The EB-5 Extension Gets Government Funding through December 11

Washington DC

On September 30, 2015, the United States Congress granted a short-term extension of the EB-5 Immigrant Investor Program. The bill, referred to as Continuing Resolution, will allow the program to continue through December 11, 2015. With the new time extension, EB-5 attorneys can continue representing investment immigration clients without interruption for at least the next two months.

Leading up to this decision, many bipartisan Congressional extension bills were proposed to save the program. One notable attempt was Bill S. 1501, introduced to the senate back in June by Senate Judiciary Committee Chairman Chuck Grassley [R-IA] and Senator Patrick Leahy [D-VT]. Key proposals in the legislation included modifying the definition of a Targeted Employee Area (TEA), increasing the minimum investment amount for both TEAs and non-TEAs, and implementing changes to how exemplar applications are processed.

 

What the EB-5 Program Provides

To apply for a visa, immigrants can state that they want to invest in a business that will improve the economy in the United States. This business venture must provide at least ten full time jobs to people legally able to work in the United States, and the investor must have a million dollars to invest if this is a new venture. If the investor is trying to save an existing business that is in trouble, the same million dollars must be invested and the rules surrounding how that business must be kept going are numerous. Investors can get by with investing $500,000, but only if the business will be in a targeted employment area.

 

What the Future Holds for EB-5

The next two months will be a crucial time for those working within the EB-5 program, as government officials work hard to ensure that the program is fulfilling the original goals it was set out to do. This short term resolution gives those in Congress that are trying to fight for the continued implementation of the program to come up with a viable solution.

The future of the EB-5 program is uncertain. With oversight clearly an issue, reform needs to happen before a resolution will be made. For immigrants coming to the United States as an investor in a business, this program is essential. As changes are made to this program, immigrants will have to follow new regulations in order to invest in new or existing business ventures in the United States.

If you want to participate in the EB-5 program, contact the Law Office of David Hirson and Partners, LLC to learn more about investing as an immigrant into the United States.