Comprehensive EB-5 Bill Drops

Senator Mike Rounds (R-ND), Chairman Lindsey Graham (R-SC) and Senator John Cornyn (R-Tx) introduced a comprehensive EB-5 bill on 11/5/2019 marked S. 2778 and called “Immigrant Investor Program Reform Act.” Many of the elements, for example the bill’s integrity measures, are refined versions from prior legislative efforts. Some are notably new.  The bill calls for a 6-year reauthorization of the EB-5 program to September 30, 2025. The text is not yet published.

Top 4 highlights:

  • $1 million for Targeted Employment Area (TEA) investment; $1.1 million for non-TEA investment
  • 30% visa set aside (approximately 3,000) annually for TEAs, half of which would go to rural TEAs
  • Parole relief for visa-backlogged investors
  • Extensive oversight authority and integrity reform

Interplay with new EB-5 Modernization Regulations effective 11/21/2019? If enacted, the new law would supersede the regulations.

Big changes are afoot in EB-5.

By |2019-11-07T05:25:02+00:00November 7th, 2019|Alerts|

About the Author:

Carolyn Lee has vast experience in EB-5 representation and has served as industry leader and EB-5 commentator for over a decade. She is Chair of the American Immigration Lawyers Association (AILA) National EB-5 Committee. She has steered clients through the most dynamic period of growth in EB-5 program history and is an advocate for long term reauthorization and expansion of the EB-5 program.