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ILW.COM EB-5 Blog

Comprehensive Immigration Reform Bill by Gang of 8 Details EB-5 Change

Rating: 2 votes, 5.00 average.

On Wednesday, April 17th, 2013, the Border
Security, Economic Opportunity and Immigration Modernization Act of 2013 was
introduced. This marks the long-time work of the Senate members known as the
"Gang of 8" to produce an immigration bill. Generally, it is perceived that the
bill will better the nation's economy, benefit national security and increase
global competition in the real estate sector.


Jeffrey D. Deboer, Real Estate Roundtable CEO and President,
said that the Border Security, Economic Opportunity and Immigration
Modernization Act of 2013 will affect hiring practices, property ownership and
investment, construction, and residential and commercial development. He also
noted that Congress should act promptly in order to ensure pro-growth visa
reforms and ensure that the United States is at the front lines of the global
race for resources and talent.  One of
the largest roadblocks that is standing in the way of growth in the national
economy and in the real estate industry is a lack of access to resources and
capital, including those that are financial and human. Regardless of where a
project is located (abroad or at home), what the country now needs is financial
investments and the right people to turn conceptual business plans into projects
that will create jobs.


The proposal by the Gang of 8 (including Senators Graham,
Rubio, Flake, Schumer, McCain, Bennet, Menendez and Durbin) includes
significant changes to the EB-5 Immigrant Investor Program. These changes
include the recapture of unused immigration visas from past fiscal years,
making the EB-5 Regional Center program permanent (it was originally introduced
as a pilot program in 1992), eliminating the per country quotas for visa
numbers (China is predicted to reach the quota in 2014), more immigrant visa numbers specifically for the EB-5 Program and
the exemption of spouses and children from the employment-based immigrant visa
numbers of principal applicants (which is capped at 10,000 visas).


These provisions to make the program a permanent one will
improve U.S. communities and infrastructure by attracting foreign investors.
The bill also encourages immigrant entrepreneurs of high-tech start-ups and
small-businesses via a new visa platform that emulates similar programs in
other countries. (Congress still needs to ensure that the caps on visas for entrepreneurs
and immigration investors are satisfactory enough to motivate job creation in
U.S. companies and U.S. projects.


Other implications of the Comprehensive Immigration Reform
bill includes streamlining and updating the visa process by means of the JOLT
Act in order to attract vacation travelers and international business to the
United States.  This will expand and
modernize the Visa Waiver Program. The bill also proposes to raise the number
of H-1B visas so that STEM students (studying engineering, technology, science
and mathematics in the United States) will have more incentive to stay in the
country and putting DREAM students (those who enter the country undocumented at
a young age) on a faster path to citizenship.


The Border Security, Economic Opportunity and Immigration
Modernization Act of 2013 proposes changes that will benefit the EB-5 Program,
which in turn will increase job creation and foreign investment in America.  Read more about the EB-5 Immigrant Investor
Program and employment
based visas
at EB5Investors.com

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