EB-5 Investor Program: Sunset or New Dawn?

On June 9, 2008, the House of Representatives passed H.R. 5569, which is currently up for debate in the Senate. The debate will focus on the EB-5 Regional Center Program, which allows an Alien to invest $500,000 into a prescreened, USCIS approved Regional Investment Center, in exchange for an
initial 2-year conditional resident status for the investor and his/her dependents. That particular EB-5 Regional Center Program was scheduled to “sunset” on September 30, 2008. However, on September 30, 2008, President George W. Bush signed a continuing resolution extending the EB-5 Regional
Center Pilot Program to March 6, 2009. A short extension was required because the Senate remains at an impasse due to some legislators’ desire to include more restrictive immigration provisions in the proposed bill. It should be noted that “traditional” EB-5 applications, using a $1 million investment, will not be
Program. Given the current economic crisis and the complexity of the issue, it is unlikely
that Congress will address the EB-5 Regional Center Program until the 2009 session. The immigrant investor program has met with great success and many of GT’s clients have been pleased with the results and the ease in which their applications were processed. Should you be considering such an investment
please contact Dawn Lurie at luried@gtlaw.com or your GT immigration professional. As always, GT will continue to provide you with important updates regarding any EB-5 legislation.

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