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U.S. EB-5 Program

EB-5 Extension Expected Through December 21,2018

6 December 2018

EB-5 Extension Expected Through December 21,2018
On December 3, 2018 House Appropriations Committee Chairman Rodney P. Frelinghuysen introduced H.J. Res 143 – FY 2019 Continuing Resolution Through December 21, 2018  to extend government programs for the fiscal year until December 21, 2018. 

Programs extended under the Continuing Resolution (CR) contain seven appropriation bills that are set to end on December 7, 2018. Among the federal programs covered by the CR is the U.S. Immigrant Investor Program known as EB-5.


About the EB-5 program

The EB-5 program allows foreign investors to invest a minimum of $500,000 in a U.S. commercial enterprise in exchange for a visa and, ultimately, permanent residency (Green Card) in the U.S. for themselves, their spouse and unmarried children under 21. The program has a number of regulations, including that funds should remain invested and therefore at risk throughout an applicant’s immigration process, and that the investment ought to create or preserve at least 10 permanent full-time jobs for qualified U.S. workers.

The EB-5 program has seen little changes over its nearly three-decade-long history; the minimum investment amount has stayed the same and the U.S. only accepts 10,000 investors a year through EB-5.

USCIS offices closed nationwide

U.S. Citizenship and Immigration Services (USCIS) offices were closed across the country Wednesday December 5, 2018 as part of a national day of mourning to remember the life of former President George H.W. Bush, who died last week.

The events surrounding the death of former President George H. W. Bush (41) impacted the present Congressional schedule and necessitated an extension of time by CR for Congress to discuss and conclude government-wide appropriations. It is predictable that by sometime today Thursday, December 6, 2018 the House will take up H.J. Res 143 and pass the measure by unanimous consent. The measure would then go to the Senate, where it is likely to pass, and to the president for signature.
If all goes as intended, Congress will have two additional weeks to conclude appropriations as well as any further legislation before Sine Die adjournment of the 115th Congress later this month.

Effect on the EB-5 Program

The CR’s extension of the EB-5 Program to December 21, 2018 means no changes to the current rules thus permitting business as usual for the time being.

Consequently, the extension affords extra time for stakeholders to make full use of the EB5 Program to complete their current fundraising. The extension permits potential foreign investors to chip in the EB-5 Program while the minimum investment amount remains at $500,000 for projects and companies located within a Targeted Employment Area (TEA) or $1,000,000 if outside of a TEA.

What Else is New with EB-5?

On top to Congress likely to pass another short-term, new extension of the EB-5 Program, additional fresh trends or developments have been observed in connection with the EB-5 Program include:
  •  The number of Petitioners from India under the EB-5 Program has doubled in the current 2018 fiscal year ending September 30;
  •  People's Republic of China (PRC) is not the only country now subject to retrogression, as Republic of Viet Nam became subject to retrogression in April 2018;
  • The countries likely to face retrogression in the near future are India, South Korea and Brazil unless Congress increases the per country allowance of approximately 700 visas annually;

Learn more

For more information on the EB-5 program and its eligibility requirements, please click here.

Please fill out our Free Assessment, and find out if you qualify under any of the business immigration programs offered.
 

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