The EB-5 Immigrant Investor Program mobilizes U.S. economic growth and should be protected, according to Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce.
In a recent opinion piece for The Hill, Donohue stated that among the often-spirited debates in Congress that focus on large issues, a number of valuable programs should be preserved. Among them is the EB-5 program — and its accompanying EB-5 Regional Center Program — which issues visas to “capable and dedicated” immigrants who commit to investing in projects that create employment in the United States.
‘Smart Government Policy’
The initiatives spur economic development and the creation of jobs without the use of taxpayer funds, Donohue wrote. “This kind of smart government policy should be preserved,” he noted, adding that unless Congress renews the program before its expiration, the benefits could be reduced or could disappear.
Under the EB-5 program, foreign citizens who invest a minimum of $500,000 in a U.S. business and create 10 or more jobs are entitled to a green card that allows investors and their families to enter a fast track to becoming U.S. citizens. The program is set to expire in December unless Congress agree to renew it.
A Strong Record
The EB-5 program has generated significant job growth and economic investment, Donohue stated, citing a recent study sponsored by the EB-5 Investment Coalition. Between 2005 and 2013, the program generated some $5.2 billion in foreign investments for projects in the United States, the study found. In 2013, the program facilitated foreign investors adding $1.6 billion to the U.S. economy.
Many of the projects initiated under the EB-5 program are in progress, but once completed, they are expected to aid in the creation of 31,000 new U.S. jobs. In addition, investments through the EB-5 program have provided financing to projects that otherwise might not have made it beyond the planning phase.
Contact an Experienced EB-5 Attorney
For more information about the EB-5 Immigrant Investor Program and how legislative changes might affect you, consult with a qualified EB-5 attorney. To learn more, contact the Law Offices of David Hirson & Partners, LLP, or call (949) 383-5358.