Senate Bill S-1501 To Extend EB-5 Immigrant Investment Program
On June 3, 2015, Senators Patrick Leahy of Vermont and Chuck Grassley of Iowa introduced Senate Bill S-1501. The proposed bill would reauthorize and reform, as well as extend the EB-5 Immigrant Investment Program by five years, from October 1, 2015 to September 30, 2020. The reform most notably would raise the minimum investment amount required to $800,000 for Targeted Employment Areas (TEA) investments, and $1,200,000 for non-TEA investments. In addition, S-1501 would help create jobs, such that of the 10 jobs each investor must create only 90% may come from indirect job creation, only 30% of capital provided from non-EB5 sources can be counted towards indirect job creation, and at least 50% of the estimated indirect job creation must occur within the combined statistical area or metropolitan statistical area in which the TEA is located. Other notable changes in this bill include Regional Center compliance with all law, including increased annual reporting requirements, codified background checks for individuals, and maintenance of records. Each regional center sponsored investment must be pre-approved before filing I-526 petitions, and DHS will certify TEA’s without input from any other state or the federal government valid for 2 years.Contact Carte Blanche Consultancy team for more information.