The EB-5 Regional Center program is being extended through the balance of the fiscal year through September 30, 2017 as is; what we call a “clean extension.” I’m on the Board of IIUSA, the largest industry organization and in the past the EB-5 Regional Center industry was more than happy to have the proverbial “can kicked down the road” and take it as it is. I joined the IIUSA Board precisely because we in fact need the reform specifically the so-called “integrity measures” to provide further protection to EB-5 investors as well as an increase in visa numbers. Sooner or later the backlog in visa numbers will hurt all petitioners, although it is primarily hurting petitioners from the People’s Republic of China.
Another reason why we need reform is that during the winding down days of President Obama’s Administration, theU.S. Citizenship and Immigration Services issued some extensive regulations which would reform the EB-5 Regional Center program by regulation. The general consensus was that these proposed regulations would be very harmful and would seriously damage the EB-5 Regional Center program, particularly with the large proposed increases in the minimum investment amount.
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