In an article published by Forbes, Bass, Berry & Sims attorney Michael Gibson provided insight on recent proposed changes to the EB-5 visa program by the Department of Homeland Security. The proposal includes the recommendation that the minimum investment be increased from $500,000 to $1.35 million in targeted employment areas, and from $1 million to $1.8 million in non-targeted employment areas. Additionally, the proposal suggests the reevaluation of how targeted employment areas are determined. “There’s been a specter of reform in the background for so long, it’s been tough to have certainty about how the program will function. Everybody believes there will be some reform but no one knows what it will look like,” Mike said in the article.
While it’s unclear what will happen when the program is up for renewal in April, there are thoughts that EB-5 reform may fall by the wayside again. “The [Trump] administration has a lot on its hands, and I don’t know where EB-5 falls on its list of priorities but it’s an immigration-based program that has a significant economic proponent – it’s investment and infrastructure in the U.S.,” Mike continued.
The full article, “New Proposal Seeks To Raise Minimum Investment For EB-5 Visa,” was published by Forbes on January 26, 2017, and is available online. A portion of the Forbes article was republished on Builder.com on January 27, 2017, “Homeland Security Proposes Raising the EB-5 Investment Minimum,” and is also available online.