US Law Makers Introduce Bill to Make EB-5 Visa Permanent

US Senator Patrick Leahy and Senator Chuck Grassley have introduced a bill 3245 for the reauthorization of EB-5 Regional Center program as a permanent feature. The bill has been referred to the Senate Committee on Judiciary.

Senator Leahy previously was able to obtain short term extensions of EB-5 Regional Centre Programme which will expire on September 30, 2012.

US Senator said, “I am grateful that Senator Grassley has worked with me to craft this legislation, and I am optimistic its introduction marks the beginning of a strong bipartisan

Senator Leahy further added, “When enacted, the measure we introduce today will also pave the way for my efforts to improve and build upon the EB-5 Regional Center Program to ensure stability for investors and entrepreneurs, and to ensure that U.S. Citizenship and Immigration Services has the tools it needs to keep this program a strong, secure, and vital part of our economy.”

In addition to Senate Bill 3245 that would make the EB-5 Regional Center Program permanent, Senator Leahy reportedly secured a three-year extension of the EB-5 Regional Center Program during the Senate Appropriations Committee’s consideration of the Department of Homeland Security appropriations bill.

US Citizenship and Immigration Services (USCIS) administer the EB-5 Regional Centre Programme.

The foreign investors obtain the permanent residence or US green card through EB-5 Investor program in return of their investment of US$1.0 million or US$500,000 in some regions in qualifying businesses that will secure 10 jobs for US residents.

EB-5 Regional Centre Programme, however, allows the businesspersons to invest in an economic unit called “regional centre” approved by USCIS for meeting the requirement of creating 10 jobs in United States.

EB-5 Regional Centre Programme has secured over US$ 1 billion in investment from the foreign businesspersons. Making the EB-5 Regional Centre Programme a permanent feature is expected to attract substantial foreign investment required for local job creations and reduce the unemployment.

 

Tags: Business Visa, EB-5 Green card, EB-5 Investor Program, Green Card, United States, United States of America, USA Business Visa, USA Green card