EB-5 News Summer 2015
EB-5 News Summer 2015. Last week the White House released a statement regarding immigration reform. It included vague statements on EB-5. The White House said the Department of Homeland Security will create rules requiring conflict-of-interest disclosures by Regional Center principals, background checks, public disclosure requirements, and increasing the minimum qualifying amount of investment.
More importantly, The Leahy-Grassley EB-5 Regional Center extension bill S. 1501 was proposed, which will at least temporarily counter the increased minimum investment amount on TEA’s. If enacted as drafted, this bill will permit filing an “exemplar” 924/526 before September 30 (when the current statute expires). In doing so, the regional center you apply with will lock you in for a project at the $500,000 rate instead of the new bill’s $800,000 minimum investment amount, and the Targeted Employment Area (“TEA”). Under current USCIS policy, to file an exemplar, a project must be “shovel ready”. The Leahy-Grassley S. 1501 bill does not use the phrase “shovel ready”, but that is a simple term to gloss over the specific details that in a nutshell require the proper permits, legal agreements, contracts, and corporate structure in place. Since the advantages of the $500,000 investment and TEA are so great, if possible, Buda Law Group highly recommends that potential applicants should file an exemplar before September 30th, 2015.
Most important, the White House said the Department of State will amend the Foreign Affairs Manual (the rules for American Consuls) to include guidelines for potential EB-5 investors to obtain tourist (B-2) visas. This would allow investors to come to the U.S. to examine or monitor potential EB-5 investments if they otherwise qualify for a visitor visa.
This is very good news. Buda Law Group is pleased to help potential investors who need assistance with tourist visas to visit the U.S. to see EB-5 projects.
If any further questions exist, they will gladly be answered by the team here at Buda Law Group.
John B. Buda, Esq.
1201 W. Huntington Dr. Suite 209
Arcadia, CA 91007