Congress passes extension on EB-5 Program until September 30, 2017.
The extension on the EB-5 Program was a part of the federal funding bill that was signed by President Trump on May 5.
The EB-5 Regional Center Program will remain as-is, despite a few senators' vocal opposition to the program.
At this time, there will be no reforms to the program. Some reforms that have been proposed, and may still be a factor in the future, include raising the minimum investment amounts, stricter regulations, and changes to the targeted employment area designations.
With the unpredictability of President Trump and the travel bans, it is a smart time to begin the process of applying to the EB-5 Program, which helps foreign investors obtain green cards in exchange for investing capital into U.S. business ventures and creating jobs for qualified U.S. workers. There are still only 10,000 visas available each year and investors from Mainland China, who make up over 80% of the investors in the program, continue to face a visa backlog. Filing the Form I-529 as early as possible is the best solution.
EB-5 has been in the mainstream news media after Jared Kushner's sister, Nicole Meyer, promoted a Kushner company New Jersey development project to a room of wealthy Chinese investors in Beijing. No members of the press were allowed to attend the event, but the website for the project stated that they were looking to raise $300 million from 150 EB-5 investors.
The EB-5 Program attracts investors from all over the world who are looking to attain permanent U.S. residence for themselves, their spouses and their unmarried children under the age of 21. The EB-5 projects that they invest in require minimal effort, as most day-to-day management is handled by regional centers. This gives investors the freedom to live and work anywhere in the U.S. and gives their children the opportunity to attend U.S. schools for lower costs.
For more information, send us a message or consult with an EB-5 immigration attorney to learn more.