You are here[HOT] Bipartisan Bill Introduced by Senator Leahy To Permanently Authorize EB-5 Pilot Program

[HOT] Bipartisan Bill Introduced by Senator Leahy To Permanently Authorize EB-5 Pilot Program

By eb5attorney - Posted on 25 May 2012

What does below mean? I would say 3 years extension for sure and a decent chance at a permanent authorization of the EB-5 Pilot Program.

Leahy Introduces Bipartisan Bill To Permanently Authorize Job-Creating Foreign Investment Program

Bipartisan Bill Will Extend EB-5 Program Bringing Jobs, Investment To Vermont

May 24, 2012

WASHINGTON (Thursday, May 24, 2012) – Senator Patrick Leahy (D-Vt.) introduced legislation Thursday to make permanent the charter for a successful, job-creating immigrant visa program that has brought economic development and job growth to Vermont since 1997.

After months of negotiation, the legislation introduced Thursday by Leahy will grant a permanent authorization to the EB-5 Immigrant Investor Regional Center program . . . The bill introduced Thursday will also extend the voluntary E-Verify program, as well as two visa programs for religious workers and the so-called “Conrad 30,” or rural doctors, visa. The bill is co-sponsored by the Senate Judiciary Committee’s Ranking Member Senator Chuck Grassley (R-Iowa) . . .

Leahy has successfully steered short-term extensions of the pilot program through Congress. The current authorization will expire in September 2012. Earlier this week, Leahy secured a three year extension of the programs during the Appropriations Committee’s consideration of the Department of Homeland Security appropriations bill . . .

Since it was created in 1993, the regional center program has attracted more than a billion dollars in foreign investment to the United States, and created thousands of new domestic jobs – hundreds, in Vermont. There are now over 220 Regional Centers across the country, with new applications pending.

The Regional Center program attracts foreign investors seeking legal permanent residency and a chance to invest in the American economy. Investors must pledge a minimum of $500,000 to a project within an approved regional center and independently apply for an EB-5 visa. If approved by U.S. Citizenship and Immigration Services (USCIS), foreign investors are granted a conditional two-year green card. After two years, the investor must provide proof that they have created at least ten jobs as a result of the investment and have met additional investment requirements set by USCIS. As a result of the program’s popularity, additional applications are pending with USCIS to establish new Regional Centers in several states.