Feb 9, 2018
After a Night of Drama, EB-5 Regional Center Program gets Extension to Mar. 23, 2018
February 9, 2018 -- The most recent government shutdown showdown resulted in a brief (several-hour) lapse in the EB-5 Regional Center Program after the last Continuing Resolution expired at midnight. The Washington Post has an excellent hour-by-hour timeline discussing exactly what happened.
Nevertheless, this morning both houses of Congress passed H.R. 1892, which was signed into law by the President shortly thereafter. Buried within the 250-page legislation was the following provision extending the RC Program, E-Verify, Conrad 30, and Special Immigrant Religious Worker visas:
The Continuing Appropriations Act, 2018 (division D of Public Law 115–56) is further amended by—
(1) striking the date specified in section 106(3) and inserting “March 23, 2018”
With Congress seemingly coming to agreement on broader issues of funding and operations, ongoing authorization of the RC Program might once again be considered separately and on its own merits, as had historically been the case pre-September 2015. Hat tip to EB-5 blogger and business plan writer Suzanne Lazicki for a very informative graphic regarding past reauthorizations.
This development could pave the way for comprehensive reform legislation, a topic Congress has been unable to consider at length given the political realities of passing a CR.
Several commentators online have stated that the EB-5 Regional Center Program has been extended for two years. Investors and other stakeholders should be aware that at the time of this writing, such is not the case, the extension is only through March 23.
Contact us today for advice regarding the effects of the changes in Washington on your immigration and business planning.