Latest Status on EB-5 Immigrant Investment Program
On September 30, 2018, the Immigrant Investor (“EB-5”) program is set to expire. It has helped tens of thousands realize their American dream, but it is facing sharp criticism over misuse as politicians and government officials call for radical reforms and have suggested allowing the 28-year-old program to expire altogether.
Lee Francis Cissna, Director of USCIS, has asked Congress to allow the program to lapse in the absence of significant reforms, as there have been concerns about fraud, abuse and national security risks. Director Cissna recently appeared at an oversight hearing with the U.S. Senate Committee on the Judiciary to comment on the EB-5 program.
There were only a few takeaways from the hearing, including:
• When asked by Senator Graham (R-SC) if he supported the EB-5 program. Director Cissna responded, “it’s lawful.” • Director Cissna stated that without needed reforms to the program, he would recommend, “letting it expire.” • Director Cissna also advocated for legislative reform to address needed authorities for USCIS and to make programmatic changes.
The Members seemed open to reform legislation and continuation of the program citing the economic success of EB-5 in their states. For more on the hearing, please click here.
Williams Global Law constantly monitors the status of the EB-5 investor program. As EB-5 changes are imminent, we recommend those interested in participating in the program, to invest and file a petition as soon as possible!
Please contact our attorneys for further information.