Yet another extension for the EB-5 investor program was announced that pushed the deadline to December 8, 2017. The current date was to end as of September 30, 2017. This was done to bring in more funds to support hurricane relief, the budget extension legislation and help sustain the debt ceiling increase brought in by the Trump administration.
The EB 5 investor program, administered by the United States Citizenship and Immigration Services (USCIS) allows entrepreneurs to invest capital in commercial enterprises within the United States that should consequently, create ten permanent full-time jobs for qualified U.S. workers. Having done so, these entrepreneurs are eligible to apply for a EB-5 visa and subsequently get legal permanent residency for themselves, their spouses as well as unmarried children under 21.
Since the Immigrant Investor Program was originally created to stimulate the U.S. economy through job creation and capital investment by foreign investors, it became a go-to resource for the US at a time when major parts of the country are recovering from severe hurricane damage an at the same time negotiating a higher debt ceiling with the congress wherein they need immediate funds in large numbers. This extension alone has brought in $15.25 million that has been added to the emergency appropriations for disaster relief.
However, this extension does not imply that the changes proposed to the EB-5 investor program is not still scheduled. Congress is scheduled to re-evaluate reforms to the program that may go through before the deadline approaches. The proposal includes:
- raising the minimum investment amount from the current $500,000 to 1.3 million;
- revising the definition of what constitutes a “targeted employment area” to allow certain investments at the minimum investment level;
- establishing visa “set-asides” for investments in certain rural and truly distressed urban areas; and
- establishing effective dates for the changes.
More details on the proposed changes to the EB 5 program are available on Path2usa.
Nevertheless, given the short window, it is encouraging for foreign investors to continue investing in commercial enterprises and continue their existing projects in the US before the new changes are implemented and things get tougher.