Question:
When was the EB-5 program established?
Answers:
The EB-5 Program was created by the United States Congress in 1990 through passage of the Immigration and Nationality Act. In 1993, Congress created the Pilot Program to stimulate immigration under the EB-5 category. The Pilot Program allows individuals from around the world to attain United States citizenship through investment in U.S. businesses and creation of U.S. jobs. Both Programs are currently being administered by the United States Citizenship and Immigration Services (“USCIS”), an agency of the Department of Homeland Security.
As of the end of 2011 the EB-5 program has brought in over $3 billion in foreign investment (over $2 billion of that number in the last two years alone) and created over 64,000 jobs since 2003.
1990 - Regular Program
1993 - Regional Center Program
The EB-5 visa as we know it today was made statutory via IMMACT90 (The Immigration Act of 1990) which was a major overhaul of the INA. The Regional Centers were added later via Sec. 610 of the Judiciary Appropriations Act of 1993). However, the concept of an immigrant investor classification goes back to a regulatory change made by INS in 1966. Please see: http://www.slideshare.net/BigJoe5/a-survey-of-the-immigrant-investor-visa-1966-2011-june-27-2011-jw (cut and paste into browser).