United States: Congress Reauthorizes the EB-5 Regional Center Program
Published: 11 March 2022
On the 10th of March, with a vote of 68 yeas and 31 nays, the U.S. Senate passed a sweeping federal spending package that included the reauthorization of the EB-5 Regional Center Program (the “Program”). The House passed the same bill the night before. Now the measure will be signed by President Biden and reauthorize the Regional Center Program through September 2027. It is the first long-term reauthorization the Program has received since 2015.
The Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that create and save thousands of American jobs.
IIUSA Executive Director Aaron Grau stated, “this reauthorization not only provides stability for the industry and its incredible economic development ability, but it also provides assurance and protection to the tens of thousands of good faith immigrant investors who relied on this program.”
Unlike all other visa categories, federal statute requires that each EB-5 visa applicant make a significant up-front at-risk investment into a U.S. economic development project (either $800,000 or $1.05 million depending on where the project is located), pass a two-step national security screening, AND create or retain at least 10 full-time U.S. jobs; no jobs…no visa.
Bob Kraft, IIUSA’s Board Chairman, stated, “this is an incredible accomplishment and the industry owes a great thanks to Senators Grassley and Leahy. Those men and their staff have been stalwart supporters of this program and have never stopped working to improve and extend it. Their focus on integrity for the Program will serve it and its immigrant investors very well for years to come.”