March 21, 2017, and the EB5 Program.
The EB5 Regional Center Program ends on April 28, 2017. There are three main possibilities for the EB5 Regional Center Program and they are: New Legislation, New EB5 Regulations and a Continuous Resolution extending the program possibly until September 30, 2017.
The House of Representatives, Judiciary Committee recently had a hearing on the proposed EB5 Regulations and the main topics were increasing the minimum investment amount either for a TEA or rural area and more of a substantial increase for the non-TEA and non-rural areas. The hearing also obtained feedback from a panel of persons involved in the EB5 industry including the principal of the EB5 Regional Center. There was a major discussion on whether there should be just one investment amount regardless of the location of the project. Furthermore, the discussion covered how the EB5 projects can provide transparency and clarity to the EB5 investors, and show on a regular basis that their EB5 investment is being used appropriately.
The EB5 industry still has time to comment on the proposed Regulations and this can be coordinated through organizations such as IIUSA. The deadline to submit any input through IIUSA is April 11, 2017.
New Legislation is a possibility and the EB5 industry will need to support the appropriate bill before Congress. The New Legislation will address the change in the investment amounts and change in the TEA designation. For New Legislation to pass 60 votes are required, the republicans have 52 votes, therefore, there will be a need for 8 democrats to pass any bill which has not happened to date.
The EB5 industry needs to have predictability and the hope is that the most appropriate action will be New Legislation.
If New Legislation does not pass then it is more likely that there will be a Continuous Resolution of the EB5 Regional Center Program till September 30, 2017.
Beshara Professional Association Celebrated Women’s Day.
The House Judiciary Committee held a hearing on the proposed reform of EB5.
On Wednesday, March 8, The House Judiciary Committee held a hearing titled “The Department of Homeland Security’s Proposed Regulations Reforming the Investor Visa Program.” Some of the proposed reforms are enhancements to program monitoring and oversight, TEA reform and increases in investment amounts. Read more here.DHS released a Fact Sheet and Q&A regarding the immigration new executive order.
The Department of Homeland Security has released public fact sheets and Q&A documents regarding the President’s Executive Order “Protecting the Nation From Foreign Terrorist Entry To The United States.” To view this document visits the links below:
- Protecting the Nation From Foreign Terrorist Entry To The United States Fact Sheet
- Protecting the Nation From Foreign Terrorist Entry To The United States Q&A
USCIS Will begin accepting H-1B petitions for 2018 on April 3, 2017.
U.S. Citizenship and Immigration Services will begin accepting H-1B petitions subject to the fiscal year 2018 cap on April 3, 2017. All cap-subject H-1B petitions filed before April 3, 2017, for the FY 2018 cap will be rejected. For more details Click here.
USCIS held an EB-5 stakeholder meeting in Washington, D.C. on Friday, March 3.
The EB-5 Stakeholder Engagement with USCIS provided a number of important updates regarding I-829 division, RC geographic area, site visits, filing tips. Check the details here.
Hawaii and Maryland Federal Judges Blocked President Trump Travel Ban Nationwide.
President Trump revised executive order “Protecting The Nation From Foreign Terrorist Entry Into The United States”, released on March 3, 2017, restricting visas for nationals from Iran, Libya, Somalia, Sudan, Syria, and Yemen for 90 days and suspending admission of refugees for 120 days, was blocked one day before it was to take effect. on Wednesday, a federal judge in Hawaii issued a nationwide restraining order blocking enforcement of the ban (Click here for the court order) and on Thursday, a judge in Maryland ruled against the order (Click here for the court order).