May 19, 2019

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New Bill Introduced to Use Economic Abilities of EB-5 to Assist Disaster Recovery in Declared National Disaster Areas

On April 9, 2019, Rep. González-Colón (R-PR-At Large) introduced H.R.2173 – a bill to amend the Immigration and Nationality Act to reserve EB-5 visas each fiscal year for investors in new commercial enterprises in areas where a major disaster has been declared by the president.

The bill is not publicly available as of this writing, but staff informed EB-5 Insights that it proposes to set aside 100 immigrant investor visas per year for areas designated by presidential declaration to be major disasters.

Rep. González’s legislative approach recognizes the economic benefits of the EB-5 program and the ability to fund vital government programs while creating new jobs for Americans in new and creative ways.

However, the EB-5 program is in great need of long-term authorization and modernization, especially as relates to the current 10,000 annual visa cap. Due to family derivatives count and per-country caps, the actual number of annual EB-5 investors is approximately one-third of annual visas, thus restraining the economic potential of the program.

According to a recent economic study by the EB-5 Investment Coalition (linked above), EB-5 modernization, such as removing derivatives from the annual visa cap and/or expanding the annual visas available, could unleash EB-5 as an economic engine to fund vital government programs well above-and-beyond its constrained status today.

Please check back for additional information on this development and other matters as information becomes available.

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Laura Foote Reiff, Greeberg Traurig Law Firm, Washington DC, Northern Virginia, Labor and Employment, Immigration Law Attorney
Shareholder

Laura Foote Reiff Co-Chairs the Business Immigration & Compliance Practice and is the Co-Managing Shareholder of the Northern Virginia Office. She also Co-Chairs the firm’s Labor & Employment Practice’s International Employment, Immigration & Workforce Strategies group. Laura focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related employment compliance and legislative issues.

Laura advises corporations on a variety of compliance-related issues, particularly related to...

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Robert Maples, Greenberg Traurig Law Firm, Northern Virginia, Washington DC, Government Policy
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Robert Y. Maples is experienced in the Washington, D.C. federal, state and public affairs arenas. He has also been an advocate for building pragmatic alliances to resolve major social issues and has pioneered strategies for addressing complex public affairs crises in collaborative versus confrontational contexts. He continues his advocacy of pragmatic alliances in furtherance of client/government collaborations among the Congress and federal agencies, and serves as state counsel on complex client public policy matters. He is experienced in complex problem solving in regulatory and legislative environments and his client interests have led to Food and Drug Administration (FDA) activities and cybersecurity representation.

Robert maintains a Washington presence for a consumer product manufacturer with matters before the FDA. He authors a daily FDA e-newsletter, FDA Tracker, and is active on FDA matters with daily posts and observations of FDA-related news with social media. Robert’s Twitter account, @FDA_Track, was recognized by the Regulatory Affairs Professionals Society for his FDA-related work on the "Using Twitter as a Regulatory Intelligence Tool: The 300 Accounts Worth Following" list.

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Kristen Ng, Greenberg Traurig Law Firm, Nortrhern Virginia, Immigration Law Attorney
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Kristen W. Ng focuses her practice on business immigration and compliance matters. She advises individuals and companies on a wide range of immigration matters, including nonimmigrant and immigrant employment-based cases, citizenship issues (acquisition, retention and relinquishment) and investor cases (E-2 and EB-5). She communicates directly with clients, including HR managers, high-level executives, and employees to ensure comprehension of each respective immigration process and procedure and to collaboratively produce the best immigration strategy and approach for...

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Dillon Colucci, Greenberg Traurig Law Firm, Los Angeles, Immigration Law Attorney
Associate

Dillon R. Colucci practices and handles U.S. immigration concerns and helps individuals, families, professionals, skilled workers, investors, and businesses live, work, invest and do business in the United States. Dillon works extensively on EB-5 immigrant investor matters. He regularly works with developers across a variety of industries, as well as private equity funds on developing new projects that qualify for EB-5 investments. This includes the creation of new Regional Centers, having projects adopted by existing Regional Centers or through pooled individual EB-5...

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