Yesterday, Senator Chuck Grassley of Iowa, the Chairman of the Senate Judiciary Committee, gave a prepared statement to his colleagues in the Senate about what he called the “troubled & corrupt” EB-5 Regional Center Program.
Senator Grassley, who has been working for several years to bring much needed reform to the program, did not hold back when discussing the many flaws of the Regional Center program. He expressed his tremendous disappoint in the fact that the proposed reforms to the program will not be passed, despite the support of Invest in the USA (IIUSA), the largest EB-5 trade association, and members of Congress from both parties. He even went so far as to state that the Program is simply too corrupted to be saved.
From what we have heard at the end of Senator Grassley’s speech and from an email sent by IIUSA just this afternoon, it appears that the omnibus legislation, which will be passed at some point this week, does include an extension of the current EB5 Regional Center Program through September 30, 2018. So it appears that the Regional Center Program will reamin as is for the time being.
Our team at AVS EB-5 fully supports EB-5 reform, but we would like to see reform that provides more protection to the Regional Centers, like ours, that have projects in true TEAs and have done things that right way since day one.
That being said, at least for now, the rules of the game will remain unchanged and the investment amount will remain at USD$500,000. If you are interested in obtaining an EB-5 Visa via a safe, conservative, and law-abiding Regional Center before any increase in the investment amount, please contact our team right away via email at info@avseb5.com or use the Contact Us form on the bottom of this page.
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To see Senator Grassley’s speech or to read the text of his speech, please click one of the links below:
Video of Senator Grassley’s Speech
Text of Senator Grassley’s Speech
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