Spending Bill Would Keep Government Open and Extend EB5 Regional Center Program

This morning, the U.S. House of Representatives passed a bill that includes a continuing resolution to fund the federal government through December 8, 2017. The U.S. Senate passed the bill yesterday, and it now goes to the President, who is expected to sign it into law. This bill would delay a possible government shutdown, at least until December.

Extension of EB5 Regional Center Program

Invest in the USA (IIUSA), a not-for-profit trade organization that advocates for the permanent reauthorization of the employment-based, fifth preference (EB5) regional center program, reports that the bill also serves to extend the regional center program through December 8, 2017.

The regional center program is a key part of the EB5 immigrant investor category. There has been a great deal of discussion in recent years about amending the program to, among other things, increase the minimum investment required to qualify under the EB5 program. Despite all this talk, however, no changes have yet been made to the EB5 program. This means that the minimum investment required would remain $1,000,000, or $500,000 if the investment is made in a targeted employment area (TEA) (i.e. a rural area or area with high unemployment).

Conclusion

This should provide Congress with a few extra months to pass a more long-term budget, and perhaps a permanent solution for the EB5 regional center program. In the meantime, the U.S. Citizenship and Immigration Services (USCIS) is still considering a regulatory change to the EB5 program to increase the minimum investment requirements. Such a regulatory change reportedly may come sometime around April 2018.

 

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