EB-5 Extended to December 7, 2018 with No Changes

Here we are again nearing the end of the fiscal year for the United States government. Every year for the past several years, the months prior to the end of the fiscal year have included an extraordinary amount of media coverage about the EB-5 Investment Visa Program. Will the Regional Center Program continue? Will the definition of Targeted Employment Areas change? Will the minimum investment change? Several times the questions have come down to the wire, leaving investors concerned. With over a week remaining in the fiscal year, the House Appropriations Committee has approved yet another spending bill that continues to fund designated federal program as they currently operate until December 7th. The EB-5 Investment Visa program is one of those specifically-named programs. The spending bill still requires the President’s signature for it to become law, but his approval is anticipated. Unlike some previous spending bills, this one includes some significant appropriations including $97.1 billion for the military and military veterans’ programs, $44.6 billion for energy and water. The funds for energy and water include programs to improve flood-control projects, regional ports and waterways, and nuclear stockpile readiness. It is still too soon to tell if changes will be made to the EB-5 program as of December 7th, but representatives of IIUSA said that the extension allows EB-5 advocates “renewed opportunities to push for long-term reauthorization” after the November elections and before the commencement of the 116th Congress in 2019. The extension also benefits investors who are seriously considering the EB-5 program, as it allows additional time to take advantage of the favorable terms of the visa program should any legislation currently under consideration be presented for approval on or before December 7th. The bottom line is that investors should take advantage of the extension by beginning the application process now before changes, including any potential increase in the minimum investment, are approved.