The current EB-5 Regional Center program was extended to Dec. 11 as Congress attempts to draft a long-term resolution in the coming two months. In the mean-time, those looking to invest in American industry should take advantage of this extension before changes are made to the EB-5 program as the minimum investment will more than likely increase to $800,000 or more.
Clearly, Congress recognized the importance of foreign investments that create jobs for hard-working Americans. Foreign capital is a key part to the American economy, and Congress will look to spend the next two months finding a proper solution that all parties involved can be happy with the would-be revised legislation. The extension of the program was greatly in doubt as the Oct. 1 deadline initially approached.
Transparency appears to be an important goal for Congress. In the American Job Creation and Investment Promotion Reform of 2015 Act, which was introduced in June by Senators Chuck Grassley and Patrick Leahy, the Regional Center Program would continue for five more years while adding transparency and security to the program.
Meanwhile, Senator Rand Paul is attempting to make the program permanent, as he introduced the ‘Invest In Our Communities Act’ on Oct. 1. Paul looks to raise cap of 10,000 total visas and make it so that regulators would no longer count dependents (spouses and children) as a part of the cap, making it all investors. This would effectively increase capital and jobs for skilled American workers around the country, if passed. Paul is clearly one of the programs greatest advocates.
Among the possible effects of a permanent EB-5 bill include bringing more clarity to the issue of what qualifies as a Targeted Employment Area (TEA) and bringing in as many visas as possible meet the demand in both TEA’s and rural projects around the country. With many jobs waiting to be created through direct foreign investment, Paul is hoping his proposed bill will allow EB-5 visas to stimulate the economy for many years to come.
Here at the Law Firm of Shihab & Associates, Co., LPA, our EB-5 practice team informs individuals on the advantages and disadvantages of individual and regional center EB-5 petitions, as compared with other immigration options, and offers advice on reputable regional centers with proven track records. We guide our clients through the entire process; from thorough documentation of clients’ lawful funds, to filing for conditional residency, followed by removal of condition, and finally applying for citizenship. Contact us today for a Consultation.
Related Blog Posts:
1) EB-5 legislative update: EB-5 Regional Center Program is extended, Senate bill proposes making program permanent [http://hotellaw.jmbm.com/eb-5-legislative-update-eb-5-regional-center-program-is-extended-senate-bill-proposes-making-program-permanent.html]
2) Senator Rand Paul Introduces Legislation to Expand the EB-5 Program [http://www.huffingtonpost.com/ali-jahangiri/eb5-program-legislation_b_8229944.html