LOS ANGELES, March 8, 2022 /PRNewswire/ — An Update on the EB-5 Regional Center Reauthorization Efforts
- EB-5 Regional Center reauthorization continues to progress as expected as part of the overall U.S. government Omnibus Spending Bill.
- Senators Grassley/Leahy continue to craft their own language, which will be modeled after their bill that got rejected in June, with some additions to likely also include price adjustment, clarification of TEA definition, grandfathering of current/previous investors and some other minor additions.
- Drafts of this will likely be available before the Senate sends the full Omnibus Bill (which will include the EB-5 piece from Grassley/Leahy) which the House will likely vote on Wednesday, 3/9, then back to the Senate for final tweaks and vote by Friday, 3/11.
- All indications are that the Omnibus Spending Bill will be voted on and will pass both houses of Congress and signed by President Biden by 3/11.
If passed, the minimum EB-5 investment amount would increase to a possible $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas and $1.05M from the current $1M for Non-Targeted Employment Areas for both regional center and direct EB-5 investments.
These higher amounts are likely to take effect 60 days after March 12, 2022 if the bill is passed.
A bit of History on EB5 Investment amount changes
On June 22, 2021, The US District Court in Northern California, in Behring Regional Center LLC v. Wolf, 20-cv-09263-JSC, vacated the EB-5 program Final Rule. This rolled back investment amounts to the previous EB-5 regulations in effect, including a standard minimum investment amount of $1 million and the minimum investment amount for investment in a Targeted Employment Area (TEA) of $500,000. The EB-5 Program was created in 1990 to stimulate the U.S. economy with capital investment by foreign investors and job creation.
Additionally, the EB-5 Regional Center Program expired on June 30, 2021, putting a halt on new applications for regional center designation and any pending petitions dependent on the lapsed process. It was created in 1992 to provide EB-5 visas for investors who put money into approved commercial projects for promoting economic growth.
More about EB-5 Program:
Through the EB-5 program, investors have a direct route to permanent residency in the U.S. for themselves, spouse and children under 21 by making an investment in a project that creates jobs. Currently, the minimum investment with a direct investment is that of the U.S. $500,000.
The investor and their family will profit from the ability to live, work, and retire in the United States, as well as the ability to attend college or university at resident rates and enjoy all of the benefits of permanent residency in the United States.
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EB5 BRICS offers foreign investors the opportunity and instruments to gain permanent residency in the United States. Their team of experts partners with Regional Centers, business and tax law experts, and real estate and business management professionals to help clients achieve their goals of investment-based immigration to the United States.
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