EB-5

EB-5 Regional Center Program gets Extended (again) without Any Changes

SEC. 204. Section 610(b) of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) shall be applied by substituting “September 30, 2018” for “September 30, 2015”

This language refers back to Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (Public Law 102-395) Section 610 (PDF page 47), which established the regional center program. The 2018 Appropriations Act does not include the EB-5 Reform Act, or other EB-5 changes. It just extends the borrowed time until we get a good piece of EB-5 legislation.

EB-5 Regional Center Program Extension

USCIS administers the EB-5 program, created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under a program initially enacted as a pilot in 1992, and regularly reauthorized since then, investors may also qualify for EB-5 classification by investing through regional centers designated by USCIS based on proposals for promoting economic growth. On February 9, 2018, the President signed Public Law 115-123; extending the Regional Center Program through March 23, 2018.

EB-5 Regional Center Termination Notices

USCIS is now proactively publishing Regional Center termination notices as they become available, which is consistent with our commitment to transparency in the EB-5 program. This is an important step in assisting investors, the EB-5 industry, and the public to understand the reasons why a regional center has been terminated and what types of regional center activities may trigger the end of a regional center’s designation. You can see a full listing of the Regional Centers that have been terminated on our, Regional Center Terminations page.  

Comprehensive Government Funding Bill Includes Language Extending EB-5 Program to September 30, 2017

The final paragraph of the TEXT OF THE HOUSE AMENDMENT TO SENATE AMENDMENT NUMBERED 1 TO H.R. 244, THE HONORING INVESTMENTS IN RECRUITING AND EMPLOYING AMERICAN VETERANS ACT OF 2017, Page 734 substitutes "September 30, 2015" with "September 30, 2017".    It remains possible that Congress could pass EB-5 legislation before September 30, 2017.  

Congress Passes Spending Bill To Avoid Shutdown, Again Punts On Health Care (and EB-5 Revision)

With the clock ticking, Congress on Friday (4/28/2017) managed to fulfill its basic function — keeping the federal government running.

The House and Senate approved a short-term measure that funds the government for another week. Lawmakers voted hours ahead of a midnight deadline to avoid a partial shutdown of federal agencies.

Friday's extension gives members of Congress more time — until midnight on May 5 — to try to reach a deal on a spending bill that will last through the rest of fiscal year 2017, which ends Sept. 30.

USCIS issues proposed regulation changes: "EB-5 Immigrant Investor Program Modernization"

 USCIS has issued a proposed rule on "modernization of the EB-5 Immigrant Investor Program" changing some MAJOR provisions governing EB-5, including: Raising of the minimum capital investment amount to $1.8million (and $1.35 for TEA); Priority Date retention; Elimination of state designation of high unemployment areas. Public comment period ends 4/11/2017.

EB-5 Regional Center program to be Extended Through April 28, 2017

Yesterday, Congress introduced a bill for another continuing resolution that will extend federal government funding through April 28, 2017. Included in this stop-gap measure is a short-term reauthorization of the EB-5 Regional Center Program through April 28, 2017, avoiding a lapse to the Program which would otherwise sunset on December 9, 2016. 
 

U.S. SENATE MOVES TO EXTEND EB-5 PROGRAM AS IS

The Senate is moving forward with an extension of the EB-5 immigrant investor program as is and reforms to the program appear unlikely.

 

The provision to extend the program is included in the continuing resolution, a short-term budget bill that allows the government to keep running until early December.

EB-5 visa program may expire on Sept. 30 if Congress doesn’t take action

The investor visa program, EB-5, is set to expire on September 30, unless Congress can temporarily extend it, or reform it to cut down the loopholes and eliminate the numerous cases of fraud that surface with the program.

Three Immigration Lawyers Sanctioned by SEC for Brokering EB-5 Investment

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has allegedly earned $450,000 in commissions from one EB-5 Offeror alone.

 

https://www.sec.gov/litigation/admin/2016/34-78658.pdf
https://www.sec.gov/litigation/admin/2016/34-78657.pdf
https://www.sec.gov/litigation/admin/2016/34-78656.pdf