EB-5 Program Officially Gets Extension to September 30, 2018 and Changes
United States Congress passed the Consolidated Appropriations Act which officially extended the EB-5 program until September 30, 2018. The legislation was signed into law on March 23 (as local time).
This is the most long-term extension compared to previous ones. Therefore, investors have remaining six months to finish EB-5 applications to USCIS. The reason for this extension is that spending bill did not reach a consensus. However, Congress will approve articles related to Government Budget as well as this bill including EB-5 program after September 30.
EB-5 program is for foreign investors who want to get an immigrant visa to USA. Under this program, entrepreneurs, their spouses and unmarried children under 21 are eligible to apply for a green card (permanent residence).
The EB-5 has been extended to September 30, 2018 with no changes. It means we still have chance to get U.S green card with an investment amount of $500,000. However, once Congress finalizes and implements the draft regulations, EB-5 requirements will change. Some of the proposed changes that were being negotiated include:
- Increasing the minimum investment amount from $500,000 to $925,000 or $1,300.000.
- Increasing the job creation from 10 to 12 full-time jobs per investor.
- Redefining the designation of TEA to be much more restrictive than it currently is. Some big cities will no longer receive TEA designation or only projects in rural area can get the designation.
Besides, shortening duration of stay to EB-5 investors is also one of changes in the coming bill. The long-term extension decision shows Congress is taking a pause before implementing new laws. Therefore, investors should not be subjective, but keep updating news to make a investment decision on time before any change occurs. Interimm always follows up EB-5-related legislation and will notify if there are any changes to the program.
Interimm is proud to be a pioneer in Vietnam providing a fully-fledged investment immigration solutions designed for every client. We will not only be a companion with customers throughout the process of investment but also provide post-settlement solutions to stabilize your lives, business, education and future development as your own family. We are serving you with the principle “Each successful case is a comprehensive immigration solution from INTERIMM”.