Did you know? Congress extended the current law to December 8, 2017 with no changes!
Did you know?
Congress extended the current law to December 8, 2017 with no changes!
On Friday August 8th, President Trump signed H.R. 601 that will provide funding for the federal government and extend the EB-5 Regional Center Program until December 8th and the Congress approved the bill with no changes.
Obviously, this is a double edged sword. On the one hand, on behalf of our regional center and investor clients we are very happy and relieved that now there is a three month period to make necessary preparations. On the other hand, the news that EB-5 will be reformed has been percolating since 2015. The continued uncertainty of the final fate of EB5 has and unfortunately will undoubtedly continue to keep undecided participants on the sidelines.
Investors who were not able to meet the deadline of September 30 are well advised not to slow down their momentum and do whatever they need to do to be ready to file their I-526 application before this deadline expires.
So what is the fate of EB-5?
Luckily, no one in Congress wants this program to lapse. The EB-5 program is too important for the US economy given the employment boost it provides to many communities. Therefore, Congress and the government should aspire to find common ground for reforming and reauthorizing the program with permanent legislative action. This will undoubtedly reenergize project developers who have been waiting on the sidelines due to the uncertainty. No matter how remote the risk might be, investors who are afraid of potentially being called for increased capital contribution after their I-526 application is filed, will also be at ease.
In short, we at America EB5 Visa, are looking forward to a decision being made by December 8th that will not jeopardize the viability of the program. We hope any future decision clarifies the current uncertainties related to EB-5, such as the new definition of TEA’s, the new minimum investment amounts, and redeployment of funds.
For more information on the latest news on EB-5 please call us at + 1 917 355 9251 or email us at email@example.com
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