The Capitol building in Washington D.C. From Pixabay. Used under Creative Commons.

The EB-5 Immigrant Investor Program received another extension earlier this month when Congress passed an omnibus spending bill to keep the government funded through the end of the fiscal year. By rolling the extension into the omnibus, the program will continue as-is, despite a call for reforms from lawmakers on both sides of the aisle.

The  EB-5 program allows those living in other countries to obtain a U.S. visa by investing a minimum of $500,000 into a new business venture that must create or preserve at least 10 full-time jobs for U.S. workers in a Targeted Employment Area (TEA). A TEA is an area that is either located in a rural area or has unemployment over 150% of the national average. An EB-5 investment must be at least $1,000,000 if the project is not located in a TEA.

As with the lead-up to previous extensions, the EB-5 program came under fire for recent allegations of fraud, including a real estate attorney and a developer indicted in Florida, and an EB-5 attorney sued by the SEC. Because of the fraud concerns, some Congressmen wanted to add oversight to the program, as well as increase the minimum investment amount. However, the urgency to pass the omnibus spending bill and the previous continuing resolutions meant smaller issues like the EB-5 program were set aside so Congress could agree on the terms to pass a bill to keep the government open while lawmakers continued to debate.

The EB-5 program has created thousands of jobs and allowed foreign investors and their families to receive U.S. visas. To complete the application process, investors and developers will need a business plan and an economic impact study. In addition to a business plan and economic impact report, a feasibility study provides additional value to EB-5 applications, serving as a validation tool for the application file. Greenfield Advisors has a team of analysts and economic experts who specialize in building business plans, economic impact reports, and feasibility studies. The EB-5 program is highly competitive, and it’s important that applicants submit documents that are accurate and professional.

For more information on how Greenfield Advisors can help EB-5 applicants, call 770-334-3952 or email info@greenfieldadvisors.com.