Congress extended the EB-5 Immigrant Investor Program allowing the visa program to run in its current format until April 28, 2017 as part of the Continuing Resolution legislation, which is a stopgap measure to keep the government operating. The Senate approved the measure via a 63-36 vote on Friday, with President Obama signing the bill early Saturday morning. The resolution contains an extension for the EB-5 Regional Center component through April 28, 2017, with no reforms.
The program was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In its current format, the Regional Center program requires that the applicant invest $500,000 to $1,000,000 in a regional center project, depending on the location of the business or project, and this investment must create at least 10 full-time jobs.
To learn more about the Eb-5 Investor Visa in its current format, click here.
Congress has been considering several reforms to the EB-5 program over the past few years, including increased oversight, fraud prevention and a stronger commitment to the program’s legislative intent of creating jobs for U.S. workers and stimulating U.S. economic growth. This means that it may make the EB-5 green card more difficult to get and current projects may have to spend significant time and resources to comply with the new requirements.
However, stakeholders have concluded that the new President, Donald Trump, a developer himself, is supportive of the EB-5 program, understanding the need for investments in revitalizing the economy. Stay tuned as we monitor these developments and keep you updated.
To learn more about other proposed changes, click here.
For more practical information and legal advice on EB-5, E-2 and other visas, contact Scott Legal, P.C. Call 212-223-2964 or email firstname.lastname@example.org for a consultation.
Angela Antonia Torregoza, Esq. is an Associate Attorney at Scott Legal, P.C. She can be reached at 212-223-2964 or by email at email@example.com.
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