The EB-5 program was 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 qualify for EB-5 classification by investing through regional centers designated by USCIS based on proposals for promoting economic growth. On December 22, 2017, the President signed Public Law 115-96 which extends the Regional Center Visa Program through January 19, 2018, without any changes.
Under the EB-5 program, a foreign national can get a green card by investing $1 million in a regional center that creates at least 10 full-time jobs. A regional center is a business approved by USCIS. If the regional center is located in a high unemployment or rural area, a foreign national only needs to invest $500,000. Since its creation, Congress has reauthorized the EB-5 program as is on a short-term basis.
This extension comes in an uncertain climate for the EB-5 program. On January 13, 2017, the U.S. Department of Homeland Security issued a Notice of Proposed Rulemaking with respect to the EB-5 Immigrant Investor Program. The proposed rules would increase the minimum investment amount in a high unemployment or rural area from $500,000 to $1.35 million. Elsewhere, the minimum investment would increase from $1 million to $1.8 million. The proposed rules would also make the requirements for rural or high unemployment designated areas more restrictive.
For more information about the EB-5 program, please visit our website at http://www.visatopia.com/services/eb-5-2/.
If you have any questions about the EB-5 program, please contact Law Offices of Deacon Zhang for a case assessment, at one of our offices below.
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Disclaimer: The information provided above is of a general nature and does not constitute legal advice. You should always talk to a licensed attorney before making any decision about your case.
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