Today, the U.S. Congress extended the EB-5 Regional Center Program through December 8, 2017, without reform, as part of a stopgap Continuing Resolution. The extension was expected after the summer recess due to other congressional priorities, like hurricane-relief, tax reform, missile defense against North Korea and other military spending, and prolonged budget negotiations.
Congress is actively working on a major EB-5 reform bill, which is reportedly getting close to agreement. It will likely extend the EB-5 Regional Center Program again later this year, potentially as part of comprehensive immigration reform that may resolve the current predicament for young children enrolled in Deferred Action for Childhood Arrivals (“DACA”) and funding for President Trump’s U.S.-Mexico border wall.
There is no doubt that the EB-5 Regional Center Program has benefited the U.S. economy and created thousands of jobs for U.S. workers. We hope that Congress recognizes the continued importance of the EB-5 Program to the U.S. economy and permanently reauthorizes the Regional Center Program with reforms to protect immigrant investors and more visa numbers.