Picking the right regional center isn’t as easy as it sounds.
Foreign investors looking for fast-track permanent residency in the United States can take heart in the recent three-year extension of the EB-5 regional center program. This approval, however, shouldn’t be seen as cause to throw caution to the wind.
U.S. Citizenship and Immigration Services have approved a tremendous amount of regional centers that qualify for EB-5 investment status. On the surface, this provides excellent choice, but there are some pitfalls. Making the wrong decision on where to invest can result in a revocation of status after two years and also a loss of the initial $500,000 to $1 million investment.
EB-5 investors have several things beyond making their money back to worry about. They must also be certain the investment does meet the qualifications set by Washington, D.C., and it must also result in the creation of at least 10 jobs.
The EB5 program does provide an excellent way to speed up your Visa, and ultimately your citizenship process, but investors should take the time to educate themselves before moving forward. Making a $500,000 investment is a big undertaking no matter the circumstances.
Potential immigrants need to gain solid information about a number of factors before moving ahead. Some of the things to consider include which regional centers obtain green cards the fastest, which ones are offering a rapid return on investment and even which ones have a 100 percent rate of obtaining green cards.
Our sources tell us that the DHS Bill will not be heard today or tomorrow in the Senate. Looks like we will have to wait until next week for the second step in the process. We will keep you posted on any new developments in the process.
House approves DHS appropriations conference report containing the three year extension of the EB-5visa program. Now it’s on to the Senate. It is possible the Senate will hear this today; keep watching for further updates.
If you are looking to utilize the EB-5regional centerpilot program you may have read a number of articles from various sources indicating that the program, due to end at the end of September 2009, has either been made permanent or temporarily extended for a further month.
These recent articles and announcements are worrying, as despite the source they are incorrect and are a case of not making the available information as clear as it needs to be.
There are plans to either extend the program, or to make it permanent, but as of September 28th although these proposals have passed through the House of Representatives, they HAVE NOT YET passed through The Senate or been signed by the President into law.
It is worrying that the authors of these recent articles and announcements have not clarified that plans for an extension or permanency are at the moment just plans – they still have to go through the system in Washington.
We have full confidence that the EB-5 program will continue but we feel it inappropriate and perhaps even irresponsible that only part of the story is being published.
Congress will almost certainly extend the EB-5 regional centerpilot program after Sept. 30, either through a continuing resolution or by passing the DHS appropriations bill. In the unlikely event there is a gap in the law, current and new EB-5 visa holders can still enter the country after that date.
The truth of course is no one knows What we do know is that strong bi-partisan support exists for the EB-5 program to be made permanent. September 30th (the official sunset date for the existing law) is just around the corner. Later this month many members of the EB-5 community will be meeting in Washington DC to map out a plan of action to work with those in Washington in support of this program.
We have said before (Where Economic Development & Immigration Clash in Washington) that the EB-5 pilot program needs to be looked upon as an economic development program first and an immigration program second. We personally believe that the program is here to stay and that we will experience a lot of pent-up demand for information and guidance on regional centers investment programs in 2010.
If you are considering taking the EB-5 visa route to permanent residence in the U.S.A then our suggestion would be to start your due diligence now so that you are in a position to move forward immediately once an announcement is made regarding the future of the program. If you are already busy making choices regarding a regional center and/or immigration attorney it is worth consulting with us on whether you need to file now or wait until September 30th; various personal factors come into play in this decision which we will be happy to discuss with you. If you are already registered with us you can email us using the contact information already supplied. If you have not yet taken advantage of the information we can provide (most of which you cannot find anywhere else) then go ahead and register using this link.
Which EB5 research all regional centers, you make the same $500,000 investment and get independent experts at no cost to you. Our impartial advice has helped more than a hundred families obtain Green cards.
Concern over housing losses and an attempt to stop home values declining have lead to a debate over an idea to have immigrants buy houses to gain a Green Card.
Last Thursday John Mauldin, president of Millennium Wave Advisers and author of the popular “Thoughts from the Frontline” e-letter floated an idea that, “give immigrants a pathway to citizenship if they buy a house”.
The economic benefits of this concept are potentially powerful:
An inflow of foreign money into the U.S. economy, which will both boost the dollar and the economy because of related spending.
Help sop up the supply of excess homes on the market, which will help put a floor under prices and revive the construction industry, creating jobs.
Help shore up America’s middle class. This assumes most immigrants with the money to buy a home are educated, white-collar workers who can help do what immigrants have done throughout U.S. history – energize the country as they pursue the American dream.
“Mauldin doesn’t support giving financial incentives to immigrants or making citizenship automatic with a home purchase. We discussed whether this idea could ever fly politically. Mauldin believes that many Americans would welcome hard-working individuals into their neighborhoods to put a floor on their own housing prices and make the local economy thrive”.
You can watch the interview here:
My question to the media is:
”Why are we even discussing this program when we have a perfectly viable EB-5 investor visa program in place that is so under utilized?” A program that not only accomplishes the above goals but also CREATES JOBS FOR AMERICAN WORKERS while providing low-cost funds for infrastructure and other projects, a complete win-win for the U.S. Government and the American taxpayer.
Let’s not mess with the EB-5 program or any derivative of it that even considers the remote possibility of taking away the job creation element of the program. Our EB-5 program should be seen as an “Economic Development Program” first and an immigration program second. We are not going to win over any Washington support (it is not exactly overflowing from DC now) if we seek to remove the employment creation element of the EB-5 program.
A bit of a rant today but I feel so strongly that we need to utilize this outstanding program and we simply are not. First step on my agenda; let’s get a 5-year extension to the current EB-5 regional center program that will give wealthy foreigners the confidence to once again look at the USA as THE place to invest their money. Money we, the American taxpayer, can use to carryout some of those badly needed infrastructure projects the politicians are talking about each Sunday on Meet The Press and This Week.
Would like to hear what you have to say so please reply using this blog, Twitter or Skype.
Yesterday we looked at the views of Federal Reserve Chairman Ben Bernanke. Today we look at the views of Warren Buffet of Berkshire Hathaway. The reason I wanted to show these two clips immediately after one another is the startling similarities of views these two share. This is remarkable when you realize the two totally different positions they come from. It is this similarity that leaves me with the impression, that despite the rhetoric and bickering we hear from Washington DC, we do have at least the beginning of a consensus of where we are heading. Perhaps things are not as bad as the press would have us believe?
Is it important, as potential new immigrants to the U.S.A, to have an understanding of where the country is heading economically? We think so.
Take a look at the second video in our series, and send us your comments, thoughts and concerns via this blog, Twitter of Skype.
Tomorrow we will look at some radical proposals for an addition to the EB-5visa program and how they could be a disaster for the future of the Regional Center program. Make sure you don’t miss tomorrow’s commentary by subscribing to this blog. (See top right hand corner of this page).
Keeping in touch with the latest news, developments and trends on the EB-5visa is an important part of our service to clients. We want to ensure that you are in the driving seat when considering EB-5 program options. Stephen Parnell, one of our managing partners, spent last week out of our Florida office enjoying the more challenging climate in Washington DC where he attended an important EB-5 conference and discussed key issues with Legislative Assistants of Senators & Congressmen, key senior staff in the USCIS, leading immigration attorneys, plus heads of many of the various regional center programs.
We feel it is critical for those considering the EB-5 regional center program and investing $500,000 to be appraised of what is happening behind the scenes and we will cover a range of important issues Steve uncovered during his time in Washington in future blog entries. A number of these issues are of considerable importance for those of you considering the various regional center options available and wishing to look beyond the glossy information/sales packs.
The photograph shows Stephen Parnell with Senator Patrick Leahy of Vermont during an EB-5 stakeholders meeting in Washington DC.
Stop Press: The following was transmitted to us last night concerning the EB-5 extension.
“…..Because the EB5 extension is in the current continuing resolution, it would likely be included in any short term Continuing Resolution as well as a Continuing Resolution for the balance of the fiscal year (through September 30). Majority Leader Reid hopes to pass the Omnibus bill also containing a 6 month EB5 extension by Thursday, March 5. It is not clear how this will be resolved, but we do anticipate that EB5 extension will be included in the Fiscal Year 2009 spending legislation moving forward.”
WhichEB5.com, its owners and associates, do not function as attorneys or legal counsel and do not attempt to interpret immigration law and do not provide or offer legal advice or legal services or investment advice. Anyone considering an Investment based Visa should seek independent professional advice. The information on this site is intended to be general on the subject of the EB5 investment visa green card program and should not be relied upon for any specific situation. Any reference to designated regional centers on this website is posted as reference material only. For legal advice, please contact one of our attorneys. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each person. Which EB5 is a service of Ireeco LLC 1515 N.Federal Hwy. Suite 300 Boca Raton Florida 33432 USA Telephone: +1-561-771-1330.
