Representative Bob Goodlatte (R-VA) introduced the American Job Creation and Investment Promotion Reform Act of 2016 to the House of Representatives on September 9, 2016. The proposed bill will implement new reforms and amend section 203(b)(5) of the Immigration and National Act. More importantly, this bill reauthorizes the EB-5 Regional Center Program. This is an immigration strategy a number of my clients have used to obtain Legal Resident/Green cards that lead to U.S. citizenship. Under this program, entrepreneurs are eligible to apply for Legal Resident/Green cards if they invest (currently $500K) in a commercial enterprise in the U.S. that creates ten (10) permanent full-time jobs for qualified U.S. workers. The program is set to expire on September 30, 2016.
We are optimistic Congress will reauthorize the EB-5 Regional Center Program.
We will continue to monitor this proposed legislation and keep you updated on any developments.