For most of 2016 we have been anxiously awaiting ‘eminent’ changes to the EB-5 program, which has received more scrutiny and criticism than ever before by US Congress and other key players in the industry. While most of the EB-5 industry is confident the program will receive substantial new requirements and restrictions, none of us knew exactly when this would occur and how this would impact our Regional Center and our future EB-5 investors and projects. Yet again, we do not have answers, only a new deadline.
As of December 7, 2016, the EB-5 Regional Center program has been extended, unchanged, until April 28, 2017. Congress decided to extend the program without any changes because it was unable to reach an agreement on the new legislation in time for the end of the 2016 session.
Because the law has been extended in an unchanged form several times now, we are fairly confident in saying that changes will occur in 2017. One of the changes that we are certain will be in included in the new legislation is an increase in the investment amount. As you know the current investment amount is $500,000, but everyone in the industry agrees that the amount will go up, and likely to $800,000.
That being said, if you are a prospective investor and want to invest at the $500,000 amount, we encourage you to get started on the process as soon as possible. Though the program was extended until April 2017, if Congress is able to come to an agreement any time before that date the changes can be implemented prior to April.
In other EB-5 related news, USCIS released a Policy Manual on November 30. The Manual deals with many immigrant and non-immigrant Visa categories, and included a section on the EB-5 Visa.
For Investors and prospective Investors, the Policy Manual did not implement any changes or policies that would impact them. The Manual was more of a guide for Regional Centers and EB-5 filing attorneys. It served to clarify some points from previous Memorandums and past Policy Manuals.
After the new legislation is announced, it is likely that USCIS will issue an updated Policy Manual or Memorandum, and this document will no doubt be of use to both EB-5 practitioners and investors as it will provide much needed guidance on the new aspects of the law.
Though the Policy Manual did not impact you as the investor or prospective investor, it is important for you to find both a Regional Center and EB-5 attorney that remain informed and updated on the latest EB-5 law. This is especially important now in the next few months when many aspects of the law are going to change.
For the latest updates and changes we invite you to visit our blog again soon. If you have any questions about the potential changes or about the EB-5 Visa in general, we invite you to reach out to us at info@avseb5.com. It is our goal to keep you informed every step of the way!
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