On September 27, 2018, the House of Representatives passed H.R. 6157, a FY 2019 appropriations bill funding several federal agencies and containing a continuing resolution to fund the rest of government (including the Department of Homeland Security), through December 7, 2018. The bill includes extensions for the EB-5 Regional Center program along with the E-Verify system, the Conrad 30 waiver program, and the Special Immigrant Non-Minister Religious Worker program.
The EB-5 program, also known as the Million Dollar Green Card, allows investors to obtain a green card if they invest either $500,000 or $1,000,000 in business or projects that will create 10 full time jobs. To learn more about the program, please click here. Despite the fact that the program has been renewed again, again, and again, every time it has come close to expiration, the Trump Administration has issued a notice to Congress in June 2018 to either eliminate the program to transform it. While it is unclear what (if any) changes will occur to the program, the two biggest proposed changes are the changes to the investment amount and the changes to the definition of what constitutes a Targeted Employment Area (TEA – one where unemployment rate is 1.5 times the national average or a rural area). The investment amount will almost certainly increase to over $800,000 and it is also likely that the definition of TEA will be more restricted. Congress will now have around 3 months to reform the plan and pass it in the House, let the program expire come December 7, 2018 and eliminate this method of obtaining a green card completely, or, extend the program again without change for another couple of months to a year.
To find out more about the new rules or other investor visas, contact Scott Legal, P.C.
Ian E. Scott, Esq. is the Founder of Scott Legal, P.C. He can be reached at 212-223-2964 or by email at email@example.com.
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