The day after a continuing resolution temporarily extended the EB-5 Regional Center program, Kentucky Senator Rand Paul proposed legislation for the program’s permanent renewal. On October 1st, Paul introduced S. 2122, the “Invest in Our Communities Act.”
In response to the growth of the EB-5 program, the bill proposes increasing the number of EB-5 visas available, counting only the investors themselves towards the visa limit, and removing the per-country quotas that have resulted in a visa backlog for Chinese-born investors.
These measures include background checks and fingerprinting of Regional Center operators, who must be U.S. citizens or lawful permanent residents. The bill would prohibit foreign governments from owning or operating Regional Centers, and would require Regional Centers to provide annual documentation of securities compliance.
Other provisions of the bill would set limits on adjudication times for EB-5 petitions and establish due process for DHS suspensions and terminations of program participation.
The temporary renewal of the EB-5 Regional Center program gives lawmakers until December 11th to pass reauthorization.
The job creation and economic benefits associated with the program make it almost certain to be reauthorized; however, most expect EB-5 compliance requirements will increase when the program is renewed.
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