to the U.S. With over 22,000 I-526 petitions pending at the

U.S. Citizenship and Immigration Services (USCIS) as of January 1,

80.0% 70.0%

38.8%

95.3%

date” when they are eligible to apply for an adjustment of status and

90.0%

50.0%

2000

Since May 1, 2015 Chinese investors have been subject to a “cutoff

around.

86.4%

69.0% 50.3%

2500

worldwide - and it’s not even close.

GDP GROWTH 2015: 3

86.3%

68.7%

en years, China has become the central market for EB-5 investment Since 2008 Mainland China has accounted for 12,762 I-526 approvals

Market Share (Worldwide)

4500

1500

rior to the 2008 global financial crisis, Mainland China was a

UHNWI POPULATION: 2

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: MAINLAND CHINA

at a minimum six years until a visa number becomes available for them to use an approved I-526 petition to actually immigrate to the United States. Since the

Program’s inception China has accounted for $6.7 billion in EB-5 Foreign Direct Investment and as of yet, a lack of visa numbers has not slowed interested from

Chinese investors in the Program. However, if retrogression continues, Chinese participation in the Program could be see a slowdown.

However, for the time being, China continues to dominate the EB-5 investor mar-

ket. But with wait times becoming a real issue for investors, EB-5 project sponsors would be wise to hedge their bets by looking into alternative investor markets in the months and years ahead.

4,153

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

19 • CHINA

SECTION 4.2

A

s a whole investors from the Asia Pacific region accounted

for more than 67% of all I-526 ap-

Program Average

(Since 2008)

(Since 2011)

(Since 2011)

*

Australia

13

10

76.9%

6

46.2%

Fiji

2

1

50.0%

0

0.0%

share, has be consistently declining after hitting its peak of 74.9% mar-

*

est investor market behind mainland

china but as of FY2014 the region’s

market share had declined to 37.4%. The Program’s overall growth score

*

spectively however, only 14 EB-5 in-

vestors from Thailand have received I-526 approvals in the past seven

years so the market growth numbers there can be misleading. Vietnam

on the other hand has experienced astronomical growth over the past

seven years and is the country in the

Asia Pacific region most primed to emerge as a dominate EB-5 market

GROWTH SCORE: (Since FY2008)

ASIA PACIFIC • • • • • •

Australia Burma Cambodia Fiji Hong Kong Indonesia

20 • ASIA PACIFIC

• • • • • •

Japan Laos Malaysia New Zealand North Korea Philippines IIUSA.ORG

• • • • •

Singapore South Korea Taiwan Thailand Vietnam

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 220+ PER FISCAL YEAR

*

Hong Kong

175

Laos

1

*

New Zealand

*

Singapore

Philippines

*

South Korea

*

Vietnam

1

100.0%

0

0

0.0%

18

10

35.9%

23

1,608

1,092

Total

3,400

17

141

and will be discussed in greater de-

0.0%

18.2%

56.5%

412

25.6%

195

82.4%

17.9%

11

95.7%

1,521

22.2%

13

54.2%

135

39.1%

8

25.6%

14

0.0%

0

78.3%

280

35.1%

4

22.7%

872

Taiwan

20.5%

9

55.6%

18

14.3%

66

56.5%

10

33.3%

8

54.3%

13

44

Thailand

25

14

1

33.3%

2

19.4%

102

23

3

50.0%

34

188

North Korea

44.4%

3

39

Malaysia

*

4

6

Japan

*

region still remains the second larg-

9

Indonesia

*

ket share in 2007. The Asia Pacific

82.4% and 95.7% growth scores re-

Burma

Cambodia

*

FY2007, the Asia Pacific market

growth. Thailand and Vietnam had

Growth Score

(Since 2008)

in 1990 to FY2007. However, since

Thailand and Vietnam, have grown

Total I-526 Approvals

(Since 1992)

*

only two countries in Asia Pacific,

Growth Score

Investor Market

from the beginning of the Program

since FY2008 has been 77.06% but

Total I-526 Approvals

Region Average

provals (excluding Mainland China)

faster than the Program’s overall

Total I-526 Approvals

Growth Greater Than:

64.7%

126

44.7%

89.4%

888

26.1%

is stronger in these markets than the

tail below.

rest of the South Asia Region. Among

these investor markets Taiwan and

Australia, Japan, Malaysia, New Zea-

South Korea will be discussed in de-

land, Singapore and South Korea

tail not only because of their relative-

have all outpaced the regional aver-

ly high growth scores but because

age growth score with South Korea

they represent the two largest inves-

remaining the second largest inves-

tor markets in the region. Hong Kong

tor market in the world behind Main-

and Japan will also be discussed as

land China. These countries growth

they have strong growth and are his-

scores illustrate that EB-5 demand

torically important markets.

Investor Market Trends - Asia Pacific I-526 Approvals 500

72.8%

450

66.0%

71.7% 76.5%

79.1% 67.1%

65.7%

61.3%

438

57.2%

400 53.8%

% of I-526 Approvals (except Mainland China investors)

45.8%

350 300

62.0%

50.0%

58.8%

60.4%

39.8%

259

34.7%

262

256 226

150

0

36.7%

296

200

50

44.1%

43.2%

43.1%

36.4%

250

100

74.9%

219

165 128

118

151

114 88

79 53

43

19

FY1992 FY1992

228

179

FY1993

FY1994 FY1994

FY1996

FY1998

IIUSA.ORG FY1996 FY1997 FY1998

FY1995

20

FY2000 FY1999

FY2000

23

20

FY2002 FY2001

FY2002

FY2004 FY2003

FY2004

FY2006 FY2005

FY2006

FY2008 FY2007

FY2008

FY2010 FY2009

FY2012

FY2014

21FY2011 • ASIA PACIFIC FY2012 FY2013 FY2014

FY2010

HONG KONG Asia-Pacific Region*

I-526 Approvals 1,879

Hong Kong* *Excluding China

1990-2007

2008-2010

2011-2014

FDI Connected Through EB-5 $939.5 Million

FDI Connected Through EB-5 $316.5 Million

FDI Connected Through EB-5 $444 Million

$70.5 Million

141

UHNWI POPULATION:

3,854

Total Market Share*

I-526 Approvals

66.96%

633

5.02%

$4.5 Million

9

Total Market Share*

46.99% 0.67%

I-526 Approvals 888 25

$12.5 Million

Total Market Share*

38.93% 1.10%

I

n the early days of the EB-5 Program, Hong Kong was considered a viable investor market, but in recent years, that has not been the case. In

fact, much of the demand from Hong Kong investors took place nearly two decades ago with the all-time I-526 approval high reached in 1997. Much

as a Special Administrative Region (S.A.R) with a “one country two system” policy firmly in place.

2,226

EB-5 FDI

$17Million USD (2008-2014)

22 • ASIA PACIFIC

(2008-2014)

11.6%

8.4%

6.2%

10.5%

20

the emigrate.

LARGEST URBAN AREAS: • Hong Kong IIUSA.ORG

CONSULATE LOCATIONS: • Hong Kong

13.0%

10.0% 1.8%

0.0% 0.0%

2.3%

0.4%

4.2%

1.3%

0.9% 2.0%

2.2%

3.5% 0.9%

15 10 5 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 14.3%

FY1992 ‐2007: 80.6%

Since FY2008: 19.4%

GROWTH SCORE: (Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

resulting political tensions could provoke Hong Kong citizens to look to

10.0%

0.0%

Interest in EB-5 investment among Hong Kong investors is likely to remain

low. But if China perceived as meddling with the S.A.R. arrangement, the

Market Share (Regional)

17.2%

19.4%

300% EB-5 FDI GROWTH

19.0%

vestment. A prominent center for wealth, with over 120,000 millionaires,

Hong Kong remains a major hub for foreign direct and capital market inHong Kong continues to grow as one of Asia’s primary financial centers7.

IMMIGRANTS TO THE U.S. (FY 2013):

25

18.6%

anxieties related to the British handover of Hong Kong to the People’s Renomic autonomy have been mostly unfounded as Hong Kong has operated

2.5%

I-526 Approvals

30

of the early interest in EB-5 from Hong Kong might have been sparked by public of China in 1997. However, those concerns about political and eco-

GDP GROWTH 2015:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: HONG KONG

LOWER THAN THE REGIONAL AVERAGE

8

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

23 • ASIA PACIFIC

JAPAN Asia-Pacific Region*

I-526 Approvals 1,879

Japan*

1990-2007 FDI Connected Through EB-5 $939.5 Million

$43 Million

86

*Excluding China

Total Market Share*

66.96%

I-526 Approvals 633

3.06%

2008-2010 FDI Connected Through EB-5 $316.5 Million

$18 Million

36

Total Market Share*

46.99% 2.67%

I-526 Approvals 888 66

2011-2014 FDI Connected Through EB-5 $444 Million

$33 Million

Total Market Share*

38.93% 2.89%

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: JAPAN I-526 Approvals

35

30 25 20

Market Share (Regional)

13.7%

12.3% 3.8%

2.3% 2.5%

3.4%

5.5%

5.3%

0.0%

0.0% 0.0%

0.0%

6.6%

6.1%

3.8%

0.0%

4.5%

5.4%

6.3%

3.3%

3.4% 6.1%

7.0%

15 10

UHNWI POPULATION:

6,448

5

E

B-5 investment from Japan has been consistent but slow, generated

0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 35.1%

about 5% of the total EB-5 investors from the Asia-Pacific region over

FY1992 ‐2007: 45.7%

the last decade and 86 total EB-5 investors since the start of the Program.

GDP GROWTH 2015:

0.6%

While the Japanese economy has stagnated in recent years, posting just

0.6% GDP growth in 20151, it remains a powerful economic force in the

region. Japan is home to nearly 6,500 Ultra High Net Worth Individuals 8

(UHNWI) .

IMMIGRANTS TO THE U.S. (FY 2013):

5,925

However, a highly industrialized and stable economy with business and

educational opportunities similar to those in the United States ultimately equates to slow EB-5 investor growth in the years to come.

Since FY2008: 54.3%

GROWTH SCORE: (Since FY2008)

54.3% LOWER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

EB-5 FDI

$51 Million USD

(2008-2014)

+7%

EB-5 FDI GROWTH (2008-2014)

24 • ASIA PACIFIC

LARGEST URBAN AREAS: • Nagoya • Tokyo • Osaka-Kobe • Shizouka-Hamamts • Kitakyushu-Fukuoka IIUSA.ORG

CONSULATE LOCATIONS: • Sapporo • Tokyo • Naha • Fukukoa • Okinawa • Nagoya • Osaka-Kobe

16

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

25 • ASIA PACIFIC

SOUTH KOREA 1990-2007

Asia-Pacific Region*

FDI Connected Through EB-5

I-526 Approvals

$939.5 Million

1,879

South Korea* *Excluding China

$368 Million

736

UHNWI POPULATION:

2,143

2008-2010 Total Market Share*

66.96%

I-526 Approvals 633

26.23%

460

S

FDI Connected Through EB-5 $316.5 Million $230

2011-2014 Total Market Share*

46.99%

34.15%

I-526 Approvals 888

412

FDI Connected Through EB-5 $444 Million

$206 Million

Total Market Share*

38.93%

18.06%

outh Korea has historically been the second largest EB-5 investor

market in terms of I-526 approvals, conceding its top market status in

2008. In FY2007, South Korea accounted for over 85% of all I-526 approv-

als in the Asia-Pacific region (excluding mainland China). However, since

year. While nearly 50% of all EB-5 investors in the Asia-Pacific Region (ex-

2.7%

cluding Mainland China), hailed from South Korea in FY2013 that number

plummeted to just 30% in FY2014. Furthermore, since 2008 South Korea has only seen a modest increase of 18% in I-526 approvals.

South Korea is currently home to over 2,000 ultra high net worth indviduals and that number is projected to grow by over 50% in the coming de9

IMMIGRANTS TO THE U.S. (FY 2013):

23,166

EB-5 FDI

$436 Million USD (2008-2014)

26 • ASIA PACIFIC

-69% EB-5 FDI GROWTH (2008-2014)

I-526 Approvals

250

cade . While welathy indivdiausl will likely continune to drive interest in

EB-5, declining interest in the Program will see South Korea position as a

top investor market will likely be supplanted by emerging markets in the coming years.

LARGEST URBAN AREAS: • Seoul • Daegu • Busan • Daejon • Incheon IIUSA.ORG

CONSULATE LOCATIONS: • Seoul (IVC) • Busan

Market Share (Regional)

85.3%

73.9%

78.2%

200 150 100

79.2%

71.5%

62.6% 64.9%

30.1%

25.0% 11.9% 11.6%

15.2%

18.2%

30.4%

26.3% 21.9%

25.0%

41.5%

54.2%

46.6%

25.0% 24.6%

18.8%

50 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 25.6%

this high-water mark, relative declines have been readily apparent.

In FY2014, Korea saw a 45% decline in I-526 approvals from the previous

GDP GROWTH 2015:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: SOUTH KOREA

Since FY2008: 54.2%

FY1992 ‐2007: 45.8%

GROWTH SCORE: (Since FY2008)

54.2% LOWER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

56

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

27 • ASIA PACIFIC

TAIWAN 1990-2007

Asia-Pacific Region*

I-526 Approvals 1,879

Taiwan* *Excluding China

FDI Connected Through EB-5 $939.5 Million $406 Million

812

2008-2010 Total Market Share*

I-526 Approvals

66.96%

633

28.91%

85

I

FDI Connected Through EB-5 $316.5 Million $42.5 Million

2011-2014 Total Market Share*

46.99% 6.82%

I-526 Approvals 888

195

FDI Connected Through EB-5 $444 Million $97.5 Million

I-526 Approvals

Total Market Share*

38.93% 8.55%

nvestor market demand from Taiwan has been and will continue to be

UHNWI POPULATION:

1,951

a key driver of global demand in the Asia-Pacific region. From FY1992

through FY2007, Taiwan accounted for nearly 29% of all EB-5 investors in

the region when excluding China. However, from FY2011 to FY2014 Tai-

GDP GROWTH 2015:

2.2%

year over year. In fact Taiwan was the third largest investor market in the world based on I-526 approvals in FY2014. While the market growth in

Taiwan has been strong over the past six years initial program demand in the mid to late 90’s diminishes Taiwan’s growth score over the past six years with just over 25% growth in the market since FY2008.

IMMIGRANTS TO THE U.S. (FY 2013):

5,385

While EB-5 demand is low when compared to initial demand in the 1990’s Taiwan has shown signs of growth and more importantly stability over the past decade. Taiwan is currently home to almost 2,000 Ultra High Net Worth Individuals and with that number expected to increase by 50% in

the coming decade Taiwan will continue to be a potential source of wealthy EB-5 investor’s10.

+168% (2008-2014)

28 • ASIA PACIFIC

250

200

EB-5 FDI

$140 Million USD (2008-2014)

LARGEST URBAN AREAS: • Taipei • Taichung • Kaohsiung IIUSA.ORG

CONSULATE LOCATIONS: The U.S. maintains unofficial relations with the people of Taiwan through the American Institute of Taiwan (AIT), a private non-profit corporation, which performs citizen and consular services similar to those at diplomatic posts.

Market Share (Regional) 75.0%

66.9%

65.1%

57.9%

55.7% 59.3%

50.8%

53.2%

45.6%

52.2%

49.1%

55.0% 40.0%

150

11.5% 13.6%

100

9.7% 4.2%

13.7%

25.9%

24.0%

18.5%

19.2%

17.3%

50 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 17.9%

wan’s regional market share, excluding China, fell to just over 8%.

Over the past six years EB-5 demand in Taiwan has rebounded growing

EB-5 FDI GROWTH

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: TAIWAN

FY1992 ‐2007: 74.4%

Since FY2008: 25.6%

GROWTH SCORE: (Since FY2008)

25.6% LOWER THAN THE PROGRAM AVERAGE LOWER THAN THE REGIONAL AVERAGE

59

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

29 • ASIA PACIFIC

VIETNAM 1990-2007

Asia-Pacific Region*

FDI Connected Through EB-5

I-526 Approvals

$939.5 Million

1,879

Vietnam*

$3 Million

6

*Excluding China

GDP GROWTH 2015:

6.5%

2008-2010 Total Market Share*

66.96% 0.21%

I-526 Approvals 633

$316.5 Million

$4.5 Million

9

O

FDI Connected Through EB-5

I-526 Approvals

2011-2014 Total Market Share*

46.99% 0.67%

I-526 Approvals 888

126

FDI Connected Through EB-5 $444 Million

$63 Million

Total Market Share*

38.93% 5.52%

ver the past two decades an influx of foreign investment has fueled improving living standards and produced a rapidly emerging Viet-

namese wealthy class benefiting from the country’s economic growth. This growth has, in turn, led to increased participation in the EB-5 Program. astounding 89%% of all I-526 approvals taking place since 2010.

168

Participation in the EB-5 Program has been complicated by decades old government restrictions on money transfers and government regulation

of the economy. However, more options for transferring funds out of the country and the government’s recent commitment to economic modernization and a more open economy will increase the EB-5 Programs accessibility11.

IMMIGRANTS TO THE U.S. (FY 2013):

26,578

+6600% EB-5 FDI

$67.5 Million USD (2008-2014)

30 • ASIA PACIFIC

EB-5 FDI GROWTH (2008-2014)

Yet, these woes have not necessarily impacted the inbound foreign invest-

ment market they have driven the emergent class of wealthy Vietnamese to seek residence in other countries. With over 1.2 million Vietnamese ex-

LARGEST URBAN AREAS: • Ho Chi Minh City • Can Tho • Hanoi • Haiphong IIUSA.ORG

CONSULATE LOCATIONS: • Ho Chi Minh City • Hanoi

Market Share (Regional)

80

29.4%

70 60 50 40

2.3%

0.0% 0.8%

0.0%

0.0%

9.2%

5.0%

0.9%

0.0%

0.0% 0.0%

0.0% 0.0%

0.0%

0.4%

0.0% 0.0%

4.0%

0.8%

10.5%

6.7%

0.8%

30 20 10 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 89.4%

FY1992 ‐2007: 4.3%

Although Vietnam only had a total of 141 investors from FY1990-FY2014, nearly 96% of those I-526 approvals have taken place since 2008 with an

UHNWI POPULATION:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: VIETNAM

GROWTH SCORE: (Since FY2008)

95.7% HIGHER THAN THE PROGRAM AVERAGE

Since FY2008: 95.7%

patriates moving to the United States since 1980 and with Vietnamese students

forming the one of the largest groups of international students studying at U.S. institutions, the U.S. is an attractive destination for these individuals12.

In FY2014, nearly 30%% of the EB-5 investors from the Asia-Pacific region, excluding China, were from Vietnam. With a growing economy, an emergent wealth

class, an established Vietnamese expatriate community, and a large number of

Vietnamese students studying in U.S. institutions it is highly likely that Vietnam continues its emergence in the EB-5 Investor Market in the coming years.

HIGHER THAN THE REGIONAL AVERAGE

67

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

31 • ASIA PACIFIC

SECTION 4.3

T

he

South/Central

Region

is

poised for significant growth in

the coming years. As we have begun

Growth Greater Than: Program Average

to see India may be on the brink of

*

*

EB-5 participation.

*

*

investor market and other regional

countries have increasing levels of

*

Both Kazakhstan and Bangladesh

grew at faster rates than the Pro-

*

gram’s average growth score with

Kazakhstan a 87% growth score

since FY2008 and Bangladesh seeing an 88% average growth score. However, due to the small volume of Bangladeshi I-526 approvals it will not be focused on here.

Based on I-526 approvals the three largest immigrant investor markets in the South/Central region are In-

(Since 2008)

(Since 2011)

(Since 2011)

Afghanistan

9

4

44.4%

3

33.3%

20

87.0%

15

65.2%

16

14

India

323

237

Nepal

2

2

Kazakhstan

*

Sri Lanka

23

Mongolia

*

Growth Score

(Since 2008)

*

*

Total I-526 Approvals

(Since 1992)

Bangladesh

*

*

Growth Score

Investor Market

Region Average

emerging as a top five immigrant

Total I-526 Approvals

Total I-526 Approvals

3

2

100.0%

0

0.0%

80.0%

Total

444

314

1

Turkmenistan

100.0%

4

29 1

81.3%

169

100.0%

62

13

73.4%

3

Pakistan

5

87.5%

52.3%

1

46.8%

18

70.7%

223

33.3%

29.0%

2

100.0%

40.0%

50.2%

dia, Kazakhstan and Pakistan re-

Pakistan was the region’s second

from the region with 323 approvals

zakhstan and will not be focused on

spectively. India currently account

largest market prior to FY2010 but

for a majority of I-526 approvals

has since ceded that position to Ka-

since FY2008 while EB-5 Foreign

here. Over the past four years India

Direct Investment from Kazakhstan

and Kazakhstan have accounted for

has increased 200% over the past six

over 80% of all I-526 approvals and

years.

will be highlighted below.

Investor Market Trends - South/Central Asia

GROWTH SCORE: (Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 55+ PER FISCAL YEAR

SOUTH/CENTRAL ASIA • Afghanistan • Bangladesh • India

32 • SOUTH/CENTRAL ASIA

• Kazakhstan • Mongolia • Nepal

IIUSA.ORG

• Pakistan • Sri Lanka • Turkmenistan

I-526 Approvals

% of I-526 Approvals (except Mainland China investors)

500 450 400 350

300 8.8%

250

6.5% 2.5%

6.4%

4.1% 5.7%

4.7%

5.0%

2.9% 0.0%

13.6% 1.5%

0.0%

5.6%

7.6%

2.9% 4.1%

11.2%

6.6%

5.6%

8.3%

6.8%

11.3%

200 150 100 50 0

80 45

29 FY1992

FY1994

FY1996

FY1998

IIUSA.ORG

FY2000

FY2002

FY2004

FY2006

FY2008

25 FY2010

74 41

28 FY2012

FY2014

33 • SOUTH/CENTRAL ASIA

INDIA 1990-2007

South/ Central Asia

FDI Connected Through EB-5 $65 Million

I-526 Approvals 130

India* *Excluding China

$43 Million

86

GDP GROWTH 2015:

7.3%

2008-2010 Total Market Share*

I-526 Approvals

4.63%

91

3.06%

68

FDI Connected Through EB-5 $45.5 Million $34 Million

2011-2014 Total Market Share* 6.76%

I-526 Approvals 223

5.45%

169

FDI Connected Through EB-5 $111.5 Million $84.5 Million

Total Market Share* 9.78% 7.41%

I

n FY 2014, India ranked as the world’s 4th largest EB-5 investor market in terms of its I-526 approval volume and there is opti-

mism that the India will continue this upward trajectory over the

EB-5 visa usage between 2012 and 2014.

With India’s central bank significantly reducing capital controls over 13

bile Indians to seek investment opportunities abroad. In 2015 the

Reserve Bank of India (RBI) increased the limit under its Liberalized

68,458

EB-5 FDI

$118.5 Million USD (2008-2014)

34 • SOUTH/CENTRAL ASIA

+217% EB-5 FDI GROWTH (2008-2014)

40 30

63.6%

85.7%

Market Share (Regional)

100.0%

69.0%

100.0%

87.5%

85.7%

60.0%

50.0%

72.0%

70.0%

83.3%

56.3%

71.1%

82.9% 82.1%

68.8%

77.0%

33.3% 0.0%

0.0%

10 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 52.3%

FY1992 ‐2007: 26.6%

I-526 approvals per year, with FY2014 reaching 57 approvals, the

the past few years , there is tangible interest among upwardly mo-

IMMIGRANTS TO THE U.S. (FY 2013):

50

100.0%

100.0%

coming years. Since 2008, India has seen an average of nearly 34

increase in I-526 approvals since 2008, with a 24.67% increase in

5,020

I-526 Approvals

60

20

most approvals in a single year on record. There has been a 73.77%

UHNWI POPULATION:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: INDIA

Remittance Scheme (LRS) to $250,000 per person per year that may 14

further drive interest in foreign investment .

LARGEST URBAN AREAS: • New Dehli •Bangalore • Mumbai • Chennal • Kolkata IIUSA.ORG

CONSULATE LOCATIONS: • New Dehli (IVC) • Mumbai (IVC) • Bengaluru • Chennal (IVC) • Hyderbad (IVC) • Kolkata (IVC)

GROWTH SCORE: (Since FY2008)

73.4%

Since FY2008: 73.4%

Excluding China, India makes up 7.41% of the world’s total market share of I-526 approvals since 2011, generating $84 million in U.S. Foreign Direct Invest-

ment (FDI). India’s vibrant and increasingly stable economy, combined with the

central government’s investment promotion has it primed for growth in the immigrant investor sphere for years to come.

LOWER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

57

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

35 • SOUTH/CENTRAL ASIA

KAZAKHSTAN 1990-2007

South/ Central Asia

FDI Connected Through EB-5 $65 Million

I-526 Approvals 130

Kazakhstan* *Excluding China

$1.5 Million

3

UHNWI POPULATION:

207

2008-2010 Total Market Share*

I-526 Approvals

0.11%

5

4.63%

91

FDI Connected Through EB-5 $45.5 Million $2.5 Million

I-526 Approvals

2011-2014 Total Market Share*

I-526 Approvals

0.37%

15

6.76%

223

FDI Connected Through EB-5 $111.5 Million $7.5 Million

Total Market Share* 9.78%

0.6t6%

E

xcluding Russia, Kazakhstan is the largest of the former Soviet republics and has made considerable strides in developing a market

economy since it gained independence in 199115. Over the past two de-

cades Kazakhstan has been successful in attracting foreign direct invest-

1.5%

progress in diversifying its economy government bureaucracy and corruption pose challenges to attracting FDI16.

While Kazakhstan remains a small market for EB-5 investment with an average of just five I-526 approvals per year, the market has shown signifi-

IMMIGRANTS TO THE U.S. (FY 2013):

cant signs of growth potential with 90% of all I-526 approvals occurring since FY2008, accounting for around 10% of all EB-5 investors from the South/Central Region from FY2011-FY2014.

Kazakhstan leads central Asian countries in the number of high net worth individuals17 and that number could rise if FDI continue to increase and

EB-5 FDI

$10 Million USD

(2008-2014)

+200% EB-5 FDI GROWTH

LARGEST URBAN AREAS: • Almaty • Astana

(2008-2014)

36 • SOUTH/CENTRAL ASIA

10 9 8 7

IIUSA.ORG

CONSULATE LOCATIONS: • Astana

Market Share (Regional)

12.0%

9.1%

0.0%

0.0%

6.3%

3.4%

0.0%

0.0% 0.0%

0.0%

0.0% 0.0%

0.0%

4.8%

0.0%

0.0% 0.0%

11.3%

0.0%

4.1%

4.9%

3.6%

2.2%

6 5 4 3 2 1 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

SinceFY 2011: 65.2%

ment however, the Kazakh economy is heavily dependent on the extraction

of fossil fuels and other minerals and metals. While Kazakhstan has made

GDP GROWTH 2015:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: KAZAKHSTAN

FY1992 ‐2007: 13.0%

GROWTH SCORE: (Since FY2008)

SinceFY 2008: 87.0%

market diversification takes place. With EB-5 investment from neighboring Russia on the rise, look for the numbers of investor from Kazakhstan to continue to climb the charts regionally and potentially even globally.

87.0% HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

3

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

37 • SOUTH/CENTRAL ASIA

SECTION 4.4

I

n the Middle East region Egypt,

Iran and United Arab Emirates are

the investor markets that grew fast-

Growth Greater Than:

(Since 1992)

(Since 2008)

(Since 2008)

(Since 2011)

(Since 2011)

*

*

Egypt

53

45

84.9%

39

73.6%

*

*

*

for over 55% of all EB-5 investors from the Middle East region. Their

(Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

MIDDLE EAST • • • • • • •

Egypt Iran Iraq Israel Jordan Kuwait Lenanon

38 • MIDDLE EAST

• • • • • • •

I-526 APPROVALS:

Morocco Saudi Arabia Syria Tunisia United Arab Emirates Algeria Bahrain IIUSA.ORG

• • • • •

Libya Oman Palestine Qatar Yemen

(Since FY2011)

AVERAGE 55+ PER FISCAL YEAR

Jordan

14

6

42.9%

6

42.9%

17

11

33

11

Syria

10

2

Other eight countries*

19

8

8

468

336

71.8%

0.0%

5

20.0%

10

23.3%

0

66.7%

100.0%

42.9%

7

25.0%

8

27.3%

3

36.7%

6

47.1%

9

42.9%

2

9

8

36.4%

3

30

Total

64.7%

12

7

United Arab Emirates

*

market share increases to 76% since

GROWTH SCORE:

55.0%

Morocco

tion Egypt and Iran have accounted

the region but each have accounted

143

Saudi Arabia

1992. Since the Program’s incep-

second and third largest markets in

84.6%

Lebanon

Egypt generating 42 approvals since

kets in Israel in Lebanon were the

220

Kuwait

accounting for 237 approvals and

Prior to FY2008 the investor mar-

260

Israel

tor markets in the region with Iran

period.

Iran Iraq

and Egypt are the two largest inves-

double digit approvals over the time

Growth Score

Investor Market

Based on I-526 approval volume Iran

vestor markets that have generated

Total I-526 Approvals

Growth Score

Region Average

growth worldwide since FY2008.

Iranian markets are the only two in-

Total I-526 Approvals

Program Average

er than the the Program’s average

FY2011, in fact the Egyptian and

Total I-526 Approvals

55.6%

2

20.0%

2

52.6%

25.0%

8

42.0%

232

49.6%

* Other eight countries include: Algeria, Bahrain, Libya, Oman, Palestine, Qatar, Tunisa, Yemen

for only 7 I-526 approvals in the last

However, even with the emergence of

emerged in recent years with 100%

nated by investors from Iran and

five years. The investor market in the United Arab Emirates (UAE) has of all I-526 approvals occurring since FY2008.

new investor markets in the region the market will continue to be domiEgypt, to a lesser degree.

Investor Market Trends - Middle East I-526 Approvals

% of I-526 Approvals (except Mainland China investors)

500 450

400

350

300 10.0% 250

6.8%

7.2%

5.6%

3.1% 5.2%

5.2%

200

0.0%

2.9% 2.9%

7.5% 3.0% 11.4%

3.7%

2.8% 5.6%

2.3%

12.9% 10.9%

6.9%

12.9%

9.4% 7.1%

150

100 50 0

32

IIUSA.ORG

41

49

45

85

67 35

39 • MIDDLE EAST

EGYPT Middle East*

I-526 Approvals 132

Egypt* *Excluding China

1990-2007

2008-2010

2011-2014

FDI Connected Through EB-5

FDI Connected Through EB-5 $52 Million

FDI Connected Through EB-5 $116 Million

$66 Million $4 Million

8

Total Market Share* 4.69%

I-526 Approvals 104

.28%

UHNWI POPULATION:

483

6

E

$3 Million

Total Market Share* 7.71% .44%

I-526 Approvals 232 39

$19.5 Million

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: EGYPT I-526 Approvals

Total Market Share*

10.14% 1.70%

gypt’s investor market is the second largest in the Middle East region and has shown signs of emerging as one of the larger EB-5

market in the world. With over 84% of all I-526 approvals occurring be-

tween FY2008 and FY2014 Egypt has an impressive growth score that is

20

50.0%

18 16 14 12

0.0%

10.0% 9.1%

10.0%

0.0%

12.5%

9.4%

10

0.0% 0.0%

GDP GROWTH 2015:

4.2%

to the rest of the world.

Historically Egypt has had a centralized economy that has just begun to

open up over the past decade. From 2004 to 2008 Egypt pursued business climate reforms in an attempt to facilitate growth and attract For-

eign Direct Investment18. However, poor living conditions and limited

IMMIGRANTS TO THE U.S. (FY 2013):

10,294

economic opportunities continued to persist leading to the 2011 revolution that destabilized the country leading to political, economic and security concerns that have wealthy Egyptians eager to leave the country.

(2007-2014)

40 • MIDDLE EAST

EB-5 FDI

$22.5 Million USD (2008-2014)

0.0% 0.0%

0.0% 0.0%

0.0%

0.0%

4.1%

11.4% 13.4%

21.2%

6 4 2 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 73.6%

FY1992 ‐2007: 15.1%

GROWTH SCORE: (Since FY2008)

84.9%

Since FY2008: 84.9%

However, with only six I-526 approvals in FY2014, it remains to be seen whether Egypt’s High Net Worth Individual population will continue to turn to the

EB-5 Program. While Egypt is likely to remain a small EB-5 investor market for

the foreseeable future, there is no denying that wealth preservation in tandem with the internal political and social malaise is driving capital flight out of the country and region.

HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

+1700% EB-5 FDI GROWTH

0.0%

17.8%

9.8%

8

greater than the regional and worldwide average. Yet, it just shows that

EB-5 investment from the Middle East still remains low when compared

Market Share (Regional)

LARGEST URBAN AREAS: • Cairo • Alexandria IIUSA.ORG

CONSULATE LOCATIONS: • Cairo • Alexandria (AAP)

18

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

41 • MIDDLE EAST

IRAN 1990-2007

Middle East*

I-526 Approvals 132

Iran* *Excluding China

FDI Connected Through EB-5

Total Market Share*

$20 Million

1.42%

$66 Million

40

2008-2010

IMMIGRANTS TO THE U.S. (FY 2013):

12,863

I-526 Approvals

4.69%

104

$38.5 Million

77

I

FDI Connected Through EB-5 $52 Million

I-526 Approvals

2011-2014 Total Market Share* 7.71%

5.71%

I-526 Approvals 232

143

FDI Connected Through EB-5 $116 Million $71.5 Million

Total Market Share*

10.14% 6.25%

ran is the largest EB-5 investor market in the Middle East, with de-

mand significantly increasing between FY2008 to FY2012. From

FY2011-FY2014 more than 143 Iranian investors have received I-526

sourcing of funds exceedingly difficult19. Moreover, Iran has long been

designated as a state sponsor of terrorism, leading a vast majority of banks refusing to handle transactions with Iranian funds.

To be sure, the Iranian market presents unique obstacles however, the large wealthy population of Iran and potential for long-term sanctions

GDP GROWTH 2015:

0.8%

EB-5 FDI

$110 Million (2008-2014) USD

42 • MIDDLE EAST

relief with the U.S. will both likely drive increased interest in the Program in the coming years.

(2008-2014)

87.5%

50 40 30

85.7%

66.7%

64.2%

37.5%

25.0%

16.7%

10.0% 18.2%

57.1%

68.9%

57.6% 57.1%

40.0%

28.6%

10.0%

42.9%

70.7%

0.0% 0.0%

0.0%

0.0%

12.5%

10 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 55.0%

LARGEST URBAN AREAS: • Tehran • Karaj • Mashad • Shiraz • Esfahan IIUSA.ORG

FY1992 ‐2007: 15.4%

Since FY2008: 84.6%

GROWTH SCORE: (Since FY2008)

84.6% HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

+716.7% EB-5 FDI GROWTH

60

approvals.

strictions, lingering trade sanctions and a banking system that makes

410

Market Share (Regional)

20

However, considerable obstacles still persist such as capital export re-

UHNWI POPULATION:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: IRAN

CONSULATE LOCATIONS: • Tehran (Virtual Embassy)

49

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

43 • MIDDLE EAST

SECTION 4.5

The Latin America region is the only

Program Average

tor markets that not only have expe-

rienced growth scores greater than simultaneously

over 10 I-526 approvals each year, has been far and away the largest

investor market in the region with Brazil emerging as a powerful mar-

ket in its own right. Based on I-526 approvals Columbia and Argentina

are a distant fourth. While Chile was the largest market at Program’s out-

set it has seen a significant decline over the past seven years.

The four largest investor markets in

the region have accounted for over

GROWTH SCORE: (Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 60+ PER FISCAL YEAR

LATIN AMERICA • • • •

Argentina Bolivia Brazil Chile

44 • LATIN AMERICA

• • • •

Colombia Costa Rica Ecuador Guyana IIUSA.ORG

Growth Score

(Since 1992)

(Since 2008)

(Since 2008)

(Since 2011)

(Since 2011)

*

Argentina

28

20

71.4%

17

60.7%

*

Colombia

Chile

78

*

Bolivia

*

those being Brazil and Venezuela.

Over the past six years Venezuela

Total I-526 Approvals

Growth Score

Investor Market

*

generating

Total I-526 Approvals

Region Average

*

the Program average since FY2008, while

Total I-526 Approvals

Growth Greater Than:

region analyzed that has two inves-

*

*

*

*

4

Brazil

79

Guyana

3

3

Peru

12

Uruguay

5

Venezuela

441

54.5%

33.3% 0.0%

2

66.7%

4

80.0%

33.3%

3

93.6%

308

66.7%

0

50.0%

162

3.8%

1

66.7

4

173

Total

66.7%

6

51.2%

6

100.0%

2

21

62.0%

2

63.6%

1

100.0%

3

66.7%

2

4

49

3.8%

7

1

Paraguay

73.2%

2

11

Panama

30

82.3%

3

3

Ecuador

100.0%

65

41

Costa Rica

4

60.0%

139

69.8%

80.3%

251

56.9%

70% of total I-526 approvals since

With Venezuela and Brazil leading

the past four years.

investor market in the years to come.

the start of the program and this per-

centage has increased to over 90% in

the way Latin America is ready to emerge as an important and dynamic

Investor Market Trends - Latin America I-526 Approvals

% of I-526 Approvals (except Mainland China investors)

500 450

400

350 300 250

30.9% 3.6%

2.5% 1.9%

1.3% 2.6%

6.5%

2.9%

3.0%

2.5%

0.0% 2.9%

2.3%

200

0.0%

5.0%

3.5%

1.6% 2.0%

4.2%

11.7%

11.1% 10.1%

10.9%

150

100 50 0

79

77 FY1992

FY1994

FY1996

FY1998

FY2000

FY2002

FY2004

FY2006

FY2008

25

45 FY2010

FY2012

50

77 FY2014

• Panama • Peru • Venezuela

IIUSA.ORG

45 • LATIN AMERICA

BRAZIL 1990-2007

South America/ Caribbean*

FDI Connected Through EB-5

I-526 Approvals

$66.5 Million

133

Brazil*

$7 Million

14

*Excluding China

UHNWI POPULATION:

3,908

2008-2010 Total Market Share* 4.74%

0.50%

I-526 Approvals 57 16

D

FDI Connected Through EB-5 $28.5 Million

$8 Million

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: BRAZIL I-526 Approvals

2011-2014 Total Market Share* 4.23%

I-526 Approvals 251

1.19%

49

FDI Connected Through EB-5 $125.5 Million

$24.5 Million

18 100.0%

Total Market Share*

14

11%

12

2.14%

10 8

espite having the largest economy and population in Latin America, Brazil’s participation in the EB-5 program has been relatively low

when compared to other growth markets in Asia. Yet, when compared to other Latin American markets over the past seven years, the Brazil’s inves-

tor market has experienced an uptick as its Latin American market share the Brazilian market have taken place since FY2008, with a historic high of

-3%

17 I-526 petitions processed in FY2014.

Despite its potential to become an elite EB-5 investor market, High Net

Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit to EB-5 likely due to the fact of limited on the ground knowledge of EB-5. However Brazilian nationals are not eligible to apply for the E-2 Treaty In20

IMMIGRANTS TO THE U.S. (FY 2013):

11,033

EB-5 FDI

$32.5 Million USD (2008-2014)

46 • LATIN AMERICA

+1600% EB-5 FDI GROWTH (2008-2014)

vestor Visa a factor that may drive interest in EB-5 in the Brazilian market .

Brazil is currently home to over 198,000 millionaires with an estimated 3,908 ultra-high net worth individuals21. With economic conditions stag-

LARGEST URBAN AREAS: • San Paulo • Brasillia • Rio de Janeiro • Fortaleza • Belo Horizonte IIUSA.ORG

100.0%

16

reached almost 29% in FY2014. Moreover, 82.3% of all I-526 approvals in

GDP GROWTH 2015:

Market Share (Regional)

CONSULATE LOCATIONS: • Rio de Janeiro (IVC) • Recife • Brasillia • Sao Paulo

50.0%

40.0%

44.0% 25.0%

20.0%

33.3% 20.0%

16.7%

14.3% 0.0%

0.0%

6

26.3%

0.0%

0.0%

0.0%

0.0%

20.0%

15.6% 19.0%

22.1%

0.0%

4 2 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 62.0% SinceFY 2008: 82.3%

FY1992 ‐2007: 17.7%

GROWTH SCORE: (Since FY2008)

nating due to a growing trade deficit, high inflation rates and negative GDP

growth over the past two years22, Brazilian investors may indeed be looking for

a way out and EB-5 investment would help them realize this opportunity.

82.3% HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

17

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

47 • LATIN AMERICA

VENEZUELA South America/ Caribbean*

I-526 Approvals 131

Venezuela*

2008-2010

2011-2014

FDI Connected Through EB-5

FDI Connected Through EB-5

FDI Connected Through EB-5

$65.5 Million

$5.5 Million

11

*Excluding China

1990-2007

GDP GROWTH 2015:

-10%

Total Market Share* 4.65%

I-526 Approvals 56

0.39%

23

V

$28 Million

$11.5 Million

Total Market Share* 4.15%

1.70%

I-526 Approvals 246

139

$123 Million

$69.5 Million

I-526 Approvals

Total Market Share*

10.75% 6.07%

enezuela has emerged as one of the largest EB-5 investor market in Latin America, consistently generating the most I-526 approvals year

over-year. Between 1992 and 2008, Venezuela had a grand total of 11 I-526 approvals. However, between 2008 and 2014, Venezuela accounted for a

101

What is the cause for this steep increase in outward investment? One might blame political, economic and social unrest in Venezuela. With worldwide oil

prices slumping and Venezuelan production faltering, socio-economic con-

cerns in Venezuela have been cause for serious concern among the country’s

elite and have prompted some of the country’s 8,000 millionaires to High Net Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-

IMMIGRANTS TO THE U.S. (FY 2013):

9,572

EB-5 FDI

$81 Million USD (2008-2014)

48 • LATIN AMERICA

tion23.

Venezuela is dealing with a dramatic increase in crime, extreme shortages of food and other consumer goods, and rampant inflation. Venezuela struggled with a 275% inflation rate and the world’s largest GDP contraction in 2015.

+1000% EB-5 FDI GROWTH (2008-2014)

LARGEST URBAN AREAS: • Caracas • Maracay • Maracaibo • Barquisimeto • Valencia IIUSA.ORG

CONSULATE LOCATIONS: • Caracas (IVC)

Market Share (Regional)

50

100.0%

45 40 35 30 25 20 15

36.0%

27.8%

20.0%

0.0% 0.0%

52.6%

58.2% 46.0%

30.8%

0.0% 0.0%

57.1%

57.8%

50.0%

0.0%

1.3%

14.3%

0.0% 0.0%

0.0%

0.0%

0.0%

10 5 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

booming 139 I-526 petitions, which is over 6% of the world market share (excluding Mainland China).

UHNWI POPULATION:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: VENEZUELA

Since FY2011: 80.3% Since FY2008: 93.6%

FY1992 ‐2007: 6.4%

GROWTH SCORE: (Since FY2008)

93.6% HIGHER THAN THE PROGRAM AVERAGE

The immediate outlook does not look promising, with the International Monetary Fund (IMF) projecting a 720% inflation rate on the horizon for 201624.

With a destabilized economy, tightening social and economic freedoms, a tense political environment, and rampant corruption, it is even more likely that the Venezuelan

elite will look to emigrate. With over one million Venezuelans estimated to have emi-

grated during the Chavez regime and almost 200,000 Venezuelans living in the US, there are strong established ties in both the United States and Europe bolstering the hopes of EB-5 project sponsors looking to Latin America for increased investment25.

HIGHER THAN THE REGIONAL AVERAGE

44

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

49 • LATIN AMERICA

SECTION 4.6

E

B-5 demand among European countries is diversified with a total of 40 countries generating at least one EB-5 investor since the Program’s inception and four countries generating over 95 I-526 approvals each. The four largest markets in the European region are the United Kingdom, Russia, Germany and the Netherlands with the top three markets accounting for over 67% of I-526 approvals since FY2011.

The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 approvals as the U.K. In fact Russia and Greece are the only two countries in the region to grow faster than the Program’s worldwide growth score however, Greece has a small volume of investors and will not be discussed in detail here. The European region will continue to be an important source of EB-5 investment in the years to come and we will likely see the emergence of Russia as the largest market in the region.

EUROPE • • • • • • • • • •

Armenia Belgium France Germany Greece Ireland Italy Netherlands Poland Portugal

50 • EUROPE

GROWTH SCORE: • • • • • • • • • •

Russia Spain Switzerland Turkey Ukraine United Kingdom Austria Azerbaijan Bulgaria Croatia

• • • • • • • • • •

Cyprus Czech Republic Denmark Finland Georgia Hungary Iceland Latvia Lithuania Luxembourg

IIUSA.ORG

• • • • • • • •

Malta Mecedonia Moldova Norway Romania Serbia Slovenia Sweden

(Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 95+ PER FISCAL YEAR

Total I-526 Approvals

Growth Greater Than: Program Average *

(Since 1992)

(Since 2008)

(Since 2008)

(Since 2011)

(Since 2011)

*

Belgium

17

13

76.5%

7

41.2%

Germany

110

44

23

20.9%

Netherlands

93

Denmark

8

France

51

Ireland

37

Poland

*

Spain

*

Ukraine

16

391

269

Total

1,085

704

71

32.4%

25.8%

27.3%

5

31.3%

5

64.0%

50.0%

100

62.9%

6

26.1%

15

50.0%

60.0%

5

69.6%

81.0%

51

25.0%

3

80.0%

17

United Kingdom

Other 24 Countries

*

23

43.1%

24

80.5%

45

21

12

43.8%

16

30

Turkey

*

128

56.8%

37.5%

3

36.4%

8

159

22

48.4%

7

25

Switzerland

58.3%

4

10

Russia

7

3

68.6%

40.0%

45

16

Romania

*

100.0%

21

11

Portugal

8

35

12

Italy

*

Growth Score

Investor Market

*

*

Total I-526 Approvals

Growth Score

Region Average

*

*

Total I-526 Approvals

16.7%

11

68.8%

107

64.9%

384

71.8%

52.4%

27.4%

28

39.4t%

34.9%

*Other 26 Countries include:Austria, Azerbaijan, Belarus, Bulgaria, Croatia, Cyprus, Czech Re‐ public, Finland, Georgia, Greece, Hungary, Iceland, Latvia, Lithuania, Luxembourg, Malta, Mece‐ donia, Moldova, Monaco, Norway, Serbia, Slovakia, Slovenia, and Sweden

Investor Market Trends - Europe I-526 Approvals

% of I-526 Approvals (except Mainland China investors)

500 450

400

350 300 250

22.6%

17.4%

15.0% 11.1%

10.9%

11.3%

8.0%

23.5%

28.6%

25.0%

20.0%

11.1%

27.4%

17.6%

15.6%

18.7%

9.0%

20.9%

200 150

0

17.5%

16.4%

15.2%

163

100 50

18.1%

22.2%

117

42

18

FY1992

FY1994

FY1996

68 20 FY1998

IIUSA.ORG

25

FY2000

FY2002

FY2004

46

FY2006

54

78

FY2008

84

FY2010

87

75

FY2012

100

FY2014

51 • EUROPE

RUSSIA Europe*

1990-2007 FDI Connected Through EB-5 $190.5 Million

I-526 Approvals 381

Russia*

$15.5 Million

31

*Excluding China

UNWI POPULATION:

5,343

Total Market Share*

13.59% 1.09%

I-526 Approvals 325

2008-2010 FDI Connected Through EB-5 $162.5 Million $14 Million

28

Total Market Share*

24.13% 2.04%

I-526 Approvals 379 100

2011-2014 FDI Connected Through EB-5 $189.5 Million $50 Million

Total Market Share*

16.62% 4.31%

R

ussia currently ranks as the second largest EB-5 investor market in

Europe, a statistic that is surprising given that Russia only accounted

for only 2.5% of the European Market share in FY2008 but that number has since exponentially increased to 29% in FY2014.

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: RUSSIA I-526 Approvals

35

23.8%

25

15

17.6% 4.2%

0.0%

10.0%

9.1% 0.0%

0.0%

GDP GROWTH 2015:

-3.9%

tions in the country with Russian GDP growth at -3.9%26 and the increase

of market understanding both on the part of potential investors and EB-5 developers.

Russia is an appealing source of EB-5 investors and a market that has yet

to fully realize its potential. Misperceptions about source of funds compli-

cations, personal safety and Russian wealth have clouded the markets per-

IMMIGRANTS TO THE U.S. (FY 2013):

9,753

EB-5 FDI

64 Million USD (2008-2014)

52 • EUROPE

ception on Russia27. However, these misperceptions are gradually giving way and the Russian market has begun to show its potential.

(2008-2014)

0.0%

0.0%

0.0%

23.9%

8.3% 2.2%

2.6%

10 5 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 62.9%

FY1992 ‐2007: 19.5%

Since FY2008: 80.5%

GROWTH SCORE: (Since FY2008)

80.5% HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

+1350% EB-5 FDI GROWTH

0.0%

0.0%

16.0%

11.7%

7.4%

0.0%

Many factors have contributed to the recent growth of EB-5 market demand, not the least of which are worsening political and economic condi-

35.6%

29.0%

30

20

Market Share (Regional)

LARGEST URBAN AREAS: • Moscow • Novosibirsk • Nizhny • Yekaterinburg • Saint Petersburg IIUSA.ORG

CONSULATE LOCATIONS: • Moscow (IVS) • Vladivostok • St. Petersburg • Yekaterinburg

29

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

53 • EUROPE

UNITED KINGDOM 1990-2007

Europe*

FDI Connected Through EB-5 $191.5 Million

I-526 Approvals 383

United Kingdom* *Excluding China

$61 Million

122

2008-2010 Total Market Share*

13.50%

I-526 Approvals 326

4.30%

162

S UHNWI POPULATION:

9,968

FDI Connected Through EB-5 $163 Million $81 Million

2011-2014 Total Market Share *

23.74%

11.80%

I-526 Approvals 384

107

FDI Connected Through EB-5 $192 Million $53.5 Million

Total Market Share *

16.54% 4.61%

ince the EB-5 Program’s inception, the United Kingdom (UK)

has generated the majority of investors from the Europe ranging

from between 15% to 57% of the regional total over the time period.

I-526 Approvals

100 80 70 60

GDP GROWTH 2015:

2.5%

demand from the UK has dropped precipitously, only rebounding in 2014 with 25 I-526 approvals. Even with declining participation, the

UK market has generated four times as many investors than any other market in the region.

Strong business and cultural ties between the two nations has been

IMMIGRANTS TO THE U.S. (FY 2013):

12,984t

manifested by the number of total individuals emigrating from the UK 28

to the US, reaching over 15,000 in 2013 . The EB-5 Visa also has con-

siderably less restrains for U.K. citizens looking to emigrate to the U.S. to retire than the E-2 Visa category. In addition the present strength

of the pound versus the dollar in addition to the lower cost of prop-

EB-5 FDI

$134.5 Million USD

(2008-2014)

-44.4% EB-5 FDI GROWTH (2008-2014)

LARGEST URBAN AREAS: • London • Glasgow • Manchester • Southhampton/ • Birmingham Portsmouth IIUSA.ORG

CONSULATE LOCATIONS: • London (IVC) • Cardiff (Virtual • Belfast Presence Post) • Edinburgh

Market Share (Regional) 47.8%

90

36.4%

35.0%

33.3% 25.0%

16.7% 16.7%

20.8%

25.0%

30.0%

50

25.0%

40.0%

55.6%

57.7%

54.0%

40.0%

34.5%

27.4%

23.0%

18.2%

16.7%

25.0%

0.0%

40 30 20 10 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014

From FY2003 to FY2009, the UK has experienced consistent market growth reaching its historical high in 2009. However, since then,

54 • EUROPE

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: UNITED KINGDOM

Since FY2011: 27.4% Since FY2008: 68.8%

FY1992 ‐2007: 31.2%

GROWTH SCORE: (Since FY2008)

68.8%

erty in the U.S. makes the EB-5 Visa all the more attractive for individuals looking for a changed in lifestyle 29.

The emergence of new European investor markets, primarily Russia, as well as continued importance of markets such as Germany and the Netherlands will be contributing factors to loss of the U.K.’s market share.

LOWER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

25

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

55 • EUROPE

SECTION 4.7

T

he North America investor region is the only region to experi-

ence overall growth closed to that of

Growth Greater Than: Program Average

the worldwide average. The region’s growth is supported by strong well

163

105

64.4%

55

33.7%

*

El Salvador

2

2

100.0%

1

50.0%

Jamaica

1

33.3%

Dominican Republic

*

*

*

Guatemala

*

*

4 7

Honduras

*

4 3

strong, with 105 approvals since

GROWTH SCORE: (Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 50+ PER FISCAL YEAR

57.1%

4

100.0%

5

83.3%

3

Total

397

305

Trinidad & Tobago

6

Mexico has not only had the most

While the Canadian market remains

4 178

important and dominant investor

I-526 approvals from 1992 to 2010.

100.0%

208

2011, its top market status has been

market in the region generating 108

4

Mexico

cluding Mainland China.

Prior to 2011 Canada was the most

IIUSA.ORG

Canada

*

worldwide market share, when ex-

56 • NORTH AMERICA

(Since2011)

*

2014 the region achieved 8% of the

• Guatemala • Honduras • Jamaica

(Since 2011)

*

first I-526 approvals after FY2008. In

• Canada • Dominican Republic • El Salvador

(Since 2008)

public, El Salvador, Honduras and

Jamaica all of which produced their

NORTH AMERICA

(Since 2008)

*

new market s in the Dominican Re-

Growth Score

(Since 1992)

established markets in Canada and

Mexico as well as the emergence of

Total I-526 Approvals

Growth Score

Investor Market

Region Average

*

Total I-526 Approvals

Total I-526 Approvals

3

75.0%

4

57.1%

3

100.0%

75.0%

85.6%

140

67.3%

76.8%

209

52.6%

2

33.3%

90% of all I-526 approvals for EB-5

taken by Mexico.

investors from North America since the Program begin in 1992 and it is not likely that either market share or

I-526 approvals since FY2008 but its

importance to the industry will di-

market growth has been greater than

minish in coming years.

Program growth as a whole. Canada

and Mexico have accounted for over

Investor Market Trends - North America I-526 Approvals

% of I-526 Approvals (except Mainland China investors)

500

80.0%

450

60.0%

400 350 300

250

200

6.5%

5.0% 3.1%

2.3% 5.2%

2.1%

15.0%

5.9%

1.2% 3.2%

11.4%

4.5% 7.0%

0.0%

1.2%

11.2%

10.3%

4.5%

3.3%

6.7%

8.4%

9.5%

6.5%

150 100 50 0

80 33 FY1992

FY1994

FY1996

FY1998

1

2 FY2000

00

66 FY2002

55

3

8

FY2004

FY2006

40

4 FY2008

39 FY2010

47

27

55

-80.0%

FY2012

FY2014

• Mexico • Trinidad & Tobago

IIUSA.ORG

-60.0%

57 • NORTH AMERICA

CANADA 1990-2007

North America*

FDI Connected Through EB-5

I-526 Approvals

$46 Million

92

Canada*

$29 Million

58

*Excluding China

UHNWI POPULATION:

3,570

2008-2010 Total Market Share* 3.24%

I-526 Approvals 96

2.04%

50

FDI Connected Through EB-5 $48 Million $25 Million

I-526 Approvals

2011-2014 Total Market Share* 6.99% 3.64%

I-526 Approvals 209 55

FDI Connected Through EB-5 $127 Million $27.5 Million

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: CANADA

Total Market Share* 9.00%

2.37%

30

100.0%

25 20

66.7% 25.0%

60.0%

P

rior to FY2009, ’s EB-5 investor market was the largest in North America, accounting for over 60% of all North American EB-5 in-

market that EB-5 project sponsors must pay attention to.

As a neighbor to the United States it is no surprise that Canada had a 30

total of over 120,000 immigrants to the US in FY2013 . The proximity

of the U.S., a similar lifestyle and the opportunity to further business and education interests all contribute to the vast number of Canadians

IMMIGRANTS TO THE U.S. (FY 2013):

13,181

75.0%

66.7%

61.5% 60.0%

44.4%

58.8% 60.0%

50.0%

62.5% 38.5%

27.7%

25.9% 23.8%

15

29.1%

0.0%

5 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 33.7%

FY1992 ‐2007: 35.6%

cent years it has ceded its to top spot to Mexico, Canada still remains a

1%

83.3%

10

vestors every year (except FY1992, FY1996 and FY2001). While in re-

GDP GROWTH 2015:

100.0%

100.0% 60.0%

Market Share (Regional)

looking to invest in the EB-5 Program. Yet, considering Canada’s stable

economy and political environment, desire to emigrate is likely to be a matter of preference and lifestyle choice for the investor.

Since FY2008: 64.4%

GROWTH SCORE: (Since FY2008)

64.4% LOWER THAN THE PROGRAM AVERAGE LOWER THAN THE REGIONAL AVERAGE

EB-5 FDI

$52.5 Million USD

(2008-2014)

+60% EB-5 FDI GROWTH (2008-2014)

58 • NORTH AMERICA

LARGEST URBAN AREAS: • Toronto • Calgary • Montreal • Ottawa • Vancouver IIUSA.ORG

CONSULATE LOCATIONS: • Ottawa • Toronto (IVC) • Calgary • Vancouver (IVC) • Halifax • Winnipeg • Quebec

16

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

59 • NORTH AMERICA

MEXICO North America*

I-526 Approvals 92

Mexico* *Excluding China

1990-2007

2008-2010

2011-2014

FDI Connected Through EB-5 $46 Million

FDI Connected Through EB-5 $48 Million

FDI Connected Through EB-5 $104.5 Million

$15 Million

30

IMMIGRANTS TO THE U.S. (FY 2013):

135,028

Total Market Share* 3.24%

1.06%

I-526 Approvals 96 38

$19 Million

Total Market Share* 6.99%

I-526 Approvals 209

2.77%

140

$70 Million

I-526 Approvals

Total Market Share* 9.00% 6.03%

H

istorically, Mexico has been an important driver of EB-5 investor demand and over the past seven years the market has grown sig-

nificantly, surpassing Canada in 2013 as the largest investor market in

American Free Trade Alliance (NAFTA) with Mexico representing the 31

United States third largest trading partner . With over 2,500 ultra-high

2.3%

EB-5 FDI

$89 Million (2011-2014) USD (2008-2014)

60 • NORTH AMERICA

+600% EB-5 FDI GROWTH (2008-2014)

50.0%

33.3% 40.0%

33.3% 40.0%

16.7% 23.1%

30

68.1%

66.7%

55.6%

0.0%

0.0% 0.0%

20.0%

32.5%

25.0% 30.0%

51.3%

68.8%

63.6%

29.4%

0.0%

20 10 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

SinceFY 2011: 67.3%

FY1992 ‐2007: 14.4%

SinceFY 2008: 85.6%

GROWTH SCORE: (Since FY2008)

partner but also an important immigrant investor market32. With the U.S

85.6%

continue to be a destination for wealthy Mexicans considering immigra-

HIGHER THAN THE PROGRAM AVERAGE

net worth individuals Mexico not only represents a strong economic

boasting the second largest Hispanic population in the world, it will be

GDP GROWTH 2015:

75.0%

50 40

Market Share (Regional)

FY2008-FY2014 with an impressive 67% of approvals taking place since The Mexican economy is highly linked to the United States via the North

2,524

60

North America. Mexico saw over 85% of all I-526 approvals occur from FY2011.

UHNWI POPULATION:

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: MEXICO

tion by investment in the years to come.

LARGEST URBAN AREAS: • Mexico City • Puebla • Guadalajara • Toluca de Lerdo • Monterrey IIUSA.ORG

CONSULATE LOCATIONS: • Mexico City • Ciudad Juarez (IVC) • Guadalajara • Nogales • Hermosillo • Nuevo Laredo • Matamoros • Puerto Vallerta • Tijuana • Merida • Monterrey

HIGHER THAN THE REGIONAL AVERAGE

35

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

61 • NORTH AMERICA

SECTION 4.8

T

he African region is the smallest of the worldwide EB-5 investor markets and also the newest with over 70% of all I-526 approvals taking place since FY2008. The two largest markets in the region are South Africa and Nigeria. South Africa is the largest market accounting for over 55% of all I-526 approvals for the region since the Program’s inception.

Both the Nigerian and South African markets experienced rapid growth after FY2008 accounting for over 74% of all I-526 approvals since FY2008. While South African demand has diminished in recent years it remains the largest investor market in the region and has experienced consistent growth that has exceeded the region’s average growth. Nigeria is the only African market

Total I-526 Approvals

Growth Greater Than:

Total I-526 Approvals

Growth Score

Total I-526 Approvals

Growth Score

Program Average

Region Average

Investor Market

(Since 1992)

(Since 2008)

(Since 2008)

(Since 2011)

(Since 2011)

*

*

Ethiopia

5

4

80.0%

3

60.0%

*

*

Nigeria

49

42

85.7%

38

77.6%

Uganda

8

1

12.5%

0

Kenya

Malawi

*

*

8

3

South Africa

Zimbabwe

14

11

Total

199

140

Other 10 Countries

16

51.2%

1

50.0%

16.7% 0.0%

0

78.6%

9

0.0%

44

50.0%

2

25.0%

0

74.4%

3

4

2

33.3%

64

6

Zambia

37.5%

1

86

Tanzania

*

3

56.3%

0.0%

5

35.7%

99

49.7%

6

70.4%

37.5%

*Other 10 countries include: Armenia, Angola, Burundi, Cameroon, Congo (Republic of Congo & Democratic Republic of the Congo), Cote D’ivoire, Ghana, Liberia, Niger, and Rwanda

that has not only grew faster than the worldwide Program average and simultaneously generated over 10 investors per fiscal year since 2011. For

the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth.

Investor Market Trends - Africa

GROWTH SCORE: (Since FY2008)

LOWER THAN THE PROGRAM AVERAGE

I-526 APPROVALS: (Since FY2011)

AVERAGE 25+ PER FISCAL YEAR

AFRICA • • • • • • •

Ethiopia Kenya Malawi Nigeria South Africa Tanzania Uganda

62 • AFRICA

• • • • • • •

Zambia Zimbabwe Armenia Angola Burundi Cameron Republic of Congo IIUSA.ORG

• Democratic Republic of the Congo • Cote D’ivoire • Ghana • Liberia • Niger • Rwanda

I-526 Approvals 500

6.5%

450 5.0% 400

350

% of I-526 Approvals (except Mainland China investors)

4.1%

5.9%

2.1% 1.9%

1.4%

5.8%

4.0% 2.1% 0.0%

2.0%

1.8%

0.0%

300

0.0%

2.4%

1.2%

3.6%

3.6% 3.2%

3.9%

1.3%

0.0%

250 200 150

100 50 0

5 FY1992

FY1994

FY1996

FY1998

IIUSA.ORG

2

2 FY2000

0

0 FY2002

0

0 FY2004

6 FY2006

4

28

24 FY2008

FY2010

FY2012

18

38 FY2014

63 • AFRICA

NIGERIA Africa*

I-526 Approvals 59

Nigeria*

2008-2010

2011-2014

FDI Connected Through EB-5 $29.5 Million

FDI Connected Through EB-5 $20.5 Million

FDI Connected Through EB-5 $49.5 Million

$3.5 Thousand

7

*Excluding China

1990-2007 Total Market Share*

I-526 Approvals

2.07%

41

0.25%

I UHNWI POPULATION:

209

$2 Million

4

Total Market Share* 2.98% .29%

I-526 Approvals 99

38

$19 Million

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: NIGERIA I-526 Approvals

Total Market Share* 4.25%

1.63%

n 2014, Nigeria became the largest economy in Africa33 and is

home to the African regions second most ultra-high net worth in-

dividuals (behind only South Africa).

16 14 12 10

25%

GDP GROWTH 2015:

4%

reason for optimism for EB-5 interest in the Nigeria is that 38 of those approvals occurred between FY200 and FY2014, representing a 3,000 percent increase.

Internal threats to security and stability coupled with a rapidly

IMMIGRANTS TO THE U.S. (FY 2013):

13,840

growing wealthy class could drive interest in EB-5 over the coming years. But for the time being, expect Nigeria’s total market share

(excluding Mainland China) to continue to hover around 1% of the world total.

67%

0%

0%

14%

0%

0%

0%

40%

25%

20%

0%

0% 0%

0% 0%

13%

42%

32%

20% 0%

39%

0%

8 6 4 2 0

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 77.6%

Since FY2008: 85.7%

FY1992 ‐2007: 14.3%

While Nigeria has generated just 49 I-526 approvals, it is the sec-

ond largest investor market in the Africa region. Furthermore, the

Market Share (Regional)

18

GROWTH SCORE: (Since FY2008)

85.7% HIGHER THAN THE PROGRAM AVERAGE HIGHER THAN THE REGIONAL AVERAGE

EB-5 FDI

$21 Million USD

(2008-2014)

+1500% EB-5 FDI GROWTH (2008-2014)

64 • AFRICA

LARGEST URBAN AREAS: • Lagos • Abuja • Kano • Port Harcourt • Ibaden IIUSA.ORG

CONSULATE LOCATIONS: • Abuja • Lagos (IVC)

16

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

65 • AFRICA

-

SOUTH AFRICA I-526 Approvals

Africa*

59

South Africa*

2008-2010

2011-2014

FDI Connected Through EB-5 $29.5 Million

FDI Connected Through EB-5 $20.5 Million

FDI Connected Through EB-5 $49.5 Million

$11 Million

22

*Excluding China

1990-2007

UHNWI POPULATION:

639

Total Market Share* 2.07%

0.77%

I-526 Approvals 41

$10 Million

20

A

Total Market Share* 2.98%

1.45%

I-526 Approvals 99

44

$22 Million

GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS: SOUTH AFRICA I-526 Approvals

18

Total Market Share*

14 12

1.89%

frica’s wealthiest country with a GDP of $724 billion in 2015

10

1.4%

34

South Africa, has accounted for more than half of all I-526 ap-

provals since FY2009. Prior to FY2008 there were only 22 I-526 approvals issued for South African EB-5 investors but that number in-

South African GDP slowed to 1.5 percent in FY2014 as a result of pervasive issues such as corruption and intensive labor market regula-

tion, leading to high rates of unemployment 35. Despite recent setbacks, South Africa has the largest number of Ultra High Net Worth mies. The growth of both UHNWI’s and HNWI’s can be attributed to

2,629

EB-5 FDI

$32 Million USD (2008-2014)

66 • AFRICA

+750% EB-5 FDI GROWTH (2008-2014)

25% 33%

54%

0%

20%

13%

the successful South African financial sectors which are a large part of

0

0%

0% 0%

0%

25%

46%

45%

39% 39%

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Since FY2011: 51.2%

FY1992 ‐2007: 25.3%

GROWTH SCORE: (Since FY2008)

Since FY2008: 74.4%

With South Africa continuing to struggle with government inefficiencies

and economic growth slow, we are likely to see interest in the EB-5 Program continue to rise.

74.4%

debt among other factors have stalled South Africa’s GDP growth36.

HIGHER THAN THE REGIONAL AVERAGE

stable economies in Africa but high inflation and increasing government

IIUSA.ORG

0%

60%

2

LOWER THAN THE PROGRAM AVERAGE

CONSULATE LOCATIONS: • Pretoria • Johannesburg (IVC)

50%

4

the South African economy. South Africa has long been one of the most

LARGEST URBAN AREAS: • Johannesburg • Pretoria • Cape Town • Port Elizabeth • Durban

58%

40%

6

creased to 64 between FY2008 and FY2014, representing over a 200%

Individuals in Africa and remains one of the continent’s largest econo-

IMMIGRANTS TO THE U.S. (FY 2013):

67%

43%

8

increase.

GDP GROWTH 2015:

100%

16

4.25%

Market Share (Regional)

17

I-526 PETITIONS APPROVED (FY 2014)

IIUSA.ORG

67 • AFRICA

INVESTOR MARKET MAP IS NOW LIVE ON IIUSA.ORG In conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSA. org. Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country, regional and worldwide investor market data trends from FY1992 to FY2014. Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year, countries, geographic region, snd market size. As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years.

China EB-5 Foreign Direct Investment Market Share: - 2014: $2,076,500,000 - Market Share: 86.37% - Ranking: 1 - 1992 - 2014: $6,696,000,000

REFERENCES:

17. “The Wealth Report 2016.” Knight Frank

1. Office of Performance and Quality, U.S. Citizenship and Immigration Services (IIUSA Obtained via Freedom of Information Act (FOIA).

18. “2007 Assessment: Arab Republic of Egypt.” International Monetary Fund. December 2007. Accessed March 6, 2016. http://www.imf.org/external/pubs/ft/scr/2007/cr07380.pdf

2. “The Wealth Report 2016.” Knight Frank, Accessed March 1, 2016. http://content.knightfrank.com/research/83/ documents/en/wealth-report-2016-3579.pdf

19. “The Iran Primer.” United States Institute of Peace. August 2015. Accessed March 1, 2016. http://iranprimer.usip.org/ resource/us-sanctions

3. “The World Factbook.” The Central Intelligence Agency. Accessed March 15, 2016. https://www.cia.gov/library/ publications/resources/the-world-factbook/

20. “Treaty Countries.” U.S. Department of State-Bureau of Consular Affairs. Accessed March 14, 2016. https://travel. state.gov/content/visas/en/fees/treaty.html

4. “2013 Yearbook of Immigration Statistics.” Department of Homeland Security-Office of Immigration Statistics. August 2014. Accessed March 2, 2016. https://www.dhs.gov/sites/ default/files/publications/ois_yb_2013_0.pdf

21. BIller, David. “Brazil’s Highs and Lows.” Bloomberg Quick Take. March 17, 2016. Accessed March 17, 2016. http://www. bloombergview.com/quicktake/brazils-highs-lows

5. “The World Factbook.” The Central Intelligence Agency

23. “The Wealth Report 2016.” Knight Frank

6. “USEmbassy.gov.” U.S. Department of State. Accessed March 10, 2015. http://www.usembassy.gov/ 7. “The Wealth Report 2016.” Knight Frank, Accessed March 1, 2016.

24. Dreier, Hannah. “IMF: Venezuela Inflation to Surpass 700 Percent.” Business Insider. January 22, 2016. Accessed January 30, 2016. http://www.businessinsider.com/ap-imfvenezuela-inflation-to-surpass-700-percent-2016-1

8. “The World Factbook, Japan.” The Central Intelligence Agency. March 16, 2016. Accessed March 15, 2016. https://www.cia. gov/library/publications/resources/the-world-factbook/geos/ ja.html

25. “The World Factbook, Venezuela.” The Central Intelligence Agency. March 15, 2016. Accessed March 15, 2016. https:// www.cia.gov/library/publications/resources/the-worldfactbook/geos/ve.html

Founded in 2005, Invest in the USA (IIUSA) is the national

9. “The Wealth Report 2016.” Knight Frank

26. “The World Factbook, Russia.” The Central Intelligence Agency. March 14, 2016. Accessed March 15, 2016. https:// www.cia.gov/library/publications/resources/the-worldfactbook/geos/rs.html

trade association for the EB-5 Regional Center Program

10. “The Wealth Report 2016.” Knight Frank 11. “The Wealth Report 2016.” Knight Frank 12. Rkasnuam, Hataipreuk and Jeanne Batalove. “Vietnamese Immigrants in the United States.” Migration Policy Institute. August 25, 2014. Accessed March 10, 2016. http://www. migrationpolicy.org/article/vietnamese-immigrants-unitedstates 13. Mallet, Victor and Avantika Chilkoti. “India Rejects New Capital Controls in Effort to Calm Investors.” Financial Times. August 22, 2013. Accessed February 28, 2016. http://www.ft.com/cms/s/fb3267900ae0-11e3-aeab-00144feabdc0,Authorised=false. html?_i_location=http%3A%2F%2Fwww. ft.com%2Fcms%2Fs%2F0%2Ffb326790-0ae0-11e3-aeab00144feabdc0.html&_i_referer=&classification=condition al_standard&iab=barrier-app#axzz42sy8oyoo 14. “RBI Ups Limit Under Liberalised Remittance Scheme to $250,000/Person in a Year.” The Economic Times. February 3, 2015. Accessed March 14, 2016. http:// articles.economictimes.indiatimes.com/2015-02-03/ news/58751799_1_rbi-ups-remittance-scheme-crr 15. Mallet, Victor and Avantika Chilkoti. “India Rejects New Capital Controls in Effort to Calm Investors.” Financial Times. August 22, 2013. Accessed February 28, 2016. http://www.ft.com/cms/s/fb3267900ae0-11e3-aeab-00144feabdc0,Authorised=false. html?_i_location=http%3A%2F%2Fwww. ft.com%2Fcms%2Fs%2F0%2Ffb326790-0ae0-11e3-aeab00144feabdc0.html&_i_referer=&classification=condition al_standard&iab=barrier-app#axzz42sy8oyoo 16. Satpayev, Dossym. “Corruption in Kazakhstan and the Quality of Governance.” Institute of Developing Economies-Japan External Trade Organization. August 2014. Accessed March 5, 2016. http://www.ide.go.jp/English/Publish/Download/Dp/pdf/475.pdf

22. “The Wealth Report 2016.” Knight Frank

27. Raether, Charles. “Emerging Markets Spotlight: Russia. Regional Center Business Journal. January 2016. Accessed January 20, 2016. https://issuu.com/iiusa/docs/ rcbj_2015-q3_final_web/1?e=10282575/30700988 28. “2013 Yearbook of Immigration Statistics.” Department of Homeland Security-Office of Immigration Statistics. 29. Parnell, Stephen and Andrew Bartlett. “EB-5 Investor Visa.” BritishExpats.com. Accessed March 13, 2016. http:// britishexpats.com/articles/usa/investor-visa/ 30. “2013 Yearbook of Immigration Statistics.” Department of Homeland Security-Office of Immigration Statistics. 31. “Top Trading Partners-January 2016.” U.S. Census Bureau. January 2016. Accessed February 10, 2016. https://www. census.gov/foreign-trade/statistics/highlights/top/top1601yr. html 32. “The Wealth Report 2016.” Knight Frank

membership-based 501(c)(6) not-for-profit industry (the “Program”). Our members account for well over 95% of capital formation and job creation in the U.S. resulting

IIUSA advocates for policies that will maximize economic benefit to the U.S. from the Program through advocacy, education, industry development, and research.

www.iiusa.org [email protected]

33. “The World Factbook, Nigeria.” The Central Intelligence Agency. March 01, 2016. Accessed March 15, 2016. https:// www.cia.gov/library/publications/resources/the-worldfactbook/geos/ni.html 34. “The World Factbook, South Africa.” The Central Intelligence Agency. March 01, 2016. Accessed March 15, 2016. https:// www.cia.gov/library/publications/resources/the-worldfactbook/geos/sf.html 35. “The World Factbook, South Africa.” The Central Intelligence Agency 36. “South Africa: Concluding Statement of an IMF Staff Visit.” International Monetary Fund. June 23, 2015. Accessed March 15, 2016. https://www.imf.org/external/np/ms/2015/062315.htm

Copyright © 2016

www.iiusa.org