Obama extends EB-5 Program by 3 years
On September 28, President Obama signed a bill presented to him by the Senate, extending the Regional Center Pilot program for the EB-5 Visa by another three years. The Regional Center Pilot began in accordance with a Congressional mandate aimed at stimulating economic activity and creating jobs for U.S. workers, while simultaneously affording eligible aliens the opportunity to become lawful permanent residents. Through this innovative program, foreign investors are encouraged to invest funds in an economic unit known as a “Regional Center.” A Regional Center is defined as any economic unit, public or private, engaged in the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment that has been designated and approved by the USCIS.
The extension essentially means that all pending regional center applications that were previously filed with the USCIS will continue to be processed according to the regional center requirements with no lapse in the program. Congress showed overwhelming support for the extension of this profitable immigration program. In fact, not one Senator voted against the extension and only 3 U.S. Representatives out of 435 voted against it. This speaks volumes to the integrity of the EB-5 Regional Center Pilot program and the respect it commands from our country’s leaders. The bill was signed by President Obama just two days before the expiration date, bringing overwhelming relief to immigrant investors and many US workers alike. Although this extension is not of permanent basis, the unanimous support of the government is a great indicator of future extensions for the program.
The EB-5 program is a great opportunity for investors and the United States alike, and these extensions definitely allow for many prospects to occur with those that are interested in pursuing a visa through this unique program. Please contact the team here at Buda Law Group and get a free consultation regarding any of your immigration needs.
John B. Buda, Esq.www.budalawgroup.net office: 310-452-1872 [email protected] 3301 Ocean Park Blvd. Suite 205 Santa Monica, CA 90405