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EB-5 Immigrant Investor Program: Following Extension, Next Decision Looms

As part of the two-week spending bill that avoids a government shutdown, the Immigrant Investor Program known as EB-5 is extended unchanged through Dec. 22. Without much buzz on Capitol Hill to suggest the imminent release of a comprehensive EB-5 reform bill by Congress, another short-term continuing resolution into early 2018 is expected.

Created by Congress in 1990, the EB-5 program has quickly emerged as an important economic development tool that has successfully stimulated U.S. job creation by attracting foreign direct investment in the United States. The program has led to nearly $22 billion of foreign investment into U.S. job-creating projects in the past 10 years alone. Had Congress not extended the program, it would have expired on Dec. 8.

To avoid a government shutdown, the House passed the Continuing Appropriations Act, H.J. Res. 123 (Pub.L. 115-90) last Friday, Dec. 8, by a 235-193 vote, and the Senate passed it with an 81-14 vote. Later in the day, President Trump signed H.J. Res. 123 to provide Fiscal Year 2018 appropriations to fund the federal government through Dec. 22, 2017. The EB-5 Program extension was effective with passage of the bill.

© Polsinelli PC, Polsinelli LLP in California


About this Author

Debbie Klis, Polsinelli Law Firm, Washington DC, Finance and Immigration Law Attorney

Debbie Klis is known for her work with investment management companies and the formation/operation of private investment funds, including hedge funds, private equity funds, real estate funds and syndications, international master-feeder structures, and EB-5 immigration funds and regional centers. Debbie has extensive experience with private securities offerings and financial products, including derivatives and global equity offerings, where she represents placement agents, issuers, broker-dealers, investment banks, and multi-national financial institutions, funds,...