On December 6, 2016, the U.S. Congress introduced a bill that reauthorized the EB-5 Regional Center Program through April 28, 2017.
The EB-5 Regional Center program, as part of the EB-5 Immigrant Investor Program, allows U.S. business entities to create investment opportunities for foreign investors to invest in and create jobs in the United States and thereby qualify for greens cards to live and work in the U.S.
The EB-5 Immigrant Investor program has gained popularity in recent years and has been recognized as an excellent opportunity for foreign investors who want to live and work in the United States.
The bill reauthorizing the EB-5 extension was passed by both the House and Senate on Friday, December 9, just before the program was set to expire. A week before, a piece of draft legislation was circulated which indicated a proposed increase in the minimum investment required to qualify for the program.
This followed changes to the regulatory agenda for the EB-5 program which had already been updated by the U.S. Department of Homeland Security in November 2016. Experts expect to see these regulatory changes implemented after the first quarter of 2017. But, what President Trump will do with these recommendations is yet to be known.
Even though it is not yet a permanent program, the EB-5 program has been routinely extended for about twenty-five years. The current EB-5 extension is one of several that have been authorized without any changes to the program. This is primarily because Congress could not agree on what the exact changes should be. Nevertheless, experts are fairly certain that the following changes to the program will occur sometime in 2017:
- Priority date retention
- Increase in the minimum investment amounts
- Revision of the requirements for Targeted Employment Areas
- Clarification of the Regional Center designation and the requirements for continued participation in the program
- Who qualifies to own, manage or operate a Regional Center
- Clarifications to grounds for terminating a Regional Center
In light of these developments, potential EB 5 investors who want to invest in a qualifying EB-5 project at the current minimum investment levels are encouraged to apply now. Although the current EB-5 extension reauthorizes the program until April 28, 2017, the proposed changes can take effect anytime prior to that date. Therefore, it is essential for any potential investor to take action as soon as possible. There is, however, no guarantee that the changes will not have any retroactive effects.
Contact An Experienced EB-5 Attorney
David Hirson & Partners, LLP has an excellent track record representing foreign investors who want to obtain an EB-5 visa. We assist with the preparation of all necessary documentation and the fulfillment of all requirements.
If you would like to learn more about obtaining an EB-5 visa for immigration to the United States, or for more detailed information on the current EB-5 extension, please contact our experienced EB-5 attorneys at David Hirson & Partners, LLP today.
Telephone: (949) 383 – 5358 Email: [email protected] Website: www.hirson.com