The EB-5 Regional Center Program will be extended through June 30, 2021 as part of the Consolidated Appropriations Act, 2021.
This legislation does not address the EB-5 per-country-caps limit or other major reform issues that had been raised just a short time ago in Congress but separates EB-5 Regional Center Program reauthorization from future federal spending (appropriations) bills by making its new deadline in June rather than at the end of the fiscal year. This may lead to more focus on EB-5 as a stand-alone issue and generate needed reforms.
For example, U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT) introduced the bipartisan EB-5 Reform and Integrity Act of 2020, S. 2540, the week of December 7, 2020. If enacted, would reauthorize the EB-5 Regional Center Program through Sept. 30, 2024, and offers several integrity provisions designed to prevent fraud and promote and reform foreign capital investment and job creation in American communities.
The EB-5 Program was created by Congress in 1990 as a way to stimulate the U.S. economy through foreign capital investment and job creation. Eligible foreign nationals who invested the minimum funds required into qualifying job-creating or job-preserving U.S. businesses could apply for U.S. green cards for themselves and their immediate family members. This program, devised by Congress as an economic development driver, is a proven success and we need it now more than ever. We will update the Rimon Law IM Blog about additional developments affecting the EB-5 program and EB-5 funds generally.