Expiration of the Regional Center EB-5 Visa Program
The EB-5 Visa for Immigrant Investors is a United States Immigration Visa created by the Immigration Act of 1990. The EB-5 Visa provides a method of obtaining a Green Card for foreign nationals who invest money in the United States.
The "Immigrant Investor Pilot Program" was created by Section 610 of Public Law 102-395 on October 6, 1992. This was in accordance to a Congressional mandate aimed at stimulating economic activity and job growth, while allowing eligible aliens the opportunity to become lawful permanent residents.
This "Pilot Program" required only $500,000 of investment in exchange for permanent resident status. The investment could only be received by an economic unit defined as a Regional Center.
The Pilot Program has had a turbulent history and the U.S. government all but suspended the EB-5 Regional Center Program from 1998 until 2003 while abuses were removed from the system.
EB-5 Pilot Program Reauthorization - December 2003
President George W. Bush signed the Basic Pilot Extension and Expansion Act of 2003 (Public Law No. 108-156) which was introduced on 30th September 2003, into law on December 3, 2003 which extended the operation of the pilot program for 5 years.
EB-5 Visa Sunset - September 30, 2008
Following the extension of the Basic Pilot Extension and Expansion Act of 2003, the EB-5 Visa Pilot Program was extended until September 30, 2008. In the final days before the September 30, 2008 sunset, a 6 month extension was secured as part of the FY 2009 Continuing Resolution (Public Law No. 111-6) which allowed the program to continue until March 6, 2009.
EB-5 Visa Sunset - March 6, 2009
Following the FY2009 Continuing Resolution which extended the EB-5 Visa Pilot Program until March 6, 2009 the program was extended again as part of an Omnibus Appropriations Bill (Public Law No. 111-8), this time another six-month extension to keep the program running without interruption until September 30, 2009.
EB-5 Visa Sunset - September 30, 2009
Following on from the latest Omnibus Appropriations Bill which provided a second 6 month extension of the pilot program. On October 1, 2009, President Obama signed a Continuing Resolution that extended the EB-5 program until October 31, 2009 (Public Law No. 111-68).
EB-5 Visa Sunset - October 31, 2009
Following again from the Continuing Resolution that extended the pilot program until October 31, 2009 - the Department of Homeland Security Appropriation Act (Public Law No. 111-83) included a 3 year extension of the Program, which was signed into law by President Obama on October 28, 2009.
EB-5 Visa Sunset - September 30, 2012
On Friday, September 28, 2012, the President signed into law S. 3245, which extends the EB-5 Regional Center Program to September 30, 2015.
This date forms the most recent extension to the EB-5 Visa Pilot Program. The Regional Center Pilot Program is significant to each investor until the investor receives Unconditional Lawful Permanent Residence. Each of the three immigration stages to be completed by the investor in a Regional Center EB-5 project is dependent upon the existence of the Regional Center as authorized by the Pilot Program.