Legislation Introduced to Make EB-5 Permanent

 January 28, 2015, will go down as a landmark day for the EB-5 investment visa program. Congressmen Jared Polis (D-CO) and Mark Amodei (R-NV) introduce a bill that, when approved, will be known as the American Entrepreneurship and Investment Act of 2015. The 19-page bill includes propositions that will make the EB-5 Regional Center program permanent and will redefine Targeted Employment Area.

The bill would also impose some mandatory processing time limits to help eliminate frustrating, counter-productive and wasteful delays.

·         Rulings on proposals must be made with 180 days.

·         RFE’s must be adjudicated within 30 days of receipt of documentation.

·         The filing party must be notified within 30 days of the filing.

 

Other concerns being addressed include not counting participating family members against the annual quota and the establishment of new standards for Regional Center ownership and management.

Representative Amodei cited the bill as “bipartisan, pro-investment, pro-growth and pro-jobs.”

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