The 1992 EB-5 Immigrant Investment Pilot Program (the “Regional Center Program”), a subset of the original 1990 EB-5 regulations (the “EB-5 Program”), should be permitted to expire on September 30, 2015. The original premise of the EB-5 Program in 1990 was that each immigrant investor must create at least 10 real, full-time jobs for U.S. citizens and/or permanent residents that were at least 35 hours a week at or above the minimum wage level. However, in 1992, Congress enacted the Regional Center Program attempting to popularize it in the hopes of meeting the 10,000 immigrant investor visa limit allocated to the EB-5 immigration category. Under the Regional Center approach, developers were afforded the right to count indirect and induced jobs towards the total 10 job requirement. The United States Citizenship and Immigration Services (“USCIS”) defines indirect jobs as those held by persons who work outside the newly established commercial enterprise. However, in most cases, indirect jobs are not actual jobs but are subjectively derived from forecasted economic impact studies effectively reducing the 10 jobs requirement by 50 percent to 5 real jobs, or even less.
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