New Legislation Would Extend Visa Program for Foreign Investors

The EB-5 investor visa program for immigrant investors was created as a pilot program under the Immigration Act of 1990. Under the law, up to 10,000 admissions are granted each year for a $1 million investment per visa. If the investments are made in areas designated by Congress as high unemployment areas (called Regional Centers), however, the threshold is lowered to $500,000 per visa.

Two Representatives, Aaron Schock (R-Ill.) and Tulsi Gabbard (D-Hawaii) introduced new legislation on Tuesday that would extend this program for immigrant investor visas. The legislation would make the EB-5 regional center program a permanent one.

The EB-5 program contributed around $3.4 billion to the U.S. Gross Domestic Product (GDP) in 2012. It has also supported roughly 42,000 jobs and generated $712 million in tax revenues, according to reports.

“Right now, more than anything, the U.S. economy needs good-paying jobs and investment capital to build the companies that create them,” Schock announced while introducing the bill. “The EB-5 regional center program accomplishes both goals by attracting qualified foreign investors and establishing measurable goals for job creation”.

It has been reported that already extensions of the EB-5 program have received overwhelming bipartisan support. “This much needed legislation underscores the importance of an incremental approach to immigration reform as Congress seeks common ground to address our nation’s broken system” Schock added.

Our U.S. immigration attorneys have helped many clients with their EB-5 Regional Center application and offer a free consultation to get you started. Contact our Los Angeles lawyer now!

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