14 Sep Congress Takes Steps to Extend Current EB-5 Program Without Changes to December 7, 2018
Washington, D.C. – September 14, 2018: Yesterday the U.S. House of Representatives Appropriations Committee Chairman Rodney Frelinghuysen (R-NJ) announced that the Committee will introduce legislation to fund the government through December 7, 2018.
The continuing resolution includes language that extends authorization of the EB-5 Regional Center Program without changes. Once the House of Representatives votes and passes this measure, the U.S. Senate will have a chance to vote on it, and if approved, the bill then be submitted to the President for his signature.
Industry leaders are hopeful that a reauthorization of the EB-5 Regional Center Program without changes will provide a renewed opportunity to work towards a long-term reform plan for the EB-5 program after the November, 2018 mid-term elections. At the same time, industry observers are uncertain whether and when the U.S. Citizenship & Immigration Services (“USCIS”) will implement proposed new regulations for the EB-5 program. Draft regulations were supposed to be published in final form in August of 2018. These regulations included substantial changes to the EB-5 program, including increasing the minimum investment amount.
I.A. Donoso & Associates, LLC will continue to monitor the situation closely and provide any new information as it becomes available.
I.A. Donoso & Associates, LLC is a law firm based in Washington, D.C. and is recognized as a leading immigration law firm with expertise in visas for EB-5 investors, professionals, and academics.