If you are considering immigrating to the United States under the EB-5 immigrant visa program, you can breathe a sigh of relief that Congress recently passed legislation extending the program until April 28, 2017. Some members of Congress tried to enact an overhaul of the program in the legislation extending it, but there was insufficient time to do so. However, this is simply another short-term extension of the program, and it seems unlikely that the program will be renewed again with the current regulations. What does this renewal mean to your family and you if you are considering taking advantage of the program? Above all, it means that if you are considering applying for an EB-5 Green Card, now may be the time to do so.
Since the EB-5 Immigrant Visa Program was created by Congress in 1990, it has been renewed by Congress several times. Most recently, it was set to expire in December 2016 until Congress passed legislation extending it until April 28, 2017. This legislation is viewed as a temporary measure to keep the program going and to give additional time for new legislation to be drafted that would revamp the program.
While no one knows exactly what changes will be made to the program in 2017, a few changes have been proposed—such as increasing investments to $1.8 million or $1.35 million in targeted employment areas. In addition, there could be other changes to the definition of what is a targeted employment area and to impose tighter regulations on regional centers to prevent fraud.
If you are a prospective EB-5 applicant, the renewal of the EB-5 program could impact the lives of you and your family. You may want to make decisions now to pursue an EB-5 Green Card, given the uncertain future of the EB-5 program, including possible changes such as higher investment amounts.
Are you considering applying for permanent residence under the EB-5 Program? Has your application been approved but you have questions about how the current law could affect your long-term immigration status? We are here to answer your questions and guide you through the EB-5 application process. Call our office at 415-221-2345 to schedule your free consultation.