Friday, March 23, 2018
On Friday, March 23, 2018, proposed Omnibus bill (Consolidated Appropriations Act, 2018) has passed by Congress and signed into law by President Trump. The Omnibus bill 2018 extended the current EB-5 Program until September 30, 2018.
Earlier in March, IIUSA actively worked with Congress leaders and a group of industrial organizations to review and discuss a proposed “The EB5 Immigrant Investor Visa and Regional Center Reform Act” (EB-5 Reform Act, the “Draft Bill”) in a bid to attach the Draft Bill to the Omnibus, which will extend the EB-5 program until September 30, 2023. On March 20, IIUSA issued statement revealed that the proposed reform failed to receive bicameral support and would not be included in the federal funding bill. It was the 5th time that efforts to reform the EB-5 Regional Center Program have failed.
The current extension does not introduce any new elements into the EB-5 Program. It is critical for foreign investors planning to obtain U.S. residential status through EB-5 program to take immediate action, as to take advantage of the straight extended EB-5 Regional Center Program before its expiration. This straight extension will give lawmakers and the Department of Homeland Security needed time to make substantive changes to the program.