EB-5 Reform Legislation Introduced in House
Congressman Jared Polis (D-CO) introduced EB-5 reform legislation this week called the American Entrepreneurship and Investment Act of 2014 which reforms the EB-5 program. Here are the highlights:
Here are a few highlights -
1. Permanent re-authorization of the EB-5 program (it expires in September 2015).
2. Adds closed military bases to Targeted Employment Areas.
3. Minimum investments will change based on inflation.
4. Full-time jobs would include part time workers working at least 35 hours per week.
5. Would establish pre-approval process for specific projects.
6. USCIS would need to give deference to prior findings.
7. Mandates USCIS establish a premium processing program for EB-5s.
8. USCIS must give deference to prior decisions.
9. Provides age-out protections for children of EB-5 investors.
10. Allows for concurrent filing of I-526s and adjustment applications.
11. Creates a new national interest waiver green card category for entrepreneurs who have benefited the US economy and created jobs for US workers.
12. Immediate family members are not subject to the EB-5 category cap.
13. Eliminates per country quotas (mainly an issue right now for Chinese nationals).
14. Allows USCIS to consult with the Department of Commerce in approving regional centers.