Yesterday congressional leaders extended the EB-5 program as part of the omnibus spending bill, allowing the Program to continue without lapse through September 30, 2016. The bill is expected to pass.
Congress initially enacted the EB-5 Program in 1990, as a stimulant to the United States economy through job creation and capital investment by foreign investors. Through an investment of $500,000, investors are allowed to enter the United States with a "conditional" green card good for two years. After two years, if the investment has been maintained and has successfully created at least ten jobs, the conditional status is removed and the investor is deemed a "permanent" green card holder, qualifying for U.S. citizenship.
During the Great Recession between 2007-2009, many large development projects did not have access to traditional financing. EB-5 provided a solution, serving as a vital economic tool. The Program has been so successful that since 2008, it has generated more than $13 billion in U.S. investment and created nearly 50,000 jobs. More than 6,500 investors submitted applications last quarter alone, representing a pending $9 billion for the U.S. economy.
This provision serves as a temporary re-authorization of the Program. FirstPathway Partners is committed to providing you the latest information and resources on this matter. We are available throughout your application process, ensuring DHS acceptance.
You may contact us here with any questions.