President Obama Addresses EB-5 Program in Announcement on Comprehensive Immigration Reform -

President Obama Addresses EB-5 Program in Announcement on Comprehensive Immigration Reform

Laura Foote Reiff

Today President Obama announced his principles for Comprehensive Immigration Reform during a speech in Las Vegas, Nevada.  As part of his plan to overhaul the current broken immigration system, he noted the need to make permanent the EB-5 Regional Center Pilot Program.  Specifically, the President’s principles state that he will work to expand opportunities for investor visas and U.S. economic development. President Obama’s proposal will permanent reauthorize the EB-5 regional center program; it will provide incentives for visa applicants that investment in programs that support national priorities, these include economic development in economically depressed regions and rural areas add new measures to the program to combat fraud and national security threats; collect data and information on the economic impact of the program; and includes and introduced a brand new pilot program for state and local government officials to promote economic development.

We are working with the Administration and the Congress to make the EB-5 Regional Center Program permanent, in addition to making important legislative changes to help the program become more business friendly and efficient.

By Laura Reiff of Greenberg Traurig

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