Yesterday, we reported that Congress passed a continuing resolution to extend federal funding of all aspects of government until May 5th. Today, they agreed to continue funding government projects through September 30 of this year. As part of this bipartisan omnibus spending bill, Congress has granted an extension of the EB-5 Regional Center Program.
Of course, this does not necessarily mean that when the new deadline hits, Congress will again extend the EB5 program with no changes. Sooner or later, some changes may occur.
The most obvious change is that minimum investment amount may be raised. Additionally, Congress will likely redefine the eligibility requirements for the Targeted Employment Area (TEA). We expect that projects in heavily urban areas will face more difficulty in qualifying as TEA’s, and that a portion of the annual quotas will be allocated specifically to rural areas experiencing intense unemployment and economic hardship.
What should investors do now? Is it time to relax? We don’t think so.
On April 27th, Michael Short, a White House spokesman, released the following statement: ’There are serious concerns held by the administration regarding the EB-5 visa program, in part because it is not being used as it was primarily intended. The administration is continuing to evaluate reforms to the program, which we believe is in need of substantial repair.’’’
If you are waiting on the sidelines, unsure if EB-5 is the right choice for you, now is the time to act. Despite the September 30 postponement, Congress still has the ability to issue independent EB-5 legislation at any time. This may be your last chance to qualify for an EB-5 Visa with the lower investment amount.
For more information on the latest news on EB-5 and please call us at + 1 917 355 9251 or email us at info@americaeb5visa.com
Posted by americaeb5visa on May 1, 2017