EB-5 Program Funding Extended. What next?
Passed by congress, and signed by President Obama on December 9, 2016, the “Continuing Resolution” has been extended. To prevent a government shutdown, Congress worked diligently to pass spending bills which included the extension of the EB-5 immigrant investor program to April 28, 2017. At that time, it is expected that a budget for a full year will be completed by Congress.
At this time, as expected, no changes will be made to the program. Congress merely extended the program and will likely revisit any potential issues before April 2017. Many experts believe that revisions to the EB-5 program are inevitable, and the program will continue in a viable form.
There are an estimated 125 potential changes suggested for the program, which includes: increasing the required investment amounts to $800,000, revising the Targeted Employment Area requirements, and clarifying the Regional Center designations. Also in the works is legislation that could limit EB-5 visas to certain areas for rural projects, urban development, manufacturing, etc.
The EB-5 program is a very important program and a proven opportunity for attracting capital and generating jobs for the United States. The demand for the EB-5 visas is increasing every day. Don’t be left behind.