Late Thursday night, the United States Congress passed the Omnibus bill to fund the United States Federal Government and renew the EB-5 Immigrant Investor Regional Center Program. The bill heads to the desk of President Joe Biden for final signature today.
In a joint statement from Nancy Pelosi and Senate Majority Leader Chuck Schumer earlier this week, both touted the significant nature of the bill. “This historic legislation will carry major bipartisan legislation that has been in the making for years.”
The Consolidated Appropriations Act, 2022 (H.R. 2471) includes a 5-year authorization for the EB-5 Regional Center Program through September 30, 2027, visa protections for investors from expired legislation, concurrent filing of adjustment of status, and adjustment of fees to achieve efficient processing times, long desired by stakeholders. In addition, the bill sets forward investment amounts for new investors at $800,000 in rural or high unemployment Targeted Employment Areas (TEAs) and $1,050,000 in all other areas.
This bill marks the culmination of over a decade of efforts to update the program and is the first long-term reauthorization the program has received since 2015. In addition, this bill restores incentives for EB-5 investments in rural and economically depressed regions, that are struggling to recover from the long-term effects of pandemic conditions. “I have championed these bipartisan reforms for many years, and I am proud that we are finally going to enact them.” Chairman of the Senate Appropriations Committee, Patrick Leahy (D-Vt.)
For over 30 years this program has created opportunities for United States communities and investors looking to start a new life in the United States. Today marks a new chapter. “This is a proud moment for everyone who crafted this day - public, private, nonprofit, and individuals. This long-term authorization cultivates improvements which will serve our communities and provide protections for immigrant investors for years to come.” Bob Kraft, President of IIUSA and Chairman and CEO FirstPathway Partners.
About EB-5
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under this program, investors, their spouse, and unmarried children under 21 are eligible to apply for a Green Card (permanent residence) if they make an $800,000 or $1.05 million investment which creates or preserves 10 permanent full-time jobs for qualified U.S. workers.
About IIUSA
Invest in the USA (IIUSA) is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program. Members account for a vast majority of capital formation and job creation in the U.S. resulting from the EB-5 Program.
About FirstPathway Partners
FirstPathway Partners has helped foreign investors become United States citizens through immigrant investor programs since 2008. FirstPathway Partners has assisted hundreds of immigrant investors from over 40 countries around the world, raising millions of dollars for job-creating enterprises, and creating thousands of jobs for US workers.
About Bob Kraft
Kraft leads both FirstPathway Partners and IIUSA with an extensive background in immigrant investor programs, global relations, U.S. job creation, and economic growth. He has used his experience and vast network of business and government contacts to further IIUSA's mission, speaking to media and at conferences around the world on an array of topics. Kraft has earned praise locally for driving economic growth and job creation through the EB-5 Program in the State of Wisconsin. He has been featured on television, radio, in newspapers locally and internationally for his work in the EB-5 industry.
For more information regarding this press release, please visit www.firstpathway.com or contact:
Jennifer Sherer
FirstPathway Partners
Senior Vice President
+1 (414) 431-0742
jsherer@firstpathway.com
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