01 Jun US Senator Introduces Bill to Make EB-5 Visa Program Permanent
EB-5 Visa Programs to Become Permanent if Bill Passes
Senator Patrick Leahy introduced legislation that will make the EB-5 Visa program a
permanent fixture to US economy-boosting endeavors.
On Thursday, May 24, 2012, Senator Patrick Leahy (D-Vt.) introduced legislation
seeking to give permanent status to the EB-5 Regional Center Program, among other
job-creating endeavors. Established by Congress in 1990, the EB-5 Regional Center
Program has successfully facilitated immigrant investments toward economy-
boosting and community development campaigns across the country. As the
program was scheduled for review in September 2012, the current bill introduced
by Senator Leahy will ensure permanence for this positive program.
According to Senator Leahy, months of negotiation led to the final draft that was
introduced for Congressional approval. The legislation seeks to grant a permanent
authorization to the EB-5 Immigrant Investor Regional Center program, as well as
extend the voluntary E-Verify program and two other visa programs for religious
workers known as “Conrad 30.” The bill is co-sponsored by the Senate Judiciary
Committee’s Ranking Member Senator Chuck Grassley (R-Iowa).
Leahy explains via press release:
Vermont has been a model for the success of the EB-5 Regional Center Program, and I want to see that great success continues for Vermonters, and those who wish to pursue business opportunities in our great state…I am grateful that Senator Grassley has worked with me to craft this legislation, and I am optimistic its introduction marks the beginning of a strong bipartisan effort to make these long-standing programs permanent.
Senator Leahy is responsible for previous successes in obtaining short-term
extensions of the program through Congress. Earlier in the week, Leahy secured a
three-year extension of the programs during the Appropriations Committee’s
consideration of the Department of Homeland Security (DHS) appropriations bill.
As the EB-5 Visa Program has garnered success and received more attention as a
viable means of investment and visa approval, the value of the program has equally
increased. Competition amongst project and visa approval is rising, as noted in
March 2012 statistics from the USCIS that reported 2,364 EB-5 Visas were issued
during the first quarter of the year. At the current rate of acceptance, the 10,000
limit on EB-5 Visas will be met by year’s end. The extension of this program will
ensure immigrants will continue to be able to invest in development projects that
are beneficial to the US economy.
Over the past two decades, the EB-5 Visa program has created 65,000 jobs through
$3.1 billion in investments. If permanent status is granted through Leahy’s bill, the
numbers will continue to grow.
*This story is brought to you by United States Immigration Fund
The United States Immigration Fund is the parent company of the Florida Regional Center, which was established as an agent of the 1990 Congress-approved EB-5 Regional Center Program. Based in Palm Beach Gardens and representing
development projects in the South Florida area, Florida Regional center works with
foreign investors to obtain EB-5 Visas and permanent residency in exchange for
community-developing and job-creating investments. Other projects Florida
Regional Center is using EB-5 Visa funding for include the Water Pointe Project, ESI
Jupiter Technology Park Project and the Tequesta Village Center project.
For more information on EB-5 Visas and the EB-5 Visa Program, to learn about
the United States Immigration Fund or to speak with a representative from United States Immigration Fund, visit www.visaeb-5.com.