Another Short-Term Extension Without Regional Center Reauthorization Possible
The EB-5 Regional Center program lapse continues since July 1, 2021, without congressional reauthorization.
The U.S. Congress has passed another short-term continuing resolution to fund the federal government through March 11, 2022. This gives the Congressional leadership in the House and Senate more time to figure out the long-term Omnibus Bill that we are hoping will include EB-5 Regional Center reauthorization). Presently, the only EB-5 option is the Direct program that requires the creation of time full time regular employment jobs for each investor. WR has seen draft legislation from the House that would reauthorize the EB-5 Regional Center program until 2027, allowing all current investors to complete their U.S. immigration process without future stoppages like this this. This bill “industry consensus” bill increases the minimum investment amount from $500,000 to $700,000 for Targeted Employment/Rural filings. It remains to be seen how this bill will be reconciled with the EB-5 Reform and Integrity Act proposed last year by Senators Leahy and Grassley.
It is also possible that Congress passes another short-term continuing resolution to later in the year, and reauthorization of the EB-5 Regional Center program could be included with other federal programs that need to be extended, such as the National Insurance Program, SNAP food benefits, eVerify, and many others. This extended delay is particularly frustrating but with mid-term elections November 6, 2022, the priority appears to be control of congress, not immigration reform. In the past EB-5 has been able to garner bipartisan support since it creates jobs and brings capital but the feeling in Congress is the program needs to be updated after 30 years to provide investor protections including new integrity provisions. We will continue to provide updates as additional information becomes clear.
For previous posts on this topic, please see:
From June 30, 2021 – https://wolfsdorf.com/uscis-releases-guidance-on-eb-5-regional-center-lapse/
From September 30, 2021 – https://wolfsdorf.com/update-on-the-eb-5-regional-center-program/
From January 6, 2022 – https://wolfsdorf.com/eb-5-investor-program-january-2022-update/