Update on US EB-5 Program
As of December 15, 2015
By Nicholas V. Chen
The US EB-5 investor immigration program, which has been a widely used channel for Chinese families to apply for US citizenship program, has been the subject of US Congressional review for a variety of proposed improvements and changes to the program.
There are four of these proposed changes (H.R. 616, H.R. 3370, S. 1501, and S. 2122) which are still in undergoing review in Congressional Committees.
On September 30 a Continuing Resolution was passed to continue funding for the program until December 11, 2015. Unfortunately, the US Congress has not made any decision on continued funding or on the proposed changes to the EB5 program.
For details of the proposed changes being considered see http://www.natlawreview.com/article/countdown-to-eb-5-program-expiration-amended-eb-5-draft-legislation-circulates#sthash.D2HadcgU.dpuf
Since funding has not been extended and no amendments have been made as of December 11, 2015, there is uncertainty about how to and whether it is possible to continue the EB5 programs.
There are at least three possibilities:
- The EB-5 regional center program sunsets as of December 11, 2015.
- The proposed changes in some form will eventually be enacted into law and the EB5 program continues
- The current program continues without any changes.
Different experts seem to favor option 2 since the program has been beneficial to the US and modifications are needed to meet market changes and realities.Currently none of the four pending draft proposals are not ready to be acted upon so the Chinese public and the regional centers in the US will have to wait for to find out the fate of the US EB5 program.
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