On May 4, lawmakers voted to extend EB-5 until September 30th as part of a $1.2 trillion appropriations bill. However, the debate on EB-5 reform continues to heat up on Capitol Hill and in the press. Confronting the controversy head-on, NES Financial CEO Michael Halloran has emerged on the Hill and in the press as an industry thought leader in helping members of Congress separate myths from facts.
Halloran has created an ongoing dialogue with lawmakers to dispel misconceptions about EB-5 as a “visa buying program” and refocusing the conversation on EB-5 as a jobs creation program. He has advocated for EB-5 expansion – as well as integrity measures – in his meetings with lawmakers.
“The EB-5 program has been a huge success for all involved. Investors have received a coveted U.S. visa, workers have received jobs, and companies have found financing. It’s a win-win-win,” said Halloran in a quote in Politico on May 9th, 2017.
According to Halloran in a recent article in The Hill, EB-5 provides a great opportunity for our nation’s immigrants to help fund much-needed American infrastructure projects at no cost to taxpayers while showcasing merit-based immigration. In the article, he states that “while the [EB-5] program has had a long history of job creation … it has demonstrated its capacity for bringing in new dollars to fund pivotal infrastructure developments.”
Examples cited in the article included the expansion of the Seagirt Marine Terminal at the Port of Baltimore and a new state-of-the-art fire station replacing Engine Company 13 in Washington, DC.
Of equal importance, Halloran emphasized the need for greater oversight to ensure the integrity and strength of EB-5 projects, stressing that “Congress could help solidify these best practices in the industry.” As quoted in Forbes, Halloran insisted, “This [employment-based] category is merit-based immigration. You’re bringing in people who have skin in the game in the U.S. economy.”
Halloran discussed both the success and growth of EB-5 for property development, as well as the need for a ten-fold expansion of visas and legislative reform in Commercial Property Executive.
Halloran concluded that given the best interests of all stakeholders, as well as the economic needs of the U.S., EB-5 incentives would likely draw foreign investors to infrastructure, as they tend to trust projects involving the U.S. government.
“That’s the key: more public-private partnerships,” Halloran said in Mansion Global.
Based on the past merits of EB-5 as an engine to lift our economy, build infrastructure, and create jobs – without costing a dime to taxpayers – Halloran’s mantra that “It’s a win-win-win for all” is driving his advocacy.
Halloran is pushing for the expansion of EB-5 and greater oversight and integrity measures to protect investors, insurers, developers, as well as the interests of the U.S. government and its taxpayers.
See the latest EB-5 News
1) Ananya Bhattacharya, Quartz Media, Indians spited by the H-1B clampdown can get another visa to work in the US—as long as they can spare $500,000, 5/14/2017
2) Michael Halloran, Quartz Media, EB-5 visas attract foreign investment and create US jobs; the program needs reform; not the chopping block, 5/11/2017
3) Beckie Strum, Mansion Global, Reforms to EB-5 Investment Program Expected Soon, 5/9/2017
4) Michael Halloran, Real Estate Finance & Investment, EB-5 Program could see early unexpected demise, 5/09/2017
5) Diana Bell, National Real Estate Investor, After another last-minute extension, legislators focus on EB-5 reform, 5/4/2017