The reauthorization of the popular investment immigration program of the United States, namely the EB-5 Immigrant Investor program, has once again been delayed as Democrats and Republicans were unable to reach a consensus on a comprehensive federal spending budget. On December 3, 2021, President Biden signed a short-term funding bill, known as a Continuing Resolution, to avert a shutdown of the U.S. federal government. Despite the expectation of the EB-5 industry, the reauthorization of the EB-5 Regional Center program was not included in the Continuing Resolution. The continuing lapse of the EB-5 program is a source of frustration for both EB-5 investors with petitions pending with the United States Citizenship and Immigration Services (USCIS) and for families interested in filing their EB-5 applications.
For decades, Middle Eastern families seeking to immigrate to the United States have taken advantage of the EB-5 Immigrant Investor Program, which requires an investment of $500,000 in a new commercial enterprise in the U.S. economy in exchange for a fast-tracked opportunity to receive U.S. Green Card for themselves, their spouse, and unmarried children under the age of 21. The EB-5 Regional Center Program, which was created by Congress in 1992, allows applicants to take advantage of the immigration benefits of the program while at the same time being passive investors without the headache of dealing with various reporting obligations, such as the mandatory job creation reports.
Since its inception, the EB-5 program has had bipartisan support from both Democrats and Republicans in the U.S. Congress given its role in stimulating the U.S. economy. While the two political parties hold varying ideals in many respects, there is no question that both sides are in favour of stimulating the U.S. economy by way of job creation, which is at the core of the EB-5 program. Despite its popularity, the EB-5 program, which reached its sunset date on June 30, 2021, remains suspended. The Continuing Resolution signed by President Biden on December 3, 2021 provides funding for the U.S. federal government until February 18, 2022. This means that by February 2022, Democrats and Republicans must once again attempt to reach an agreement and to pass the appropriations bills that will fund the various U.S. federal agencies and programs, including USCIS which administers the EB-5 program. Therefore, it is possible that the reauthorization of the EB-5 program will be delayed until early 2022.
Although the reauthorization of the EB-5 program did not occur in December 2021 as industry experts and insiders had anticipated, there is no question that the program will sooner or later be reauthorized given its tremendous benefits in boosting the U.S. economy. Therefore, prospective investors are encouraged to continue with the gathering of their documentation to be prepared for an early 2022 rush. With over 12 years of experience in the EB-5 industry, Shai Zamanian, the Legal Director of The American Legal Center, a top immigration consultancy based in Dubai, is urging applicants to collect their documents to catch the next filing window. “We understand the frustration that many families are experiencing because of this delay in reauthorization. We will continue to engage in meaningful discussions with EB-5 lobbyists and experts in the United States and will update the Middle East market with the latest happenings,” says Zamanian.
Contact The American Legal Center today for a free consultation with a U.S. licensed lawyer and to find out what you can do to be prepared for an early 2022 rush.
