EB-5 Status & What Happened on September 30th – EB-5 Program Extended Yet Again Without Change

Obtaining a green card through an investment is possible if you have $800,000 to invest in a project or business that will create 10 full-time jobs in the U.S.  This visa is often called the “million dollar” green card as in some cases you are required to invest $1,050,000.  One part of this program allows an applicant to invest in a “Regional Center” which allows the applicant to be a passive investor in a development project. As such, with the regional center program, the applicant only has to invest the funds and the job creation is left to the project.

You can find out more about the EB-5 visa requirements by clicking here.

You can find out more about the EB-5 Regional Centers and the related risks by clicking here.

The regional center program is one that was created by special Congressional legislation and has to be renewed periodically. The latest renewal was on Sept. 30th, 2017 and at that time, many expected that the program would be renewed but also changed.  As with the prior deadlines, the program was yet again renewed without change until December 8th, 2017.

You can find out more about some of the proposed changes to the EB-5 program by clicking here.

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.

Scott Legal, P.C. will continue to follow these developments and will keep you up to date!