EB-5 Visa Program Gets One Year Extension
Latest Update – As declared by United States Citizenship & Immigration Services on July 24, 2019, the anticipated final rule has taken effect on Thursday, November 21, 2019. The minimum EB-5 investment amount has increased from US$500,000 to US$900,000 plus the processing overhead cost, legal and filing fees for the project which is located in a TEA. For the project not located in a TEA, the amount has increased from US$1 million to US$1.8 million plus the processing overhead cost, legal and filing fees.
The EB-5 visa program has been around for about 25 years now, but, for the past six months, the EB-5 visa program is a widely debated program, with legislators proposing significant changes in it. However, last week, on December 15th, the Congress agreed upon the Omnibus Bill, as part of which the EB-5 program has been extended for another year till September 30, 2016, with no changes at all.
Significant reforms regarding the program had been proposed like a better definition of the rural areas or the targeted employment areas , increase in the minimum investment funding required in these areas. Eventually, it was agreed and felt that the proposed changes would possibly hurt the program; so it was better to push the program off till next year and then deal with the proposed changes. The efforts to bring in the changes would restart again next year in 2016.