Congress Passes Stopgap Spending Bill - Extends EB-5 Through January 19, 2018
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December 24, 2017
We are pleased to announce that the (EB-5) Immigrant Investor Program has been extended, albeit for just a short time, to January 19, 2018 , with the minimum required investment amount remaining at $500,000. Both the House and Senate passed a stopgap spending bill which will avert a government shutdown through January 19, 2018. This extends the current sunset date for the (EB-5) Regional Center Program as well, which was supposed to expire on December 22 , 2017 .
The (CR) was approved in the House in a 231-188 vote, and in the Senate by a vote of 66-32. With passage of the (CR), Congress has departed for the holiday break and is set to return on January 3. The CR extends the current authorization for the (EB-5) Immigrant Investor Program while congressional leadership and interested stakeholders continue to negotiate a long-term measure to reform and reauthorize the program. A long-term reauthorization is unlikely to move as a stand-alone bill and could be included in any spending measure approved in January. Another option for a legislative vehicle would be immigration reform legislation, which has been highlighted by Senate Majority Leader Mitch McConnell (R-KY) as an opportunity for bipartisan cooperation in 2018.
The upshot for prospective EB-5 investors is that, if they want to qualify based on an investment of $500,000, then now is the time to proceed because it is becoming increasingly certain that the minimum required investment amount will increase in 2018. It is just not for certain in how many months from now the new higher investment amounts will go into effect. While we also do not know the exact amount, it is clear that the minimum required investment amount will nearly double or more than double.
As always, we will keep you informed of any developments when they occur and will be closely following activity on Capitol Hill as efforts towards (EB-5) reform continue.
Please contact us with any comments or questions.
For more information on the U.S. EB-5 Immigrant Investor Program, please click here
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