Significant changes to EB-5 Legislation Ahead - Submit your EB-5 Petitions Now!
The EB-5 Regional Center Program is set to expire on September 30, 2016 and will be renewed with significant changes to EB-5 legislation as proposed by Congress.
One change that is likely to occur, is an increase to the minimum investment amount from $500,000 to $800,000 and the $1,000,000 amount will increase to $1,200,000.
Other possible changes relate to source of funds, job creation requirements, and Targeted Employment Areas (TEAs). For example, one proposal eliminates the possibility to use funds from a gift unless the gift came from an immediate close family member.
Another proposal requires additional and enhanced documentation requirements to prove the legitimacy and source of the funds. Job creation requirements could be modified with a focus on creation of direct jobs instead of indirect jobs. Also, the definition of a Targeted Employment Area (TEA) may change.
With the recent controversies surrounding the EB-5 Program and with many in Congress focused on the U.S. presidential election, there is also a concern on whether the Program will be extended or lapse on September 30th.
Therefore, we are strongly encouraging our clients and friends to submit their EB-5 petitions before the expiration deadline. Please contact our attorneys for further information.