The current EB-5 legislation is due to sunset on September 30, 2015, and it is unclear if new legislation will be enacted, if a short term extension will occur or if the Program will lapse.
- Cost of investment. Currently, Targeted Employment Area and certain Regional Center investments are $500,000. There is discussion that the cost will be going up to possibly $800,000.
- When will the legislation occur? A short term extension of the current legislation may be likely however, we will not know until the House and Senate submits their bills. The current EB-5 legislation is due to sunset on September 30, 2015.
- If the legislation changes, what will happen to existing projects? Will there be a grandfathering of EB-5 projects and EB-5 investors? Senate Bill S.1501 speaks to grandfathering of EB-5 projects where an I-924 has been filed but there is no clear indication if this proposal will make it into new law.
For those who are thinking of petitioning for EB-5 Investment Immigration, act NOW! You may be saving $300,000 if the new price is adjusted to $800,000 and having a petition on file prior to new EB-5 legislation being enacted is a much safer position to be grandfathered. Nonetheless, still consider the merits of each project and analyze the job creation element with scrutiny.
As always, feel free to contact Amity Law Group, LLP if you have any questions.