What does it mean that the EB-5 program is up for reauthorization?
I am from Nigeria and am thinking of applying for the EB-5 investment program next year. I should have more than the $1 million by then. I keep seeing that the EB-5 regional center program is up for reauthorization and that it might end. What does this mean that the program is up for reauthorization? Will the EB-5 program still be available next year?
The EB-5 regional center program is up for changes in September 2015. There may be an increase in the required investment amount and the TEA analysis. However, it is the EB-5 industry's belief that the EB-5 regional center program will be extended. The first step for you is to retain the services of an experienced EB-5 immigration attorney to provide immigration due diligence on the available projects. Furthermore, you may only have to invest $500,000.
John J Downey
Immigration Attorney
Answered on
Yes, the Congress will extend the program; however there may be some changes. They are speaking about increasing the amount of investment to $800,000 and $1.2 million, respectively. I think you should begin to look into investments now and then you might be able to "grandfather" your investment under the current money guidelines.
We all believe that the program will continue past the current end-date of September 30, 2015. There may be changes to certain requirements that may affect your decision to invest.
It is likely to be available next year, but the amount to invest is very likely to be increased to $1.2 million or some other number as Congress deems appropriate.
Jinhee Wilde
Immigration Attorney
Answered on
The regional center program is kind of a subset of the EB-5 program, where an entity receives a designation by USCIS to do certain business in a certain area that needs an economic boost by creating jobs in that region. The benefit of doing business or a project under a regional center is that the jobs that must be created can be indirect or induced jobs of the business or the project, not just how many people that business will actually hire. For example, a project is to build a hotel in downtown Washington, D.C.: indirect jobs or induced jobs would be jobs that may be created by the constructing of that hotel and a deli, dry cleaner, bar, etc. that may be located across the street or around that hotel that will be utilized by the guests of that hotel. The direct jobs will be the actual employees of the hotel used to operate the business. Thus, if the regional center component of the EB-5 program is not reauthorized, then the only way you could invest and obtain EB-5 benefits would be to invest in a direct business and create 10+ full-time, permanent jobs, and prove that by showing their paystubs, W-2s and I-9s.
