Today President Obama signed S. 3245 which ratifies the three year reauthorization of the EB-5 Regional Center Pilot Program. This reauthorization was passed by the House of Representatives in a vote of 412-3 earlier in the month, on September 13, 2012.
The EB-5 Regional Center Pilot Program enables U.S. business entities known as Regional Centers to utilize capital from foreign investors to create American jobs. The foreign investors, their spouses, and their unmarried children under the age of 21 can then earn green cards if their investment leads to the creation of 10 jobs for qualifying U.S. workers.
During this time of unprecedented economic distress, the EB-5 Program is projected to impact over 42,000 American jobs and will help inject over $2.1 billion into the United States at no taxpayer cost whatsoever in the 2012 fiscal year.
“This validation of Congress’ decision to extend the EB-5 Regional Center Program is a great step forward in the American economic recovery. Not only does the program help directly inject sorely needed capital into the economy, it helps combat unemployment rates by stipulating that 10 fulltime jobs must be created for every participating investor,” said Henry Liebman, President and CEO of the American Life Regional Center.
The EB-5 Program has experienced increased popularity with U.S. business projects in need of financing as well as with foreign investors seeking greater opportunity and stability for themselves and their families. More than 4,200 investors are projected to participate in the program this year alone, the vast majority of whom invest in Regional Centers.
President Obama’s ratification of the EB-5 Regional Center Pilot Program now solidifies the program–which has been tremendously popular with lawmakers from both sides of the aisle—until September 30, 2015.
“The bipartisan support of Bill S.3245 is a testament to Congress’ belief that the EB-5 Regional Center Program is a viable way of stimulating the economy. By ratifying the bill, President Obama is making official what Congress has overwhelmingly voted for, an American job creation vehicle to provide a much needed boost to the American economy,” affirmed Republican Congressman Ed Royce from California’s 40th Congressional District.
Ali Jahangiri, President and CEO of EB5Investors.com also voiced his support of the program’s ratification.
“I’m pleased that despite political viewpoints that can, at times, be at odds, the U.S. government has almost uniformly put their support behind the EB-5 Regional Center Program. The ratification of S.3245 by President Obama is a big step forward towards revitalizing the American economy through foreign investment,” said Jahangiri.
President Obama’s ratification of S. 3245 also extends the expiration date of three other immigration programs: the Conrad State 30 J-1 Visa Waiver Program, the Special Immigrant Non-Minister Religious Worker Program, and the E-Verify Program.
If you have any questions about the EB-5 program, please visit EB5Investors.com or call 1 800 997-1228.