The sunset date is fast approaching and there has been little to no news about the EB-5 Regional Center Program expiration. Is no news good news for the EB-5 Program? While immigration has been a hot topic for President Trump, everything from the travel ban to the border wall has been discussed frequently, but talk about the EB-5 Program has been strategically avoided.
President Trump’s Senior Advisor and son-in-law Jared Kushner’s family real estate business have utilized investment capital from the EB-5 Program and could possibly be pushing for the program’s renewal behind the scenes.
The EB-5 Program allows wealthy foreign nationals to obtain green cards for their immediate family members in exchange for investing a minimum of $500,000 in a U.S. job-creating enterprise.
Senators Chuck Grassley (R-IA) and Diane Feinstein (D-CA) have been vocally opposed to the EB-5 Regional Center Program for years and have asked for its termination. However, advocates of the program, along with the issue of more pressing matters in Congress, have kept the program alive.
The EB-5 Program may quietly appeal to President Trump who has criticized other visa programs. He has expressed his disapproval for chain migration along with visa categories that encourage companies to hire foreigners over American workers. Unlike chain migration, the EB-5 Program only allows an investor, their spouse and their unmarried children under the age of 21 to become eligible for green cards. Additionally, the EB-5 investor must qualify by placing $500,000, or in some cases, $1 million, in capital into at-risk projects that create jobs. And unlike other visas like the H-1B visa, which takes jobs away from U.S. workers, EB-5 investors create jobs for U.S. workers.
Many seats in Congress are up for re-election this November and many candidates may not be looking to rattle the boat by reforming or terminating the EB-5 Program. Therefore, no news may actually be good news for the EB-5 Program, which may be extended without reform this September.
To read about the numerous benefits of the EB-5 Program, visit here.
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