Washington Update: EB-5 Regional Center Program Reauthorization Extended to December
Amidst looming concern with the EB-5 Regional Center program potentially expiring on September 30th, 2018 – over the last week, the U.S. Congress has passed legislation that extends the program in its current form, through December 7th, 2018.
The bill includes funding or continuation of services for the Department of Defense and Labor, Health and Human Services, and Education Appropriations Act, 2019 and Continuing Appropriations Act which includes a Continuing Resolution that extends the regional center program authorization through December 7th, 2018.
The resolution extends the program without any changes. Both the House of Representatives and the U.S. Senate have voted to approve this legislation. Today at noon, the President held a signing ceremony in the Oval Office and signed the legislation, extending the regional center program through December 7th.
While extensions have been short in the past, industry experts are anticipating a long-term reauthorization plan after the mid-term elections on November 2, 2018. Bernard Wolfsdorf, managing partner of Wolfsdorf Rosenthal, a top-rated immigration law firm providing immigration and visa services predicts that, “while Congress has attempted to reform the EB-5 program for several years, my view is the stars are now in alignment and we can expect to see new legislation before the end of 2018. I am hopeful Congress will provide meaningful reform including a long-term extension, reasonable grandfathering of TEA rules and a moderate increase in the minimum investment amount so that the already diminished demand is not cut-off. Most important, I am hopeful Congress will correct the program to 10,000 investors not only allow 3,000 investors and their family annually.”
Residency Invest will continue to monitor the situation closely and provide any new information as it becomes available. Learn more about the EB-5 application process here.