Even with the partisan wrangling and increasingly heated presidential campaign rhetoric, there are general principles Republicans and Democrats coalesce around: increased investment in the United States and more U.S. jobs without the burden on the taxpayer. As members of Congress adjourn for their August recess, a consensus is building to reauthorize a program that supports such job creation in our still recovering economy.
After years of being underutilized, the federal immigrant investor visa program -- known as the EB-5 Program (the "Program") -- has finally come into its own, annually attracting billions of dollars in foreign direct investment (FDI) that creates jobs and spurs economic development at no cost to taxpayers. For this to continue Congress needs to reauthorize the program before the end of September, otherwise it will expire.
The EB-5 Program, which has enjoyed strong bipartisan support since its inception, allows foreign nationals who invest $500,000 or $1,000,000 in approved U.S. businesses to become eligible for permanent residency if their investment creates at least 10 American jobs. From FY2010 to FY2013, the program has contributed $9.6 billion to GDP and supported an average of 29,300 jobs each year.
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