Reforms to the EB-5 Immigrant Investor program is a can that Congress has been kicking down the road for the past two years. Despite growing optimism that comprehensive changes will be introduced this year, those changes likely won’t come in time for the next big deadline—the program’s April 28th expiration.
Both Republicans and Democrats agree that changes to the nearly 30-year-old program are needed. Yet coming to terms on new rules has proved to be a big stumbling block. Instead of passing a new bill, EB-5 has been receiving short-term, three- and six-month extensions since 2015 just to keep the program running.
Given the looming deadline, it looks like at least one more short-term extension is in the cards. Players in the EB-5 industry have not given up hope of seeing a comprehensive EB-5 bill approved prior to April 28th. However, it is more likely that Congress will approve new rules along with a five-year renewal later this summer or fall, notes H. Ronald Klasko, managing partner at Klasko Immigration Law Partners LLP in Philadelphia, Pa.
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