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Is Change Coming to the EB-5 Industry?
By: EB-5 Investment Coalition
The EB-5 Regional Center program (the "RC Program") is set to expire on June 30, 2021. While there is cause for concern, there is a growing consensus that if meaningful reform cannot be achieved in a short period of time, the RC Program should be re-coupled with three other immigration programs that it was coterminous with prior to 2021. This would allow time to achieve the holistic reform that Laura Reiff referred to. Jeff Campion mentioned, "We believe integrity measures can be implemented that will improve the program. We also believe that visa backlog issues need to be addressed and can be." He added, "In the time of a pandemic, we have a solution to help spur on job creation at no cost to US taxpayers– it's EB-5. To do that we need visa relief."
Judge Corley should be issuing a written opinion in the next two weeks which will be pivotal in the EB-5 industry. If summary judgment is granted to the plaintiff, the old minimum investment amount of $500,000 for TEAs would be in effect. "This could what we need to breathe life into the industry and craft meaningful legislation to have a robust EB-5 industry," stated Laura Reiff.
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